State of Alaska Department of Revenue Has $3.63 Million Position in Best Buy Co., Inc. (NYSE:BBY)

State of Alaska Department of Revenue reduced its holdings in Best Buy Co., Inc. (NYSE:BBY) by 23.0% during the 3rd quarter, Holdings Channel reports. The institutional investor owned 35,189 shares of the technology retailer’s stock after selling 10,530 shares during the quarter. State of Alaska Department of Revenue’s holdings in Best Buy were worth $3,634,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently modified their holdings of the company. GAMMA Investing LLC grew its position in shares of Best Buy by 78.7% in the 2nd quarter. GAMMA Investing LLC now owns 2,039 shares of the technology retailer’s stock valued at $172,000 after acquiring an additional 898 shares during the period. Envestnet Portfolio Solutions Inc. boosted its holdings 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 worth $6,302,000 after buying an additional 7,663 shares during the period. M&G Plc bought a new stake in shares of Best Buy during the 1st quarter worth about $8,608,000. Van ECK Associates Corp raised its stake in Best Buy by 21.9% in the 1st quarter. Van ECK Associates Corp now owns 118,431 shares of the technology retailer’s stock worth $9,715,000 after purchasing an additional 21,258 shares in the last quarter. Finally, Mirae Asset Global Investments Co. Ltd. raised its stake in Best Buy by 13.3% in the 3rd quarter. Mirae Asset Global Investments Co. Ltd. now owns 154,564 shares of the technology retailer’s stock worth $15,806,000 after purchasing an additional 18,171 shares in the last quarter. Institutional investors own 80.96% of the company’s stock.

Best Buy Trading Up 0.5 %

BBY opened at $90.41 on Thursday. Best Buy Co., Inc. has a fifty-two week low of $62.30 and a fifty-two week high of $103.71. The company has a debt-to-equity ratio of 0.37, a current ratio of 1.01 and a quick ratio of 0.34. The firm has a market capitalization of $19.41 billion, a price-to-earnings ratio of 15.59, a PEG ratio of 2.58 and a beta of 1.46. The company’s 50 day moving average price is $96.67 and its two-hundred day moving average price is $86.91.

Best Buy (NYSE:BBY) last posted its quarterly earnings data on Thursday, August 29th. The technology retailer reported $1.34 earnings per share 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 company had revenue of $9.29 billion during the quarter, compared to analysts’ expectations of $9.23 billion. During the same period in the prior year, the company posted $1.22 earnings per share. Best Buy’s revenue for the quarter was down 3.1% compared to the same quarter last year. As a group, research 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 disclosed a quarterly dividend, which was paid on Thursday, October 10th. Stockholders of record on Thursday, September 19th were given a dividend of $0.94 per share. This represents a $3.76 annualized dividend and a dividend yield of 4.16%. The ex-dividend date of this dividend was Thursday, September 19th. Best Buy’s dividend payout ratio (DPR) is presently 64.83%.

Analysts Set New Price Targets

Several brokerages have weighed in on BBY. Telsey Advisory Group lifted their price objective on shares of Best Buy from $95.00 to $115.00 and gave the stock an “outperform” rating in a research note on Friday, August 30th. DA Davidson restated a “buy” rating and issued a $117.00 target price on shares of Best Buy in a research report on Tuesday, October 15th. Evercore ISI boosted their target price on shares of Best Buy from $90.00 to $94.00 and gave the company an “in-line” rating in a research report on Friday, August 30th. JPMorgan Chase & Co. upped their price objective on shares of Best Buy from $101.00 to $111.00 and gave the stock an “overweight” rating in a research report on Friday, August 30th. Finally, Melius Research began coverage on shares of Best Buy in a research report on Monday, September 23rd. They set a “hold” rating and a $100.00 price objective for the company. 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 given a strong buy rating to the stock. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $103.71.

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.