Daiwa Securities Group Inc. Boosts Stock Position in Best Buy Co., Inc. (NYSE:BBY)

Daiwa Securities Group Inc. boosted its holdings in shares of Best Buy Co., Inc. (NYSE:BBY) by 16.6% during the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 24,720 shares of the technology retailer’s stock after purchasing an additional 3,511 shares during the quarter. Daiwa Securities Group Inc.’s holdings in Best Buy were worth $2,554,000 as of its most recent SEC filing.

Several other institutional investors have also bought and sold shares of BBY. QRG Capital Management Inc. raised its position in shares of Best Buy by 10.5% during the 3rd quarter. QRG Capital Management Inc. now owns 31,745 shares of the technology retailer’s stock valued at $3,279,000 after buying an additional 3,025 shares in the last quarter. GAMMA Investing LLC increased its stake in Best Buy by 78.7% during the second quarter. GAMMA Investing LLC now owns 2,039 shares of the technology retailer’s stock worth $172,000 after acquiring an additional 898 shares during the last quarter. Asset Management One Co. Ltd. raised its position in Best Buy by 27.4% during the third quarter. Asset Management One Co. Ltd. now owns 90,341 shares of the technology retailer’s stock valued at $9,332,000 after purchasing an additional 19,405 shares during the period. Envestnet Portfolio Solutions Inc. lifted its stake in shares of Best Buy by 11.4% in the 2nd quarter. Envestnet Portfolio Solutions Inc. now owns 74,764 shares of the technology retailer’s stock valued at $6,302,000 after purchasing an additional 7,663 shares during the last quarter. Finally, Mirae Asset Global Investments Co. Ltd. boosted its holdings in shares of Best Buy by 13.3% in the 3rd quarter. Mirae Asset Global Investments Co. Ltd. now owns 154,564 shares of the technology retailer’s stock worth $15,806,000 after purchasing an additional 18,171 shares during the period. Institutional investors own 80.96% of the company’s stock.

Analysts Set New Price Targets

A number of analysts recently issued reports on the company. Loop Capital lowered their price target on Best Buy from $110.00 to $100.00 and set a “buy” rating for the company in a research report on Wednesday. Barclays lifted their price target on shares of Best Buy from $81.00 to $95.00 and gave the stock an “equal weight” rating in a research note on Friday, August 30th. Telsey Advisory Group reduced their price objective on shares of Best Buy from $115.00 to $110.00 and set an “outperform” rating on the stock in a research report on Tuesday. Evercore ISI boosted their target price on Best Buy from $90.00 to $94.00 and gave the company an “in-line” rating in a research report on Friday, August 30th. Finally, The Goldman Sachs Group increased their price target on Best Buy from $95.00 to $116.00 and gave the stock a “buy” rating in a report on Tuesday, September 3rd. One analyst has rated the stock with a sell rating, eight have assigned a hold rating, nine have given a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $100.82.

Best Buy Stock Down 0.4 %

Shares of Best Buy stock opened at $88.15 on Thursday. Best Buy Co., Inc. has a 1 year low of $68.67 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. The stock has a market cap of $18.93 billion, a price-to-earnings ratio of 15.20, a PEG ratio of 2.44 and a beta of 1.47. The firm’s 50-day moving average is $94.16 and its two-hundred day moving average is $89.07.

Best Buy (NYSE:BBY) last issued its quarterly earnings data on Thursday, August 29th. The technology retailer reported $1.34 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.16 by $0.18. The company had revenue of $9.29 billion for the quarter, compared to analyst estimates of $9.23 billion. Best Buy had a net margin of 2.96% and a return on equity of 47.19%. Best Buy’s revenue was down 3.1% compared to the same quarter last year. During the same period last year, the company posted $1.22 earnings per share. As a group, research analysts expect 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 declared a quarterly dividend, which will be paid on Tuesday, January 7th. Stockholders of record on Tuesday, December 17th will be given a $0.94 dividend. This represents a $3.76 annualized dividend and a dividend yield of 4.27%. The ex-dividend date of this dividend is Tuesday, December 17th. Best Buy’s payout ratio is 64.83%.

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.