Plato Investment Management Ltd Purchases 6,382 Shares of Best Buy Co., Inc. (NYSE:BBY)

Plato Investment Management Ltd lifted its position in shares of Best Buy Co., Inc. (NYSE:BBY) by 264.0% in the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 8,799 shares of the technology retailer’s stock after acquiring an additional 6,382 shares during the quarter. Plato Investment Management Ltd’s holdings in Best Buy were worth $908,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds also recently made changes to their positions in the company. QRG Capital Management Inc. raised its position in shares of Best Buy by 10.5% during the third quarter. QRG Capital Management Inc. now owns 31,745 shares of the technology retailer’s stock worth $3,279,000 after acquiring an additional 3,025 shares during the last quarter. GAMMA Investing LLC raised its position in shares of Best Buy by 78.7% during the second quarter. GAMMA Investing LLC now owns 2,039 shares of the technology retailer’s stock worth $172,000 after acquiring an additional 898 shares during the last quarter. Asset Management One Co. Ltd. raised its position in shares of Best Buy by 27.4% during the third quarter. Asset Management One Co. Ltd. now owns 90,341 shares of the technology retailer’s stock worth $9,332,000 after acquiring an additional 19,405 shares during the last quarter. Envestnet Portfolio Solutions Inc. raised its position in shares of Best Buy by 11.4% during the second quarter. Envestnet Portfolio Solutions Inc. now owns 74,764 shares of the technology retailer’s stock worth $6,302,000 after acquiring an additional 7,663 shares during the last quarter. Finally, M&G Plc bought a new stake in Best Buy in the first quarter valued at about $8,608,000. Institutional investors own 80.96% of the company’s stock.

Best Buy Stock Performance

Shares of NYSE BBY opened at $91.59 on Friday. The stock has a 50 day moving average price of $95.97 and a 200 day moving average price of $87.97. Best Buy Co., Inc. has a 52 week low of $62.92 and a 52 week high of $103.71. The company has a debt-to-equity ratio of 0.37, a quick ratio of 0.34 and a current ratio of 1.01. The stock has a market capitalization of $19.67 billion, a PE ratio of 15.79, a price-to-earnings-growth ratio of 2.36 and a beta of 1.47.

Best Buy (NYSE:BBY) last issued its quarterly earnings results on Thursday, August 29th. The technology retailer reported $1.34 EPS for the quarter, beating 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 firm 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 firm posted $1.22 earnings per share. The business’s quarterly revenue was down 3.1% compared to the same quarter last year. Analysts predict that Best Buy Co., Inc. will post 6.28 earnings per share for the current fiscal year.

Best Buy Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Thursday, October 10th. Investors of record on Thursday, September 19th were given a dividend of $0.94 per share. The ex-dividend date of this dividend was Thursday, September 19th. This represents a $3.76 annualized dividend and a yield of 4.11%. Best Buy’s dividend payout ratio (DPR) is presently 64.83%.

Analysts Set New Price Targets

BBY has been the subject of a number of recent analyst reports. BNP Paribas upgraded Best Buy to a “strong-buy” rating in a report on Thursday, August 29th. Wedbush upped their price objective on Best Buy from $85.00 to $95.00 and gave the company a “neutral” rating in a report on Friday, August 30th. Telsey Advisory Group upped their price objective on Best Buy from $95.00 to $115.00 and gave the company an “outperform” rating in a report on Friday, August 30th. Barclays upped their price objective on Best Buy from $81.00 to $95.00 and gave the company an “equal weight” rating in a report on Friday, August 30th. Finally, Citigroup dropped their price objective on Best Buy from $115.00 to $109.00 and set a “buy” rating for the company in a report on Friday, November 8th. One equities research analyst has rated the stock with a sell rating, seven have assigned a hold rating, ten have assigned a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $103.35.

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.