Ontario Teachers Pension Plan Board Buys Shares of 3,461 Best Buy Co., Inc. (NYSE:BBY)

Ontario Teachers Pension Plan Board purchased a new position in shares of Best Buy Co., Inc. (NYSE:BBY) during the 3rd quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor purchased 3,461 shares of the technology retailer’s stock, valued at approximately $358,000.

A number of other hedge funds and other institutional investors have also modified their holdings of BBY. Richardson Financial Services Inc. boosted its holdings in Best Buy by 190.9% in the second quarter. Richardson Financial Services Inc. now owns 320 shares of the technology retailer’s stock worth $27,000 after purchasing an additional 210 shares in the last quarter. Innealta Capital LLC acquired a new stake in shares of Best Buy in the second quarter worth about $35,000. Harbor Capital Advisors Inc. bought a new stake in shares of Best Buy during the 3rd quarter worth about $40,000. Whittier Trust Co. increased its holdings in shares of Best Buy by 53.3% during the 2nd quarter. Whittier Trust Co. now owns 492 shares of the technology retailer’s stock valued at $41,000 after acquiring an additional 171 shares during the last quarter. Finally, EverSource Wealth Advisors LLC raised its stake in shares of Best Buy by 103.6% in the 1st quarter. EverSource Wealth Advisors LLC now owns 509 shares of the technology retailer’s stock valued at $42,000 after acquiring an additional 259 shares in the last quarter. Institutional investors own 80.96% of the company’s stock.

Best Buy Price Performance

NYSE:BBY opened at $89.56 on Friday. The company has a market capitalization of $19.23 billion, a price-to-earnings ratio of 15.44, a PEG ratio of 2.28 and a beta of 1.47. The company has a 50-day moving average of $94.72 and a 200-day moving average of $88.62. Best Buy Co., Inc. has a 52 week low of $67.80 and a 52 week high of $103.71. The company has a debt-to-equity ratio of 0.37, a quick ratio of 0.34 and a current ratio of 1.01.

Best Buy (NYSE:BBY) last released its quarterly earnings data on Thursday, August 29th. The technology retailer reported $1.34 earnings per share for the quarter, beating analysts’ consensus estimates of $1.16 by $0.18. Best Buy had a return on equity of 47.19% and a net margin of 2.96%. The company had revenue of $9.29 billion for the quarter, compared to the consensus estimate of $9.23 billion. During the same period in the previous year, the business earned $1.22 earnings per share. The company’s quarterly revenue was down 3.1% on a year-over-year basis. As a group, equities research analysts anticipate that Best Buy Co., Inc. will post 6.28 earnings per share for the current fiscal year.

Best Buy Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Thursday, October 10th. Shareholders of record on Thursday, September 19th were paid a dividend of $0.94 per share. The ex-dividend date of this dividend was Thursday, September 19th. This represents a $3.76 annualized dividend and a yield of 4.20%. Best Buy’s dividend payout ratio is currently 64.83%.

Wall Street Analysts Forecast Growth

Several brokerages have commented on BBY. Wedbush increased their price target on Best Buy from $85.00 to $95.00 and gave the company a “neutral” rating in a report on Friday, August 30th. DA Davidson reiterated a “buy” rating and issued a $117.00 target price on shares of Best Buy in a report on Tuesday, October 15th. JPMorgan Chase & Co. upped their price target on shares of Best Buy from $111.00 to $117.00 and gave the company an “overweight” rating in a report on Friday. Telsey Advisory Group lifted their price objective on Best Buy from $95.00 to $115.00 and gave the stock an “outperform” rating in a research note on Friday, August 30th. Finally, Evercore ISI increased their target price on Best Buy from $90.00 to $94.00 and gave the company an “in-line” rating in a research note on Friday, August 30th. One analyst has rated the stock with a sell rating, eight have given a hold rating, nine have assigned a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $103.71.

About Best Buy

Best Buy Co, Inc engages in the retail of technology products in the United States, Canada, and international. Its stores provide computing and mobile phone products, such as desktops, notebooks, and peripherals; mobile phones comprising related mobile network carrier commissions; networking products; tablets covering e-readers; smartwatches; and consumer electronics consisting of digital imaging, health and fitness products, portable audio comprising headphones and portable speakers, and smart home products, as well as home theaters, which includes home theater accessories, soundbars, and televisions.