2,090 Shares in Best Buy Co., Inc. (NYSE:BBY) Bought by Delta Financial Group Inc.

Delta Financial Group Inc. acquired a new position in shares of Best Buy Co., Inc. (NYSE:BBY) in the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor acquired 2,090 shares of the technology retailer’s stock, valued at approximately $216,000.

A number of other hedge funds have also recently bought and sold shares of BBY. Ninety One UK Ltd bought a new stake in Best Buy in the 2nd quarter valued at $121,325,000. Thrivent Financial for Lutherans boosted its holdings in 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 during the period. Bank of New York Mellon Corp boosted its holdings in Best Buy by 55.7% in the 2nd 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 during the period. Epoch Investment Partners Inc. boosted its holdings in Best Buy by 11,586.7% in the 4th quarter. Epoch Investment Partners Inc. now owns 686,128 shares of the technology retailer’s stock valued at $53,710,000 after purchasing an additional 680,257 shares during the period. Finally, Swedbank AB bought a new stake in Best Buy in the 1st quarter valued at $43,522,000. 80.96% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

A number of analysts have weighed in on the stock. Citigroup increased their price target on shares of Best Buy from $100.00 to $115.00 and gave the company a “buy” rating in a report on Friday, August 30th. StockNews.com raised shares of Best Buy from a “hold” rating to a “buy” rating in a report on Wednesday. UBS Group lifted their target price on shares of Best Buy from $106.00 to $123.00 and gave the company a “buy” rating in a research report on Friday, August 30th. JPMorgan Chase & Co. lifted their target price on shares of Best Buy from $101.00 to $111.00 and gave the company an “overweight” rating in a research report on Friday, August 30th. Finally, Barclays lifted their target price on shares of Best Buy from $81.00 to $95.00 and gave the company an “equal weight” rating in a research report on Friday, August 30th. One equities research analyst has rated the stock with a sell rating, seven have assigned a hold rating, ten have issued a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $102.41.

Best Buy Trading Down 1.5 %

Shares of BBY stock opened at $98.19 on Friday. Best Buy Co., Inc. has a 12-month low of $62.30 and a 12-month high of $103.71. The firm has a 50-day moving average price of $92.30 and a 200 day moving average price of $84.84. The company has a market capitalization of $21.18 billion, a P/E ratio of 17.20, a P/E/G ratio of 2.56 and a beta of 1.46. 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 (NYSE:BBY) last issued its quarterly earnings results on Thursday, August 29th. The technology retailer reported $1.34 earnings per share for the quarter, beating analysts’ consensus estimates of $1.16 by $0.18. Best Buy had a net margin of 2.96% and a return on equity of 47.19%. The business had revenue of $9.29 billion during the quarter, compared to analyst estimates of $9.23 billion. During the same quarter last year, the business posted $1.22 earnings per share. Best Buy’s revenue for the quarter was down 3.1% compared to the same quarter last year. Research analysts forecast 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 will be paid on Thursday, October 10th. Stockholders of record on Thursday, September 19th will be paid a dividend of $0.94 per share. This represents a $3.76 annualized dividend and a dividend yield of 3.83%. The ex-dividend date of this dividend is Thursday, September 19th. Best Buy’s dividend payout ratio (DPR) is presently 65.85%.

Insider Activity at Best Buy

In related news, Chairman Richard M. Schulze sold 88,542 shares of the business’s stock in a transaction that occurred 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 sale, the chairman now directly owns 13,602,853 shares of the company’s stock, valued at $1,200,451,777.25. The transaction was disclosed in a legal filing with the SEC, which is available at this link. In related news, Chairman Richard M. Schulze sold 88,542 shares of Best Buy 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 sale, 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 legal filing with the SEC, which can be accessed through the SEC website. Also, EVP Jason J. Bonfig sold 3,500 shares of the company’s stock in a transaction dated Monday, July 8th. The shares were 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 owns 50,714 shares of the company’s stock, valued at approximately $4,210,276.28. The disclosure for this sale can be found here. Insiders have sold a total of 1,383,370 shares of company stock worth $122,233,276 over the last 90 days. Insiders own 0.59% of the company’s stock.

About Best Buy

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.