Spectrum Management Group Inc. boosted its position in Best Buy Co Inc (NYSE:BBY) by 15.4% during the third quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 45,711 shares of the technology retailer’s stock after buying an additional 6,100 shares during the quarter. Best Buy makes up about 1.1% of Spectrum Management Group Inc.’s portfolio, making the stock its 18th biggest position. Spectrum Management Group Inc.’s holdings in Best Buy were worth $3,628,000 at the end of the most recent reporting period.
A number of other institutional investors have also recently made changes to their positions in BBY. LFA Lugano Financial Advisors SA acquired a new position in shares of Best Buy during the 2nd quarter worth approximately $174,000. Squar Milner Financial Services LLC acquired a new position in shares of Best Buy during the 2nd quarter worth approximately $201,000. Capital Investment Advisors LLC acquired a new position in shares of Best Buy during the 2nd quarter worth approximately $210,000. RFG Advisory Group LLC acquired a new position in shares of Best Buy during the 2nd quarter worth approximately $210,000. Finally, Courier Capital LLC acquired a new position in shares of Best Buy during the 2nd quarter worth approximately $217,000. 85.14% of the stock is currently owned by institutional investors and hedge funds.
BBY has been the topic of several recent analyst reports. Zacks Investment Research raised Best Buy from a “hold” rating to a “buy” rating and set a $85.00 price target on the stock in a research report on Monday, July 16th. ValuEngine raised Best Buy from a “hold” rating to a “buy” rating in a research report on Thursday, July 19th. Jefferies Financial Group initiated coverage on Best Buy in a research report on Tuesday, August 21st. They set a “hold” rating and a $79.00 price target on the stock. Wedbush set a $65.00 price target on Best Buy and gave the stock a “sell” rating in a research report on Thursday, August 23rd. Finally, Wells Fargo & Co reaffirmed a “hold” rating and set a $78.00 price target on shares of Best Buy in a research report on Tuesday, August 28th. Two analysts have rated the stock with a sell rating, thirteen have assigned a hold rating and five have given a buy rating to the company’s stock. The company has a consensus rating of “Hold” and a consensus target price of $80.63.
Shares of NYSE BBY traded up $1.41 during midday trading on Tuesday, hitting $69.39. 179,000 shares of the company’s stock were exchanged, compared to its average volume of 3,175,058. The company has a current ratio of 1.21, a quick ratio of 0.52 and a debt-to-equity ratio of 0.25. Best Buy Co Inc has a 12 month low of $52.92 and a 12 month high of $84.37. The company has a market capitalization of $18.79 billion, a P/E ratio of 15.88, a P/E/G ratio of 1.06 and a beta of 0.98.
Best Buy (NYSE:BBY) last issued its earnings results on Tuesday, August 28th. The technology retailer reported $0.91 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.83 by $0.08. Best Buy had a return on equity of 40.28% and a net margin of 2.44%. The company had revenue of $9.38 billion during the quarter, compared to the consensus estimate of $9.25 billion. During the same period in the previous year, the company posted $0.69 EPS. The firm’s revenue for the quarter was up 4.6% compared to the same quarter last year. Analysts predict that Best Buy Co Inc will post 5.11 EPS for the current fiscal year.
The firm also recently announced a quarterly dividend, which was paid on Tuesday, October 9th. Stockholders of record on Tuesday, September 18th were paid a dividend of $0.45 per share. The ex-dividend date was Monday, September 17th. This represents a $1.80 annualized dividend and a dividend yield of 2.59%. Best Buy’s dividend payout ratio is currently 40.72%.
Best Buy Company Profile
Best Buy Co, Inc operates as a retailer of technology products, services, and solutions in the United States, Canada, and Mexico. The company operates in two segments, Domestic and International. Its stores provide consumer electronics, including digital imaging, health and fitness, home automation, home theater, and portable audio products; computing and mobile phones, such as computing and peripherals, networking products, tablets, smart watches, and e-readers, as well as mobile phones comprising related mobile network carrier commissions; and entertainment products, including drones, movies, music, and technology toys, as well as gaming hardware and software, and virtual reality and other software products.
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