Venturi Wealth Management LLC Purchases 226 Shares of Best Buy Co., Inc. (NYSE:BBY)

by · The Markets Daily

Venturi Wealth Management LLC lifted its position in Best Buy Co., Inc. (NYSE:BBY – Free Report) by 3.9% in the third quarter, Holdings Channel.com reports. The institutional investor owned 6,075 shares of the technology retailer’s stock after buying an additional 226 shares during the period. Venturi Wealth Management LLC’s holdings in Best Buy were worth $628,000 at the end of the most recent quarter.

Several other hedge funds have also added to or reduced their stakes in BBY. Ninety One UK Ltd acquired a new position in Best Buy in the 2nd quarter worth $121,325,000. Thrivent Financial for Lutherans increased its position in shares of Best Buy by 4,337.6% in 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 acquiring an additional 1,074,718 shares during the last quarter. Bank of New York Mellon Corp raised its holdings 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 acquiring an additional 1,024,824 shares in the last quarter. Swedbank AB acquired a new position in Best Buy during the first quarter valued at approximately $43,522,000. Finally, AQR Capital Management LLC grew its stake in Best Buy by 55.4% in the second quarter. AQR Capital Management LLC now owns 1,379,195 shares of the technology retailer’s stock valued at $116,252,000 after purchasing an additional 491,781 shares in the last quarter. Institutional investors and hedge funds own 80.96% of the company’s stock.

Analyst Ratings Changes

Several equities research analysts have recently commented on the company. DA Davidson reissued a “buy” rating and issued a $117.00 price objective on shares of Best Buy in a report on Tuesday, October 15th. Wedbush raised their target price on shares of Best Buy from $85.00 to $95.00 and gave the stock a “neutral” 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. 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 on the stock. Finally, Citigroup reduced their price target on Best Buy from $115.00 to $109.00 and set a “buy” rating for the company in a research note on Friday, November 8th. One equities research analyst has rated the stock with a sell rating, seven have given a hold rating, ten have issued a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $103.35.

Check Out Our Latest Stock Report on Best Buy

Best Buy Price Performance

BBY stock opened at $90.20 on Wednesday. Best Buy Co., Inc. has a 1 year low of $62.92 and a 1 year high of $103.71. The company has a debt-to-equity ratio of 0.37, a current ratio of 1.01 and a quick ratio of 0.34. The stock has a market cap of $19.37 billion, a price-to-earnings ratio of 15.55, a P/E/G ratio of 2.33 and a beta of 1.47. The company has a 50 day simple moving average of $96.37 and a 200 day simple moving average of $87.84.

Best Buy (NYSE:BBY – Get Free Report) last posted its earnings results on Thursday, August 29th. The technology retailer reported $1.34 EPS for the quarter, beating the consensus estimate of $1.16 by $0.18. Best Buy had a return on equity of 47.19% and a net margin of 2.96%. The firm had revenue of $9.29 billion during the quarter, compared to the consensus estimate of $9.23 billion. During the same period last year, the company earned $1.22 earnings per share. The business’s quarterly revenue was down 3.1% on a year-over-year basis. Research analysts anticipate that Best Buy Co., Inc. will post 6.28 EPS for the current fiscal year.

Best Buy Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Thursday, October 10th. Investors of record on Thursday, September 19th were issued a $0.94 dividend. This represents a $3.76 annualized dividend and a yield of 4.17%. The ex-dividend date of this dividend was Thursday, September 19th. Best Buy’s payout ratio is presently 64.83%.

About Best Buy

(Free Report)

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.

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