Waratah Capital Advisors Ltd. Purchases New Position in Best Buy Co., Inc. $BBY

Waratah Capital Advisors Ltd. acquired a new position in shares of Best Buy Co., Inc. (NYSE:BBY) during the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor acquired 40,090 shares of the technology retailer’s stock, valued at approximately $3,032,000.

A number of other large investors have also bought and sold shares of the business. Woodline Partners LP boosted its stake in Best Buy by 40.1% in the first quarter. Woodline Partners LP now owns 16,436 shares of the technology retailer’s stock worth $1,210,000 after purchasing an additional 4,701 shares in the last quarter. Asset Management One Co. Ltd. lifted its position in Best Buy by 1.2% during the 2nd quarter. Asset Management One Co. Ltd. now owns 82,803 shares of the technology retailer’s stock worth $5,559,000 after buying an additional 968 shares in the last quarter. Sumitomo Mitsui Trust Group Inc. grew its holdings in Best Buy by 6.0% during the 2nd quarter. Sumitomo Mitsui Trust Group Inc. now owns 591,561 shares of the technology retailer’s stock worth $39,711,000 after acquiring an additional 33,385 shares during the last quarter. Brighton Jones LLC increased its position in Best Buy by 152.9% in the 2nd quarter. Brighton Jones LLC now owns 11,348 shares of the technology retailer’s stock valued at $762,000 after acquiring an additional 6,861 shares in the last quarter. Finally, Wealthfront Advisers LLC grew its stake in shares of Best Buy by 3.8% during the second quarter. Wealthfront Advisers LLC now owns 117,423 shares of the technology retailer’s stock valued at $7,883,000 after purchasing an additional 4,281 shares during the last quarter. 80.96% of the stock is currently owned by institutional investors.

Best Buy Price Performance

Shares of BBY opened at $62.65 on Wednesday. The stock has a 50 day simple moving average of $67.65 and a 200 day simple moving average of $73.18. Best Buy Co., Inc. has a 52-week low of $54.99 and a 52-week high of $91.20. The company has a debt-to-equity ratio of 0.44, a quick ratio of 0.26 and a current ratio of 1.05. The firm has a market capitalization of $13.13 billion, a PE ratio of 20.75, a P/E/G ratio of 1.49 and a beta of 1.44.

Best Buy (NYSE:BBY) last announced its quarterly earnings results on Tuesday, November 25th. The technology retailer reported $1.40 earnings per share for the quarter, beating analysts’ consensus estimates of $1.31 by $0.09. The firm had revenue of $9.67 billion for the quarter, compared to analyst estimates of $9.57 billion. Best Buy had a net margin of 1.54% and a return on equity of 50.02%. The business’s revenue was up 2.4% on a year-over-year basis. During the same quarter in the previous year, the firm posted $1.26 earnings per share. Sell-side analysts predict that Best Buy Co., Inc. will post 6.18 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

BBY has been the topic of several research reports. Weiss Ratings reaffirmed a “hold (c)” rating on shares of Best Buy in a report on Wednesday, January 21st. UBS Group upped their price target on Best Buy from $93.00 to $96.00 and gave the company a “buy” rating in a research note on Wednesday, November 26th. Wall Street Zen lowered shares of Best Buy from a “buy” rating to a “hold” rating in a report on Saturday, January 10th. Jefferies Financial Group reduced their price target on Best Buy from $94.00 to $89.00 and set a “buy” rating on the stock in a research report on Monday, February 9th. Finally, Wells Fargo & Company lowered their price target on Best Buy from $75.00 to $70.00 and set an “equal weight” rating for the company in a research note on Wednesday, February 18th. Seven investment analysts have rated the stock with a Buy rating, fourteen have issued a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat.com, Best Buy has a consensus rating of “Hold” and an average price target of $79.79.

About Best Buy

Best Buy Co, Inc is a leading North American consumer electronics retailer that sells a broad range of products including computers, mobile phones, televisions and home theater systems, major appliances, smart-home devices, gaming hardware and software, wearables and related accessories. The company operates through a mix of large-format stores, smaller specialty locations and an e-commerce platform, offering national and private-brand merchandise from major consumer-technology manufacturers as well as third-party sellers.

Beyond product retailing, Best Buy provides a suite of services aimed at installation, repair and ongoing technical support.