Best Buy Co., Inc. (NYSE:BBY) Shares Acquired by CIBC Asset Management Inc

CIBC Asset Management Inc boosted its stake in Best Buy Co., Inc. (NYSE:BBY) by 9.2% in the third quarter, according to the company in its most recent disclosure with the SEC. The firm owned 34,249 shares of the technology retailer’s stock after purchasing an additional 2,888 shares during the quarter. CIBC Asset Management Inc’s holdings in Best Buy were worth $3,538,000 as of its most recent filing with the SEC.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. Raymond James & Associates raised its position in shares of Best Buy by 1.8% in the 3rd quarter. Raymond James & Associates now owns 3,440,215 shares of the technology retailer’s stock worth $355,374,000 after buying an additional 62,452 shares during the period. Dimensional Fund Advisors LP raised its holdings in 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 valued at $257,569,000 after buying an additional 235,478 shares during the period. Bank of New York Mellon Corp increased its position in shares of 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 worth $241,347,000 after acquiring an additional 1,024,824 shares in the last quarter. Ninety One UK Ltd acquired a new stake in shares of Best Buy in the second quarter worth $121,325,000. Finally, AQR Capital Management LLC raised its stake in shares of Best Buy by 55.4% in the 2nd quarter. AQR Capital Management LLC now owns 1,379,195 shares of the technology retailer’s stock valued at $116,252,000 after acquiring an additional 491,781 shares during the period. Institutional investors and hedge funds own 80.96% of the company’s stock.

Analyst Ratings Changes

Several analysts recently issued reports on the company. JPMorgan Chase & Co. increased their price target on Best Buy from $101.00 to $111.00 and gave the company an “overweight” rating in a report on Friday, August 30th. Truist Financial raised their target price on Best Buy from $86.00 to $107.00 and gave the company a “hold” rating in a report on Friday, August 30th. Bank of America upped their price target on Best Buy from $70.00 to $80.00 and gave the stock an “underperform” rating in a report on Friday, August 30th. Piper Sandler restated an “overweight” rating and issued a $114.00 target price (up from $100.00) on shares of Best Buy in a research note on Friday, August 30th. Finally, The Goldman Sachs Group boosted their price objective on shares of Best Buy from $95.00 to $116.00 and gave the stock a “buy” rating in a report on Tuesday, September 3rd. One investment analyst has rated the stock with a sell rating, eight have issued a hold rating, nine have issued a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, Best Buy has a consensus rating of “Moderate Buy” and a consensus target price of $103.35.

Best Buy Stock Performance

Shares of NYSE BBY opened at $89.00 on Tuesday. Best Buy Co., Inc. has a 12-month low of $62.92 and a 12-month high of $103.71. 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 company has a market cap of $19.11 billion, a PE ratio of 15.34, a P/E/G ratio of 2.43 and a beta of 1.47. The stock has a 50 day simple moving average of $95.52 and a 200-day simple moving average of $88.45.

Best Buy (NYSE:BBY) last released its quarterly earnings results on Thursday, August 29th. The technology retailer reported $1.34 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.16 by $0.18. The company had revenue of $9.29 billion during the quarter, compared to analysts’ expectations of $9.23 billion. Best Buy had a return on equity of 47.19% and a net margin of 2.96%. The company’s revenue for the quarter was down 3.1% compared to the same quarter last year. During the same quarter in the prior year, the business posted $1.22 earnings per share. On average, equities research analysts forecast that Best Buy Co., Inc. will post 6.28 EPS for the current year.

Best Buy Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Thursday, October 10th. Stockholders of record on Thursday, September 19th were issued a $0.94 dividend. This represents a $3.76 annualized dividend and a dividend yield of 4.22%. The ex-dividend date was Thursday, September 19th. Best Buy’s dividend payout ratio (DPR) is presently 64.83%.

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.