QRG Capital Management Inc. Acquires 3,025 Shares of Best Buy Co., Inc. (NYSE:BBY)

QRG Capital Management Inc. raised its holdings in Best Buy Co., Inc. (NYSE:BBY) by 10.5% during the third quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 31,745 shares of the technology retailer’s stock after acquiring an additional 3,025 shares during the quarter. QRG Capital Management Inc.’s holdings in Best Buy were worth $3,279,000 as of its most recent SEC filing.

A number of other institutional investors have also made changes to their positions in the stock. Richardson Financial Services Inc. raised its position in shares of Best Buy by 190.9% in the 2nd quarter. Richardson Financial Services Inc. now owns 320 shares of the technology retailer’s stock valued at $27,000 after acquiring an additional 210 shares during the period. Innealta Capital LLC acquired a new stake in Best Buy in the second quarter worth $35,000. Harbor Capital Advisors Inc. bought a new position in shares of Best Buy during the third quarter worth $40,000. Whittier Trust Co. grew its holdings in shares of Best Buy by 53.3% in the 2nd quarter. Whittier Trust Co. now owns 492 shares of the technology retailer’s stock valued at $41,000 after buying an additional 171 shares during the period. Finally, EverSource Wealth Advisors LLC increased its position in shares of Best Buy by 103.6% in the 1st quarter. EverSource Wealth Advisors LLC now owns 509 shares of the technology retailer’s stock valued at $42,000 after buying an additional 259 shares in the last quarter. 80.96% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

BBY has been the subject of a number of research analyst reports. Truist Financial boosted their target price on Best Buy from $86.00 to $107.00 and gave the company a “hold” rating in a research note on Friday, August 30th. Barclays boosted their price objective on Best Buy from $81.00 to $95.00 and gave the company an “equal weight” rating in a research report on Friday, August 30th. UBS Group boosted their price objective on shares of Best Buy from $106.00 to $123.00 and gave the company a “buy” rating in a research report on Friday, August 30th. StockNews.com upgraded Best Buy from a “hold” rating to a “buy” rating in a report on Friday, November 1st. Finally, JPMorgan Chase & Co. boosted their price target on Best Buy from $101.00 to $111.00 and gave the company an “overweight” rating in a report on Friday, August 30th. One investment analyst has rated the stock with a sell rating, seven have issued a hold rating, ten have issued a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $103.71.

Best Buy Trading Down 3.7 %

Shares of NYSE:BBY opened at $89.42 on Thursday. The company has a 50-day simple moving average of $97.01 and a 200 day simple moving average of $87.45. The company has a market capitalization of $19.20 billion, a P/E ratio of 15.42, a price-to-earnings-growth ratio of 2.38 and a beta of 1.47. The company has a debt-to-equity ratio of 0.37, a quick ratio of 0.34 and a current ratio of 1.01. Best Buy Co., Inc. has a 52-week low of $62.30 and a 52-week high of $103.71.

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

Best Buy Announces Dividend

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

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.