Best Buy Co., Inc. (NYSE:BBY) Shares Sold by UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC

UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC decreased its stake in Best Buy Co., Inc. (NYSE:BBY) by 8.9% during the third quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 2,390,637 shares of the technology retailer’s stock after selling 234,550 shares during the quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC owned approximately 1.11% of Best Buy worth $246,953,000 as of its most recent SEC filing.

A number of other hedge funds have also recently modified their holdings of the stock. Ninety One UK Ltd acquired a new stake in shares of Best Buy during the 2nd quarter worth approximately $121,325,000. Thrivent Financial for Lutherans grew its position 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 valued at $92,677,000 after buying an additional 1,074,718 shares during the period. Bank of New York Mellon Corp increased its holdings in Best Buy by 55.7% in the second quarter. Bank of New York Mellon Corp now owns 2,863,291 shares of the technology retailer’s stock valued at $241,347,000 after buying an additional 1,024,824 shares in the last quarter. AQR Capital Management LLC boosted its stake in shares of Best Buy by 55.4% during the 2nd quarter. AQR Capital Management LLC now owns 1,379,195 shares of the technology retailer’s stock worth $116,252,000 after acquiring an additional 491,781 shares in the last quarter. Finally, Raymond James & Associates grew its position in shares of Best Buy by 17.0% during the 2nd quarter. Raymond James & Associates now owns 3,377,763 shares of the technology retailer’s stock valued at $284,712,000 after acquiring an additional 490,801 shares during the period. Hedge funds and other institutional investors own 80.96% of the company’s stock.

Wall Street Analysts Forecast Growth

Several analysts have commented on BBY shares. Wedbush raised their price objective on Best Buy from $85.00 to $95.00 and gave the company a “neutral” rating in a report on Friday, August 30th. Barclays boosted their price target on shares of Best Buy from $81.00 to $95.00 and gave the stock an “equal weight” rating in a report on Friday, August 30th. Loop Capital dropped their target price on shares of Best Buy from $110.00 to $100.00 and set a “buy” rating on the stock in a research report on Wednesday. Guggenheim reduced their price target on shares of Best Buy from $110.00 to $105.00 and set a “buy” rating for the company in a research report on Friday. Finally, Evercore ISI raised their price target on shares of Best Buy from $90.00 to $94.00 and gave the company an “in-line” rating in a research note on Friday, August 30th. One analyst has rated the stock with a sell rating, eight have given a hold rating, ten have assigned a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, Best Buy presently has a consensus rating of “Moderate Buy” and a consensus price target of $101.06.

Best Buy Stock Performance

NYSE:BBY opened at $90.05 on Friday. The company’s 50-day moving average is $93.81 and its two-hundred day moving average is $89.17. The firm has a market capitalization of $19.34 billion, a price-to-earnings ratio of 15.39, a PEG ratio of 2.34 and a beta of 1.47. The company has a debt-to-equity ratio of 0.37, a current ratio of 1.00 and a quick ratio of 0.34. Best Buy Co., Inc. has a 1-year low of $69.29 and a 1-year high of $103.71.

Best Buy (NYSE:BBY) last posted its earnings results on Thursday, August 29th. The technology retailer reported $1.34 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.16 by $0.18. The company had revenue of $9.29 billion during the quarter, compared to analysts’ expectations of $9.23 billion. Best Buy had a return on equity of 45.93% and a net margin of 3.01%. The firm’s quarterly revenue was down 3.1% compared to the same quarter last year. During the same quarter last year, the firm earned $1.22 earnings per share. Analysts forecast that Best Buy Co., Inc. will post 6.19 EPS for the current year.

Best Buy Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Tuesday, January 7th. Shareholders of record on Tuesday, December 17th will be given a $0.94 dividend. The ex-dividend date is Tuesday, December 17th. This represents a $3.76 dividend on an annualized basis and a yield of 4.18%. Best Buy’s payout ratio is currently 64.27%.

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.