2,040 Shares in Best Buy Co., Inc. (NYSE:BBY) Acquired by Sompo Asset Management Co. Ltd.

Sompo Asset Management Co. Ltd. acquired a new position in shares of Best Buy Co., Inc. (NYSE:BBY) during the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm acquired 2,040 shares of the technology retailer’s stock, valued at approximately $211,000.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Ninety One UK Ltd bought a new position in Best Buy in the second quarter valued at approximately $121,325,000. Thrivent Financial for Lutherans increased its holdings 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 buying an additional 1,074,718 shares during the last quarter. Bank of New York Mellon Corp boosted its position in 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 worth $241,347,000 after purchasing an additional 1,024,824 shares during the period. Swedbank AB bought a new position in Best Buy during the first quarter worth $43,522,000. Finally, AQR Capital Management LLC boosted its position in 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 worth $116,252,000 after purchasing an additional 491,781 shares during the period. Institutional investors own 80.96% of the company’s stock.

Analyst Upgrades and Downgrades

A number of brokerages have recently issued reports on BBY. BNP Paribas raised shares of Best Buy to a “strong-buy” rating in a research report on Thursday, August 29th. Evercore ISI upped 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. Truist Financial upped 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. Bank of America upped their price objective on shares of Best Buy from $70.00 to $80.00 and gave the stock an “underperform” rating in a research report on Friday, August 30th. Finally, UBS Group upped their price objective on shares of Best Buy from $106.00 to $123.00 and gave the stock a “buy” rating in a research report on Friday, August 30th. One equities research analyst has rated the stock with a sell rating, eight have assigned a hold rating, nine have issued a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $103.71.

Best Buy Trading Up 3.5 %

Best Buy stock opened at $89.54 on Monday. The stock has a market cap of $19.23 billion, a P/E ratio of 15.44, a PEG ratio of 2.26 and a beta of 1.47. Best Buy Co., Inc. has a fifty-two week low of $67.80 and a fifty-two week high of $103.71. The firm’s fifty day moving average price is $94.72 and its 200-day moving average price is $88.84. 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 results on Thursday, August 29th. The technology retailer reported $1.34 earnings per share for the quarter, topping the consensus estimate of $1.16 by $0.18. The firm had revenue of $9.29 billion for the quarter, compared to analysts’ expectations of $9.23 billion. Best Buy had a net margin of 2.96% and a return on equity of 47.19%. The business’s quarterly revenue was down 3.1% on a year-over-year basis. During the same quarter in the prior year, the firm posted $1.22 earnings per share. Equities research analysts forecast 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 announced a quarterly dividend, which was paid on Thursday, October 10th. Investors of record on Thursday, September 19th were given a $0.94 dividend. 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 (DPR) is presently 64.83%.

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.