Best Buy Co., Inc. (NYSE:BBY) Shares Bought by Tidal Investments LLC

Tidal Investments LLC raised its stake in Best Buy Co., Inc. (NYSE:BBY) by 24.5% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 22,210 shares of the technology retailer’s stock after purchasing an additional 4,370 shares during the quarter. Tidal Investments LLC’s holdings in Best Buy were worth $2,294,000 at the end of the most recent reporting period.

A number of other institutional investors have also modified their holdings of BBY. QRG Capital Management Inc. increased its stake in Best Buy by 10.5% in 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 during the period. Asset Management One Co. Ltd. increased its stake in shares of 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 worth $9,332,000 after acquiring an additional 19,405 shares during the period. Mirae Asset Global Investments Co. Ltd. increased its stake in shares of Best Buy by 13.3% during the third quarter. Mirae Asset Global Investments Co. Ltd. now owns 154,564 shares of the technology retailer’s stock worth $15,806,000 after acquiring an additional 18,171 shares during the period. Oppenheimer Asset Management Inc. purchased a new position in Best Buy during the third quarter worth about $2,384,000. Finally, Charles Schwab Investment Management Inc. lifted its position in Best Buy by 4.1% in the third quarter. Charles Schwab Investment Management Inc. now owns 6,164,953 shares of the technology retailer’s stock valued at $636,840,000 after purchasing an additional 241,988 shares during the period. Institutional investors and hedge funds own 80.96% of the company’s stock.

Analysts Set New Price Targets

BBY has been the topic of several recent analyst reports. Melius Research started coverage on Best Buy in a research note on Monday, September 23rd. They set a “hold” rating and a $100.00 target price for the company. The Goldman Sachs Group upped their target price on shares of Best Buy from $95.00 to $116.00 and gave the stock a “buy” rating in a research report on Tuesday, September 3rd. UBS Group dropped their target price on shares of Best Buy from $123.00 to $115.00 and set a “buy” rating for the company in a report on Wednesday, November 27th. Wedbush boosted their price target on Best Buy from $85.00 to $95.00 and gave the stock a “neutral” rating in a research note on Friday, August 30th. Finally, JPMorgan Chase & Co. raised their price objective on Best Buy from $111.00 to $117.00 and gave the company an “overweight” rating in a research note on Friday, November 22nd. One analyst has rated the stock with a sell rating, eight have given a hold rating, ten have given a buy rating and one has given 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 target price of $101.06.

Best Buy Stock Up 1.1 %

Shares of NYSE BBY opened at $88.58 on Tuesday. The firm has a market cap of $18.94 billion, a P/E ratio of 15.14, a price-to-earnings-growth ratio of 2.19 and a beta of 1.44. The company has a debt-to-equity ratio of 0.37, a quick ratio of 0.22 and a current ratio of 1.00. Best Buy Co., Inc. has a 1 year low of $69.29 and a 1 year high of $103.71. The firm’s 50 day moving average price is $91.36 and its 200 day moving average price is $90.59.

Best Buy (NYSE:BBY) last posted its quarterly earnings data on Tuesday, November 26th. The technology retailer reported $1.26 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.30 by ($0.04). The business had revenue of $9.45 billion for the quarter, compared to analyst estimates of $9.63 billion. Best Buy had a return on equity of 45.93% and a net margin of 3.01%. Best Buy’s revenue for the quarter was down 3.2% compared to the same quarter last year. During the same quarter last year, the business earned $1.29 EPS. As a group, sell-side analysts anticipate that Best Buy Co., Inc. will post 6.18 earnings per share for the current year.

Best Buy Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, January 7th. Stockholders of record on Tuesday, December 17th will be paid a dividend of $0.94 per share. This represents a $3.76 dividend on an annualized basis and a dividend yield of 4.24%. The ex-dividend date is Tuesday, December 17th. Best Buy’s dividend payout ratio is currently 64.27%.

Insider Transactions at Best Buy

In other news, CFO Matthew M. Bilunas sold 69,166 shares of the company’s stock in a transaction on Wednesday, December 11th. The stock was sold at an average price of $87.46, for a total transaction of $6,049,258.36. Following the completion of the sale, the chief financial officer now directly owns 92,070 shares in the company, valued at $8,052,442.20. This represents a 42.90 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at this link. Insiders own 0.59% of the company’s stock.

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.