Best Buy Co., Inc. (NYSE:BBY) Shares Sold by Impax Asset Management Group plc

Impax Asset Management Group plc decreased its stake in shares of Best Buy Co., Inc. (NYSE:BBY) by 17.0% in the 3rd quarter, HoldingsChannel.com reports. The firm owned 91,315 shares of the technology retailer’s stock after selling 18,675 shares during the quarter. Impax Asset Management Group plc’s holdings in Best Buy were worth $9,433,000 at the end of the most recent quarter.

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

Best Buy Trading Up 1.2 %

NYSE BBY opened at $92.66 on Friday. Best Buy Co., Inc. has a 12 month low of $62.92 and a 12 month 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. The company has a market capitalization of $19.90 billion, a price-to-earnings ratio of 15.98, a price-to-earnings-growth ratio of 2.37 and a beta of 1.47. The company’s fifty day moving average price is $95.81 and its two-hundred day moving average price is $88.00.

Best Buy (NYSE:BBY) last posted its quarterly earnings data on Thursday, August 29th. The technology retailer reported $1.34 EPS for the quarter, beating analysts’ consensus estimates 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 firm’s revenue was down 3.1% compared to the same quarter last year. During the same period in the prior year, the firm posted $1.22 EPS. As a group, research analysts predict that Best Buy Co., Inc. will post 6.28 earnings per share for the current fiscal year.

Best Buy Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Thursday, October 10th. Shareholders of record on Thursday, September 19th were issued a dividend of $0.94 per share. The ex-dividend date of this dividend was Thursday, September 19th. This represents a $3.76 dividend on an annualized basis and a dividend yield of 4.06%. Best Buy’s dividend payout ratio (DPR) is 64.83%.

Wall Street Analyst Weigh In

Several equities research analysts have recently issued reports on the stock. Evercore ISI increased their price objective on shares of Best Buy from $90.00 to $94.00 and gave the stock an “in-line” rating in a research report on Friday, August 30th. Wedbush increased their price objective on shares of Best Buy from $85.00 to $95.00 and gave the stock a “neutral” rating in a research report on Friday, August 30th. Truist Financial increased their price objective on shares of Best Buy from $86.00 to $107.00 and gave the stock a “hold” rating in a research report on Friday, August 30th. Wells Fargo & Company increased their price objective on shares of Best Buy from $80.00 to $95.00 and gave the stock an “equal weight” rating in a research report on Friday, August 30th. Finally, Piper Sandler restated an “overweight” rating and issued a $114.00 target price (up from $100.00) on shares of Best Buy 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 issued a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $103.35.

Best Buy Company 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.