Sompo Asset Management Co. Ltd. Buys Shares of 2,040 Best Buy Co., Inc. (NYSE:BBY)

Sompo Asset Management Co. Ltd. bought a new stake in shares of Best Buy Co., Inc. (NYSE:BBY) in the third quarter, Holdings Channel reports. The fund bought 2,040 shares of the technology retailer’s stock, valued at approximately $211,000.

A number of other institutional investors and hedge funds have also made changes to their positions in BBY. Ninety One UK Ltd bought a new position in shares of Best Buy during the second quarter valued at approximately $121,325,000. Thrivent Financial for Lutherans increased its stake in shares of Best Buy by 4,337.6% during the second quarter. Thrivent Financial for Lutherans now owns 1,099,495 shares of the technology retailer’s stock valued at $92,677,000 after purchasing an additional 1,074,718 shares in the last quarter. Bank of New York Mellon Corp increased its stake in shares of Best Buy by 55.7% during the second quarter. Bank of New York Mellon Corp now owns 2,863,291 shares of the technology retailer’s stock valued at $241,347,000 after purchasing an additional 1,024,824 shares in the last quarter. Swedbank AB bought a new position in shares of Best Buy during the first quarter valued at approximately $43,522,000. Finally, AQR Capital Management LLC increased its stake in shares of Best Buy by 55.4% during the second quarter. AQR Capital Management LLC now owns 1,379,195 shares of the technology retailer’s stock valued at $116,252,000 after purchasing an additional 491,781 shares in the last quarter. Institutional investors own 80.96% of the company’s stock.

Best Buy Trading Up 3.5 %

Shares of Best Buy stock opened at $89.54 on Monday. The company’s fifty day simple moving average is $94.72 and its 200-day simple moving average is $88.84. The stock has a market capitalization of $19.23 billion, a PE ratio of 15.44, a P/E/G ratio of 2.26 and a beta of 1.47. Best Buy Co., Inc. has a 1-year low of $67.80 and a 1-year high of $103.71. The company has a debt-to-equity ratio of 0.37, a current ratio of 1.01 and a quick ratio of 0.34.

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

Best Buy Dividend Announcement

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

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently commented on BBY shares. Citigroup cut their price target on shares of Best Buy from $115.00 to $109.00 and set a “buy” rating on the stock in a report on Friday, November 8th. JPMorgan Chase & Co. increased 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. BNP Paribas upgraded shares of Best Buy to a “strong-buy” rating in a report on Thursday, August 29th. The Goldman Sachs Group increased their price target on shares of Best Buy from $95.00 to $116.00 and gave the company a “buy” rating in a report on Tuesday, September 3rd. Finally, DA Davidson reiterated a “buy” rating and set a $117.00 price target on shares of Best Buy in a report on Tuesday, October 15th. One investment 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’s stock. According to MarketBeat.com, Best Buy 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.