Best Buy Co., Inc. (NYSE:BBY) Shares Bought by The Manufacturers Life Insurance Company

The Manufacturers Life Insurance Company lifted its stake in shares of Best Buy Co., Inc. (NYSE:BBY) by 5.1% during the 3rd quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 152,985 shares of the technology retailer’s stock after buying an additional 7,430 shares during the quarter. The Manufacturers Life Insurance Company owned 0.07% of Best Buy worth $15,803,000 as of its most recent filing with the SEC.

Several other hedge funds and other institutional investors have also recently bought and sold shares of BBY. Ninety One UK Ltd purchased a new position in Best Buy in the 2nd quarter valued at about $121,325,000. Thrivent Financial for Lutherans raised its stake in shares of Best Buy by 4,337.6% in the 2nd quarter. Thrivent Financial for Lutherans now owns 1,099,495 shares of the technology retailer’s stock valued at $92,677,000 after purchasing an additional 1,074,718 shares in the last quarter. Bank of New York Mellon Corp lifted its position in shares of 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 purchasing an additional 1,024,824 shares during the last quarter. 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 worth $116,252,000 after purchasing an additional 491,781 shares in the last quarter. Finally, Raymond James & Associates increased its holdings in Best Buy by 17.0% in the second quarter. Raymond James & Associates now owns 3,377,763 shares of the technology retailer’s stock valued at $284,712,000 after buying an additional 490,801 shares during the last quarter. 80.96% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

BBY has been the subject of several research reports. Evercore ISI lifted their target price 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. Wedbush boosted their target price on shares of Best Buy from $85.00 to $95.00 and gave the company a “neutral” rating in a research note on Friday, August 30th. Melius Research initiated coverage on shares of Best Buy in a research report on Monday, September 23rd. They issued a “hold” rating and a $100.00 price target on the stock. The Goldman Sachs Group boosted their price objective 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. Finally, Loop Capital cut their target price on shares of Best Buy from $110.00 to $100.00 and set a “buy” rating on the stock in a report on Wednesday, November 27th. One analyst has rated the stock with a sell rating, eight have given a hold rating, ten have issued a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $101.06.

Best Buy Stock Performance

Shares of BBY opened at $90.00 on Monday. The firm has a market capitalization of $19.33 billion, a PE ratio of 15.38, a P/E/G ratio of 2.39 and a beta of 1.47. The company has a quick ratio of 0.34, a current ratio of 1.00 and a debt-to-equity ratio of 0.37. The firm has a 50-day moving average price of $93.81 and a 200 day moving average price of $89.38. Best Buy Co., Inc. has a 52-week low of $69.29 and a 52-week high of $103.71.

Best Buy (NYSE:BBY) last posted its quarterly earnings data on Thursday, August 29th. The technology retailer reported $1.34 EPS for the quarter, beating analysts’ consensus estimates 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 net margin of 3.01% and a return on equity of 45.93%. The business’s revenue for the quarter was down 3.1% on a year-over-year basis. During the same quarter last year, the business earned $1.22 earnings per share. On average, sell-side analysts anticipate that Best Buy Co., Inc. will post 6.18 earnings per share for the current fiscal year.

Best Buy Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, January 7th. Investors of record on Tuesday, December 17th will be paid a dividend of $0.94 per share. The ex-dividend date of this dividend is Tuesday, December 17th. This represents a $3.76 annualized dividend and a yield of 4.18%. Best Buy’s dividend payout ratio is currently 64.27%.

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.