Cinctive Capital Management LP Sells 51,079 Shares of Best Buy Co., Inc. (NYSE:BBY)

Cinctive Capital Management LP decreased its holdings in shares of Best Buy Co., Inc. (NYSE:BBY) by 47.6% during the 3rd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 56,125 shares of the technology retailer’s stock after selling 51,079 shares during the quarter. Cinctive Capital Management LP’s holdings in Best Buy were worth $5,798,000 as of its most recent SEC filing.

Several other institutional investors also recently bought and sold shares of BBY. Charles Schwab Investment Management Inc. boosted its stake in shares of Best Buy by 4.1% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 6,164,953 shares of the technology retailer’s stock worth $636,840,000 after acquiring an additional 241,988 shares in the last quarter. Raymond James & Associates boosted its position in Best Buy by 1.8% during the third quarter. Raymond James & Associates now owns 3,440,215 shares of the technology retailer’s stock worth $355,374,000 after purchasing an additional 62,452 shares during the period. Dimensional Fund Advisors LP boosted its position in Best Buy by 8.3% during the second quarter. Dimensional Fund Advisors LP now owns 3,055,743 shares of the technology retailer’s stock worth $257,569,000 after purchasing an additional 235,478 shares during the period. Bank of New York Mellon Corp grew its holdings in Best Buy by 55.7% during the second quarter. Bank of New York Mellon Corp now owns 2,863,291 shares of the technology retailer’s stock valued at $241,347,000 after purchasing an additional 1,024,824 shares during the last quarter. Finally, Ninety One UK Ltd bought a new position in shares of Best Buy in the second quarter valued at approximately $121,325,000. 80.96% of the stock is currently owned by institutional investors.

Best Buy Trading Up 2.1 %

Shares of Best Buy stock opened at $90.00 on Monday. The company’s fifty day moving average price is $93.81 and its two-hundred day moving average price is $89.38. The firm has a market capitalization of $19.33 billion, a PE ratio of 15.38, a price-to-earnings-growth ratio of 2.39 and a beta of 1.47. Best Buy Co., Inc. has a 52-week low of $69.29 and a 52-week high of $103.71. The company has a debt-to-equity ratio of 0.37, a current ratio of 1.00 and a quick ratio of 0.34.

Best Buy (NYSE:BBY) last posted 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 firm had revenue of $9.29 billion during the quarter, compared to analyst estimates of $9.23 billion. Best Buy had a net margin of 3.01% and a return on equity of 45.93%. The company’s quarterly revenue 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, analysts expect that Best Buy Co., Inc. will post 6.18 EPS for the current year.

Best Buy Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Tuesday, January 7th. Stockholders of record on Tuesday, December 17th will be issued a $0.94 dividend. The ex-dividend date of this dividend is Tuesday, December 17th. This represents a $3.76 dividend on an annualized basis and a dividend yield of 4.18%. Best Buy’s payout ratio is presently 64.27%.

Analyst Upgrades and Downgrades

Several analysts recently issued reports on the stock. Melius Research started coverage on shares of Best Buy in a report on Monday, September 23rd. They set a “hold” rating and a $100.00 price objective for the company. Barclays upped their price target on shares of Best Buy from $81.00 to $95.00 and gave the company an “equal weight” rating in a report on Friday, August 30th. BNP Paribas upgraded Best Buy to a “strong-buy” rating in a research note on Thursday, August 29th. The Goldman Sachs Group increased their target price on Best Buy from $95.00 to $116.00 and gave the company a “buy” rating in a research note on Tuesday, September 3rd. Finally, Guggenheim lowered their target price on Best Buy from $110.00 to $105.00 and set a “buy” rating on the stock in a report on Friday. One research analyst has rated the stock with a sell rating, eight have given a hold rating, ten have assigned a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target of $101.06.

Best Buy Company 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.