AQR Capital Management LLC Raises Holdings in Best Buy Co., Inc. (NYSE:BBY)

AQR Capital Management LLC boosted its stake in shares of Best Buy Co., Inc. (NYSE:BBY) by 55.4% in the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 1,379,195 shares of the technology retailer’s stock after buying an additional 491,781 shares during the period. AQR Capital Management LLC’s holdings in Best Buy were worth $116,252,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Tobam raised its position in shares of Best Buy by 15.6% in the 2nd quarter. Tobam now owns 895 shares of the technology retailer’s stock worth $75,000 after acquiring an additional 121 shares in the last quarter. LVW Advisors LLC grew its stake in Best Buy by 2.3% in the second quarter. LVW Advisors LLC now owns 5,716 shares of the technology retailer’s stock valued at $482,000 after purchasing an additional 130 shares during the last quarter. Rise Advisors LLC lifted its position in shares of Best Buy by 69.5% during the first quarter. Rise Advisors LLC now owns 322 shares of the technology retailer’s stock valued at $26,000 after buying an additional 132 shares during the last quarter. MCF Advisors LLC boosted its holdings in shares of Best Buy by 2.7% in the 1st quarter. MCF Advisors LLC now owns 5,087 shares of the technology retailer’s stock valued at $422,000 after buying an additional 134 shares in the last quarter. Finally, Continuum Advisory LLC grew its position in shares of Best Buy by 34.7% in the 2nd quarter. Continuum Advisory LLC now owns 578 shares of the technology retailer’s stock worth $49,000 after buying an additional 149 shares during the last quarter. Institutional investors own 80.96% of the company’s stock.

Insider Buying and Selling

In other Best Buy news, Chairman Richard M. Schulze sold 88,542 shares of the business’s stock in a transaction that occurred on Wednesday, July 24th. The stock was sold at an average price of $88.25, for a total value of $7,813,831.50. Following the completion of the transaction, the chairman now directly owns 13,602,853 shares of the company’s stock, valued at $1,200,451,777.25. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. In related news, EVP Jason J. Bonfig sold 3,500 shares of the firm’s stock in a transaction on Monday, July 8th. The shares were sold at an average price of $83.02, for a total transaction of $290,570.00. Following the sale, the executive vice president now owns 50,714 shares in the company, valued at $4,210,276.28. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Also, Chairman Richard M. Schulze sold 88,542 shares of Best Buy stock in a transaction on Wednesday, July 24th. The shares were sold at an average price of $88.25, for a total transaction of $7,813,831.50. Following the completion of the transaction, the chairman now directly owns 13,602,853 shares of the company’s stock, valued at approximately $1,200,451,777.25. The disclosure for this sale can be found here. Insiders have sold a total of 1,383,370 shares of company stock valued at $122,233,276 over the last ninety days. Company insiders own 0.59% of the company’s stock.

Best Buy Stock Performance

Shares of NYSE BBY opened at $100.00 on Friday. The company has a 50 day simple moving average of $90.80 and a two-hundred day simple moving average of $83.91. The stock has a market cap of $21.47 billion, a price-to-earnings ratio of 17.51, a PEG ratio of 2.56 and a beta of 1.46. The company has a current ratio of 1.01, a quick ratio of 0.34 and a debt-to-equity ratio of 0.37. Best Buy Co., Inc. has a 12 month low of $62.30 and a 12 month high of $103.71.

Best Buy (NYSE:BBY) last issued 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. 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 during the quarter, compared to analysts’ expectations of $9.23 billion. During the same quarter last year, the company posted $1.22 earnings per share. The firm’s revenue was down 3.1% compared to the same quarter last year. As a group, analysts predict that Best Buy Co., Inc. will post 6.28 earnings per share for the current year.

Best Buy Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Thursday, October 10th. Stockholders of record on Thursday, September 19th will be paid a $0.94 dividend. The ex-dividend date is Thursday, September 19th. This represents a $3.76 dividend on an annualized basis and a dividend yield of 3.76%. Best Buy’s payout ratio is 65.85%.

Analyst Ratings Changes

A number of equities research analysts recently commented on the stock. Wells Fargo & Company increased their target price on shares of Best Buy from $80.00 to $95.00 and gave the company an “equal weight” rating in a research report on Friday, August 30th. Telsey Advisory Group increased their price objective on Best Buy from $95.00 to $115.00 and gave the company an “outperform” rating in a report on Friday, August 30th. UBS Group boosted their target price on Best Buy from $106.00 to $123.00 and gave the stock a “buy” rating in a research note on Friday, August 30th. Wedbush increased their price target on Best Buy from $85.00 to $95.00 and gave the company a “neutral” rating in a research note on Friday, August 30th. Finally, Loop Capital raised their price target on Best Buy from $100.00 to $110.00 and gave the stock a “buy” rating in a report on Friday, August 30th. One research analyst has rated the stock with a sell rating, seven have given a hold rating, ten have given a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $102.41.

Best Buy Company 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.