Swedbank AB Reduces Stock Holdings in Best Buy Co., Inc. (NYSE:BBY)

Swedbank AB reduced its stake in shares of Best Buy Co., Inc. (NYSE:BBY) by 0.4% during the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 505,045 shares of the technology retailer’s stock after selling 1,840 shares during the quarter. Swedbank AB owned approximately 0.24% of Best Buy worth $52,171,000 at the end of the most recent reporting period.

Other institutional investors have also added to or reduced their stakes in the company. Quadrature Capital Ltd bought a new position in Best Buy in the first quarter worth about $849,000. Lazard Asset Management LLC raised its position in shares of Best Buy by 126.8% in the 1st quarter. Lazard Asset Management LLC now owns 119,723 shares of the technology retailer’s stock worth $9,820,000 after acquiring an additional 66,943 shares in the last quarter. Ascent Group LLC lifted its stake in shares of Best Buy by 88.0% in the 1st quarter. Ascent Group LLC now owns 7,020 shares of the technology retailer’s stock valued at $576,000 after purchasing an additional 3,286 shares during the period. Tidal Investments LLC boosted its position in shares of Best Buy by 25.3% during the first quarter. Tidal Investments LLC now owns 15,080 shares of the technology retailer’s stock valued at $1,237,000 after purchasing an additional 3,044 shares in the last quarter. Finally, Comerica Bank grew its stake in Best Buy by 0.8% in the first quarter. Comerica Bank now owns 37,464 shares of the technology retailer’s stock worth $3,073,000 after purchasing an additional 298 shares during the period. 80.96% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

Several equities analysts have commented on BBY shares. Wells Fargo & Company boosted their target price on shares of Best Buy from $80.00 to $95.00 and gave the company an “equal weight” rating in a report on Friday, August 30th. Citigroup dropped their price objective on shares of Best Buy from $115.00 to $109.00 and set a “buy” rating on the stock in a research note on Friday, November 8th. UBS Group raised their target price on shares of Best Buy from $106.00 to $123.00 and gave the company a “buy” rating in a research note on Friday, August 30th. Evercore ISI boosted their price target 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. Finally, Bank of America raised their price objective on Best Buy from $70.00 to $80.00 and gave the company an “underperform” rating in a research report on Friday, August 30th. One investment analyst has rated the stock with a sell rating, eight have given a hold rating, nine have issued a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, Best Buy currently has an average rating of “Moderate Buy” and an average price target of $103.71.

Best Buy Stock Up 3.5 %

Shares of Best Buy stock opened at $89.54 on Monday. 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 Co., Inc. has a twelve month low of $67.80 and a twelve month high of $103.71. The company has a market cap of $19.23 billion, a price-to-earnings ratio of 15.44, a price-to-earnings-growth ratio of 2.26 and a beta of 1.47. The company’s 50 day moving average is $94.72 and its 200 day moving average is $88.84.

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

Best Buy Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, October 10th. Investors of record on Thursday, September 19th were issued a $0.94 dividend. This represents a $3.76 dividend on an annualized basis and a dividend yield of 4.20%. The ex-dividend date of this dividend was Thursday, September 19th. Best Buy’s payout ratio is 64.83%.

Best Buy 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.