Ontario Teachers Pension Plan Board Buys Shares of 3,461 Best Buy Co., Inc. (NYSE:BBY)

Ontario Teachers Pension Plan Board purchased a new stake in Best Buy Co., Inc. (NYSE:BBY) in the 3rd quarter, according to its most recent disclosure with the SEC. The fund purchased 3,461 shares of the technology retailer’s stock, valued at approximately $358,000.

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

Best Buy Trading Up 3.5 %

Shares of NYSE BBY opened at $89.56 on Friday. The firm has a market capitalization of $19.23 billion, a PE ratio of 15.44, a PEG ratio of 2.28 and a beta of 1.47. Best Buy Co., Inc. has a one year low of $67.80 and a one year high of $103.71. 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 business has a 50-day moving average price of $94.72 and a two-hundred day moving average price of $88.62.

Best Buy (NYSE:BBY) last announced 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. Best Buy had a net margin of 2.96% and a return on equity of 47.19%. The firm had revenue of $9.29 billion for the quarter, compared to the consensus estimate of $9.23 billion. During the same period in the previous year, the firm posted $1.22 earnings per share. The firm’s revenue was down 3.1% on a year-over-year basis. As a group, analysts predict 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 issued a dividend of $0.94 per share. The ex-dividend date was Thursday, September 19th. This represents a $3.76 annualized dividend and a dividend yield of 4.20%. Best Buy’s dividend payout ratio is 64.83%.

Wall Street Analyst Weigh In

Several equities analysts have recently issued reports on the company. Wedbush increased their price objective on Best Buy from $85.00 to $95.00 and gave the stock a “neutral” rating in a report on Friday, August 30th. Truist Financial increased their price target on 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 raised shares of Best Buy to a “strong-buy” rating in a report on Thursday, August 29th. Citigroup decreased their target price on shares of Best Buy from $115.00 to $109.00 and set a “buy” rating for the company in a research report on Friday, November 8th. Finally, Evercore ISI boosted 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 report on Friday, August 30th. One investment analyst has rated the stock with a sell rating, eight have issued a hold rating, nine have issued a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, Best Buy presently has an average rating of “Moderate Buy” and an average price target of $103.71.

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.