Centiva Capital LP Makes New Investment in Best Buy Co., Inc. (NYSE:BBY)

Centiva Capital LP acquired a new position in shares of Best Buy Co., Inc. (NYSE:BBY) during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund acquired 2,823 shares of the technology retailer’s stock, valued at approximately $292,000.

Other hedge funds have also recently bought and sold shares of the company. Richardson Financial Services Inc. boosted its holdings in Best Buy by 190.9% during the 2nd quarter. Richardson Financial Services Inc. now owns 320 shares of the technology retailer’s stock worth $27,000 after acquiring an additional 210 shares during the last quarter. Harbor Capital Advisors Inc. purchased a new position in Best Buy during the 3rd quarter worth $40,000. Innealta Capital LLC bought a new stake in shares of Best Buy during the 2nd quarter worth $35,000. Brooklyn Investment Group bought a new stake in shares of Best Buy during the 3rd quarter worth $44,000. Finally, Whittier Trust Co. raised its stake in shares of Best Buy by 53.3% during the 2nd quarter. Whittier Trust Co. now owns 492 shares of the technology retailer’s stock worth $41,000 after purchasing an additional 171 shares during the period. 80.96% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of equities research analysts have recently commented on the company. The Goldman Sachs Group lifted their target price on Best Buy from $95.00 to $116.00 and gave the stock a “buy” rating in a research note on Tuesday, September 3rd. Wedbush lifted their target price on Best Buy from $85.00 to $95.00 and gave the stock a “neutral” rating in a research note on Friday, August 30th. JPMorgan Chase & Co. lifted their target price on Best Buy from $111.00 to $117.00 and gave the stock an “overweight” rating in a research note on Friday, November 22nd. Barclays lifted their target price on Best Buy from $81.00 to $95.00 and gave the stock an “equal weight” rating in a research note on Friday, August 30th. Finally, Loop Capital lowered their price objective on Best Buy from $110.00 to $100.00 and set a “buy” rating on the stock in a research note on Wednesday, November 27th. One analyst has rated the stock with a sell rating, eight have issued a hold rating, ten have issued a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $101.06.

Best Buy Stock Down 0.7 %

Shares of NYSE BBY opened at $86.75 on Wednesday. Best Buy Co., Inc. has a 12 month low of $69.29 and a 12 month high of $103.71. The company has a current ratio of 1.00, a quick ratio of 0.22 and a debt-to-equity ratio of 0.37. The firm has a market capitalization of $18.63 billion, a price-to-earnings ratio of 14.82, a PEG ratio of 2.21 and a beta of 1.44. The business has a 50-day moving average of $92.52 and a 200-day moving average of $90.10.

Best Buy (NYSE:BBY) last issued its quarterly earnings data on Tuesday, November 26th. The technology retailer reported $1.26 EPS for the quarter, missing the consensus estimate of $1.30 by ($0.04). Best Buy had a return on equity of 45.93% and a net margin of 3.01%. The business had revenue of $9.45 billion for the quarter, compared to analysts’ expectations of $9.63 billion. During the same period in the previous year, the firm posted $1.29 EPS. The firm’s revenue for the quarter was down 3.2% compared to the same quarter last year. Sell-side analysts expect that Best Buy Co., Inc. will post 6.18 earnings per share for the current fiscal year.

Best Buy Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, January 7th. Stockholders of record on Tuesday, December 17th will be issued a dividend of $0.94 per share. This represents a $3.76 annualized dividend and a dividend yield of 4.33%. The ex-dividend date is Tuesday, December 17th. Best Buy’s payout ratio is 64.27%.

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.