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

by · The Markets Daily

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

Other institutional investors and hedge funds have also made changes to their positions in the company. Park Avenue Securities LLC lifted its position in Best Buy by 1.3% during the third quarter. Park Avenue Securities LLC now owns 8,281 shares of the technology retailer’s stock worth $855,000 after buying an additional 103 shares in the last quarter. Greenleaf Trust increased its stake in shares of Best Buy by 1.2% in the 3rd quarter. Greenleaf Trust now owns 9,454 shares of the technology retailer’s stock worth $977,000 after acquiring an additional 108 shares during the last quarter. SeaCrest Wealth Management LLC raised its holdings in shares of Best Buy by 4.6% during the 3rd quarter. SeaCrest Wealth Management LLC now owns 2,675 shares of the technology retailer’s stock worth $276,000 after acquiring an additional 118 shares during the period. Tobam boosted its position in shares of Best Buy by 15.6% during the 2nd quarter. Tobam now owns 895 shares of the technology retailer’s stock valued at $75,000 after acquiring an additional 121 shares during the last quarter. Finally, Hoxton Planning & Management LLC grew its holdings in shares of Best Buy by 3.7% in the third quarter. Hoxton Planning & Management LLC now owns 3,481 shares of the technology retailer’s stock valued at $360,000 after purchasing an additional 124 shares during the period. 80.96% of the stock is currently owned by institutional investors and hedge funds.

Best Buy Stock Performance

NYSE:BBY opened at $92.84 on Wednesday. The company has a market cap of $19.94 billion, a price-to-earnings ratio of 16.01, a price-to-earnings-growth ratio of 2.38 and a beta of 1.47. The company has a quick ratio of 0.34, a current ratio of 1.01 and a debt-to-equity ratio of 0.37. Best Buy Co., Inc. has a 52 week low of $62.30 and a 52 week high of $103.71. The company has a fifty day simple moving average of $96.98 and a two-hundred day simple moving average of $87.43.

Best Buy (NYSE:BBY – Get Free Report) last released its earnings results on Thursday, August 29th. The technology retailer reported $1.34 EPS for the quarter, topping the consensus estimate of $1.16 by $0.18. The firm 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 47.19% and a net margin of 2.96%. Best Buy’s revenue for the quarter was down 3.1% on a year-over-year basis. During the same period in the previous year, the firm posted $1.22 EPS. As a group, equities analysts anticipate 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 declared a quarterly dividend, which was paid on Thursday, October 10th. Investors of record on Thursday, September 19th were paid a $0.94 dividend. The ex-dividend date was Thursday, September 19th. This represents a $3.76 dividend on an annualized basis and a yield of 4.05%. Best Buy’s dividend payout ratio is currently 64.83%.

Analysts Set New Price Targets

BBY has been the topic of a number of analyst reports. Telsey Advisory Group lifted their target price on shares of Best Buy from $95.00 to $115.00 and gave the stock an “outperform” rating in a research note on Friday, August 30th. JPMorgan Chase & Co. upped their price objective on Best Buy from $101.00 to $111.00 and gave the company an “overweight” rating in a report on Friday, August 30th. Evercore ISI increased their price objective on Best Buy from $90.00 to $94.00 and gave the stock an “in-line” rating in a research report on Friday, August 30th. UBS Group lifted their target price on Best Buy from $106.00 to $123.00 and gave the company a “buy” rating in a research report on Friday, August 30th. Finally, The Goldman Sachs Group increased their price target on Best Buy from $95.00 to $116.00 and gave the stock a “buy” rating in a report on Tuesday, September 3rd. One investment analyst has rated the stock with a sell rating, seven have given a hold rating, ten have given a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $103.71.

Check Out Our Latest Stock Report on BBY

Best Buy Profile

(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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