Impax Asset Management Group plc Reduces Position in Best Buy Co., Inc. (NYSE:BBY)

Impax Asset Management Group plc cut its position in Best Buy Co., Inc. (NYSE:BBY) by 17.0% during the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 91,315 shares of the technology retailer’s stock after selling 18,675 shares during the period. Impax Asset Management Group plc’s holdings in Best Buy were worth $9,433,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other large investors also recently modified their holdings of the company. Richardson Financial Services Inc. grew its position in shares of Best Buy by 190.9% in the 2nd quarter. Richardson Financial Services Inc. now owns 320 shares of the technology retailer’s stock valued at $27,000 after buying an additional 210 shares during the last quarter. Innealta Capital LLC acquired a new stake in Best Buy during the 2nd quarter worth $35,000. Harbor Capital Advisors Inc. acquired a new stake in Best Buy during the 3rd quarter worth $40,000. Whittier Trust Co. boosted its stake in Best Buy by 53.3% during the 2nd quarter. Whittier Trust Co. now owns 492 shares of the technology retailer’s stock worth $41,000 after purchasing an additional 171 shares during the period. Finally, EverSource Wealth Advisors LLC boosted its stake in Best Buy by 103.6% during the 1st quarter. EverSource Wealth Advisors LLC now owns 509 shares of the technology retailer’s stock worth $42,000 after purchasing an additional 259 shares during the period. 80.96% of the stock is owned by hedge funds and other institutional investors.

Best Buy Stock Performance

NYSE:BBY opened at $92.66 on Friday. The company has a current ratio of 1.01, a quick ratio of 0.34 and a debt-to-equity ratio of 0.37. The firm has a 50-day moving average price of $95.81 and a two-hundred day moving average price of $88.00. Best Buy Co., Inc. has a twelve month low of $62.92 and a twelve month high of $103.71. The company has a market capitalization of $19.90 billion, a P/E ratio of 15.98, a price-to-earnings-growth ratio of 2.37 and a beta of 1.47.

Best Buy (NYSE:BBY) last issued 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. The business had revenue of $9.29 billion during 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 quarterly revenue was down 3.1% compared to the same quarter last year. During the same period in the previous year, the firm 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 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 $0.94 dividend. This represents a $3.76 dividend on an annualized basis and a dividend yield of 4.06%. The ex-dividend date was Thursday, September 19th. Best Buy’s dividend payout ratio is presently 64.83%.

Analysts Set New Price Targets

BBY has been the subject of a number of recent research reports. Evercore ISI increased their price target on shares of Best Buy from $90.00 to $94.00 and gave the stock an “in-line” rating in a research note on Friday, August 30th. StockNews.com cut shares of Best Buy from a “buy” rating to a “hold” rating in a research note on Friday. Truist Financial increased their price target on shares of Best Buy from $86.00 to $107.00 and gave the stock a “hold” rating in a research note on Friday, August 30th. BNP Paribas upgraded shares of Best Buy to a “strong-buy” rating in a research note on Thursday, August 29th. Finally, DA Davidson restated a “buy” rating and issued a $117.00 target price on shares of Best Buy in a research note on Tuesday, October 15th. One investment analyst has rated the stock with a sell rating, eight have assigned a hold rating, nine have issued a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, the stock currently has a consensus 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.