Cullen Investment Group LTD. Grows Stock Holdings in Best Buy Co., Inc. (NYSE:BBY)

Cullen Investment Group LTD. increased its holdings in shares of Best Buy Co., Inc. (NYSE:BBY) by 1.7% in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 66,152 shares of the technology retailer’s stock after purchasing an additional 1,111 shares during the period. Best Buy makes up 1.0% of Cullen Investment Group LTD.’s holdings, making the stock its 26th biggest position. Cullen Investment Group LTD.’s holdings in Best Buy were worth $6,834,000 as of its most recent SEC filing.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. AMF Tjanstepension AB acquired a new stake in shares of Best Buy during the 1st quarter worth approximately $8,676,000. GAMMA Investing LLC raised its position in shares of Best Buy by 78.7% in the second quarter. GAMMA Investing LLC now owns 2,039 shares of the technology retailer’s stock worth $172,000 after acquiring an additional 898 shares during the period. Bridgewater Associates LP boosted its stake in shares of Best Buy by 34.9% during the 4th quarter. Bridgewater Associates LP now owns 195,156 shares of the technology retailer’s stock worth $15,277,000 after acquiring an additional 50,438 shares in the last quarter. Envestnet Portfolio Solutions Inc. grew its position in shares of Best Buy by 11.4% during the 2nd quarter. Envestnet Portfolio Solutions Inc. now owns 74,764 shares of the technology retailer’s stock valued at $6,302,000 after acquiring an additional 7,663 shares during the period. Finally, Teachers Retirement System of The State of Kentucky increased its stake in shares of Best Buy by 214.4% in the 4th quarter. Teachers Retirement System of The State of Kentucky now owns 426,430 shares of the technology retailer’s stock valued at $33,381,000 after purchasing an additional 290,812 shares in the last quarter. 80.96% of the stock is currently owned by institutional investors and hedge funds.

Best Buy Trading Up 1.4 %

Best Buy stock traded up $1.42 during midday trading on Friday, hitting $99.61. 2,171,504 shares of the stock were exchanged, compared to its average volume of 3,075,444. The company has a current ratio of 1.01, a quick ratio of 0.34 and a debt-to-equity ratio of 0.37. The stock’s 50-day simple moving average is $92.55 and its 200 day simple moving average is $85.00. Best Buy Co., Inc. has a fifty-two week low of $62.30 and a fifty-two week high of $103.71. The stock has a market capitalization of $21.49 billion, a price-to-earnings ratio of 17.44, a PEG ratio of 2.56 and a beta of 1.46.

Best Buy (NYSE:BBY) last announced its quarterly 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. The business had revenue of $9.29 billion for the quarter, compared to analyst estimates of $9.23 billion. Best Buy had a return on equity of 47.19% and a net margin of 2.96%. The company’s quarterly revenue was down 3.1% on a year-over-year basis. During the same quarter in the prior year, the company posted $1.22 EPS. On average, equities analysts anticipate that Best Buy Co., Inc. will post 6.28 EPS for the current year.

Best Buy Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Thursday, October 10th. Shareholders of record on Thursday, September 19th will be given a $0.94 dividend. This represents a $3.76 dividend on an annualized basis and a yield of 3.77%. The ex-dividend date of this dividend is Thursday, September 19th. Best Buy’s payout ratio is 65.85%.

Wall Street Analysts Forecast Growth

Several brokerages have recently weighed in on BBY. The Goldman Sachs Group upped their target price on Best Buy from $95.00 to $116.00 and gave the stock a “buy” rating in a research note on Tuesday, September 3rd. Barclays boosted their target price on shares of Best Buy from $81.00 to $95.00 and gave the stock an “equal weight” rating in a research note on Friday, August 30th. Loop Capital raised their price target on shares of Best Buy from $100.00 to $110.00 and gave the company a “buy” rating in a research note on Friday, August 30th. UBS Group boosted their price objective on Best Buy from $106.00 to $123.00 and gave the stock a “buy” rating in a research note on Friday, August 30th. Finally, JPMorgan Chase & Co. raised their target price on Best Buy from $101.00 to $111.00 and gave the company an “overweight” rating in a research report on Friday, August 30th. One research analyst has rated the stock with a sell rating, seven have issued a hold rating, ten have issued a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $102.41.

Insider Buying and Selling at Best Buy

In other news, EVP Jason J. Bonfig sold 3,500 shares of Best Buy stock in a transaction on Monday, July 8th. The stock was sold at an average price of $83.02, for a total value of $290,570.00. Following the completion of the sale, the executive vice president now directly owns 50,714 shares of the company’s stock, valued at approximately $4,210,276.28. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink. In other Best Buy news, EVP Jason J. Bonfig sold 3,500 shares of the stock in a transaction that occurred 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 directly owns 50,714 shares in the company, valued at $4,210,276.28. This represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, Chairman Richard M. Schulze sold 88,542 shares of the business’s stock in a transaction on Wednesday, July 24th. The stock was 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 owns 13,602,853 shares of the company’s stock, valued at approximately $1,200,451,777.25. This trade represents a 0.00 % decrease in their position. 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 quarter. 0.59% of the stock is owned by company insiders.

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.