GAMMA Investing LLC Grows Position in Best Buy Co., Inc. (NYSE:BBY)

GAMMA Investing LLC raised its stake in shares of Best Buy Co., Inc. (NYSE:BBY) by 29.8% in the 3rd quarter, according to its most recent Form 13F filing with the SEC. The fund owned 2,647 shares of the technology retailer’s stock after purchasing an additional 608 shares during the period. GAMMA Investing LLC’s holdings in Best Buy were worth $273,000 at the end of the most recent reporting period.

Other large investors also recently bought and sold shares of the company. Ninety One UK Ltd acquired a new stake in shares of Best Buy during the 2nd quarter worth $121,325,000. Thrivent Financial for Lutherans increased its stake in 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 worth $92,677,000 after acquiring an additional 1,074,718 shares during the last quarter. Bank of New York Mellon Corp raised its holdings in shares of Best Buy by 55.7% in the 2nd quarter. Bank of New York Mellon Corp now owns 2,863,291 shares of the technology retailer’s stock worth $241,347,000 after purchasing an additional 1,024,824 shares during the period. Swedbank AB acquired a new position in shares of Best Buy in the 1st quarter valued at about $43,522,000. Finally, AQR Capital Management LLC grew its holdings in shares of Best Buy by 55.4% during the 2nd quarter. AQR Capital Management LLC now owns 1,379,195 shares of the technology retailer’s stock worth $116,252,000 after purchasing an additional 491,781 shares during the period. Hedge funds and other institutional investors own 80.96% of the company’s stock.

Analysts Set New Price Targets

BBY has been the topic of a number of recent research reports. BNP Paribas raised shares of Best Buy to a “strong-buy” rating in a research report on Thursday, August 29th. Bank of America lifted their target price on shares of Best Buy from $70.00 to $80.00 and gave the company an “underperform” rating in a report on Friday, August 30th. Citigroup increased their price target on Best Buy from $100.00 to $115.00 and gave the company a “buy” rating in a report on Friday, August 30th. JPMorgan Chase & Co. boosted their price objective on Best Buy from $101.00 to $111.00 and gave the stock an “overweight” rating in a research note on Friday, August 30th. Finally, StockNews.com downgraded Best Buy from a “buy” rating to a “hold” rating in a research report on Thursday. One investment analyst has rated the stock with a sell rating, eight have assigned a hold rating, nine have assigned a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat, Best Buy presently has a consensus rating of “Moderate Buy” and an average price target of $102.41.

Insiders Place Their Bets

In other news, Chairman Richard M. Schulze sold 600,000 shares of the firm’s stock in a transaction dated Monday, July 22nd. The shares were sold at an average price of $88.29, for a total value of $52,974,000.00. Following the transaction, the chairman now directly owns 14,002,853 shares in the company, valued at approximately $1,236,311,891.37. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. In other news, Chairman Richard M. Schulze sold 600,000 shares of the stock in a transaction that occurred on Monday, July 22nd. The stock was sold at an average price of $88.29, for a total transaction of $52,974,000.00. Following the sale, the chairman now directly owns 14,002,853 shares in the company, valued at approximately $1,236,311,891.37. This represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Chairman Richard M. Schulze sold 691,328 shares of the business’s stock in a transaction that occurred on Thursday, July 18th. The shares were sold at an average price of $88.46, for a total value of $61,154,874.88. Following the transaction, the chairman now owns 14,911,525 shares of the company’s stock, valued at $1,319,073,501.50. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 1,379,870 shares of company stock valued at $121,942,706 over the last 90 days. 0.59% of the stock is owned by company insiders.

Best Buy Price Performance

Shares of BBY stock opened at $97.51 on Friday. The firm has a fifty day moving average of $93.30 and a two-hundred day moving average of $85.43. The firm has a market cap of $21.03 billion, a P/E ratio of 17.08, a P/E/G ratio of 2.56 and a beta of 1.46. Best Buy Co., Inc. has a 1-year low of $62.30 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 posted its quarterly earnings results on Thursday, August 29th. The technology retailer reported $1.34 EPS for the quarter, topping 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 business had revenue of $9.29 billion during the quarter, compared to the consensus estimate of $9.23 billion. During the same period last year, the firm earned $1.22 earnings per share. The company’s revenue for the quarter was down 3.1% compared to the same quarter last year. As a group, 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 company also recently disclosed a quarterly dividend, which was paid on Thursday, October 10th. Investors of record on Thursday, September 19th were paid a dividend of $0.94 per share. This represents a $3.76 annualized dividend and a yield of 3.86%. The ex-dividend date of this dividend was Thursday, September 19th. Best Buy’s dividend payout ratio (DPR) is presently 65.85%.

Best Buy Profile

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.