QRG Capital Management Inc. Purchases 3,025 Shares of Best Buy Co., Inc. (NYSE:BBY)

QRG Capital Management Inc. lifted its holdings in Best Buy Co., Inc. (NYSE:BBY) by 10.5% during the 3rd quarter, HoldingsChannel reports. The fund owned 31,745 shares of the technology retailer’s stock after acquiring an additional 3,025 shares during the quarter. QRG Capital Management Inc.’s holdings in Best Buy were worth $3,279,000 as of its most recent filing with the SEC.

A number of other hedge funds have also bought and sold shares of BBY. Raymond James & Associates increased its stake in Best Buy by 1.8% during the 3rd quarter. Raymond James & Associates now owns 3,440,215 shares of the technology retailer’s stock worth $355,374,000 after acquiring an additional 62,452 shares during the period. Dimensional Fund Advisors LP increased its position in shares of Best Buy by 8.3% in the second quarter. Dimensional Fund Advisors LP now owns 3,055,743 shares of the technology retailer’s stock worth $257,569,000 after purchasing an additional 235,478 shares during the period. Bank of New York Mellon Corp raised its stake 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 purchasing an additional 1,024,824 shares in the last quarter. Ninety One UK Ltd bought a new stake in Best Buy during the second quarter worth about $121,325,000. Finally, AQR Capital Management LLC grew its stake in Best Buy by 55.4% during the second quarter. AQR Capital Management LLC now owns 1,379,195 shares of the technology retailer’s stock worth $116,252,000 after buying an additional 491,781 shares in the last quarter. 80.96% of the stock is owned by institutional investors.

Best Buy Price Performance

Shares of NYSE:BBY opened at $89.42 on Thursday. The company has a debt-to-equity ratio of 0.37, a quick ratio of 0.34 and a current ratio of 1.01. Best Buy Co., Inc. has a 52 week low of $62.30 and a 52 week high of $103.71. The firm has a market cap of $19.20 billion, a PE ratio of 15.42, a price-to-earnings-growth ratio of 2.38 and a beta of 1.47. The firm’s fifty day moving average is $97.01 and its 200-day moving average is $87.45.

Best Buy (NYSE:BBY) last announced 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. 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 for the quarter, compared to the consensus estimate of $9.23 billion. During the same period in the previous year, the business earned $1.22 EPS. The business’s quarterly revenue was down 3.1% compared to the same quarter last year. Sell-side analysts predict that Best Buy Co., Inc. will post 6.28 earnings per share for the current year.

Best Buy Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Thursday, October 10th. Shareholders of record on Thursday, September 19th were issued a dividend of $0.94 per share. The ex-dividend date of this dividend was Thursday, September 19th. This represents a $3.76 annualized dividend and a yield of 4.20%. Best Buy’s payout ratio is 64.83%.

Analyst Ratings Changes

Several equities analysts have recently commented on the stock. The Goldman Sachs Group boosted their target price on shares of Best Buy from $95.00 to $116.00 and gave the company a “buy” rating in a research report on Tuesday, September 3rd. Truist Financial upped their target price on Best Buy from $86.00 to $107.00 and gave the stock a “hold” rating in a research note on Friday, August 30th. Bank of America lifted their price target on Best Buy from $70.00 to $80.00 and gave the company an “underperform” rating in a research note on Friday, August 30th. Wedbush upped their price objective on Best Buy from $85.00 to $95.00 and gave the stock a “neutral” rating in a research report on Friday, August 30th. Finally, DA Davidson reiterated a “buy” rating and issued a $117.00 target price on shares of Best Buy in a research report on Tuesday, October 15th. One 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 assigned a strong buy rating to the company’s stock. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $103.71.

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.