Northwest & Ethical Investments L.P. Has $3.02 Million Stock Position in Best Buy Co., Inc. (NYSE:BBY)

Northwest & Ethical Investments L.P. grew its stake in shares of Best Buy Co., Inc. (NYSE:BBY) by 2.1% during the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 29,260 shares of the technology retailer’s stock after buying an additional 603 shares during the period. Northwest & Ethical Investments L.P.’s holdings in Best Buy were worth $3,023,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Richardson Financial Services Inc. boosted its holdings in Best Buy by 190.9% during the second quarter. Richardson Financial Services Inc. now owns 320 shares of the technology retailer’s stock worth $27,000 after buying an additional 210 shares during the last quarter. Harbor Capital Advisors Inc. bought a new position in Best Buy during the third quarter worth about $40,000. Innealta Capital LLC bought a new position in Best Buy during the second quarter worth about $35,000. Brooklyn Investment Group bought a new position in shares of Best Buy during the 3rd quarter valued at about $44,000. Finally, Whittier Trust Co. lifted its holdings in shares of Best Buy by 53.3% during the 2nd quarter. Whittier Trust Co. now owns 492 shares of the technology retailer’s stock valued at $41,000 after purchasing an additional 171 shares in the last quarter. Institutional investors own 80.96% of the company’s stock.

Best Buy Stock Up 2.1 %

NYSE:BBY opened at $90.05 on Friday. The firm has a market capitalization of $19.34 billion, a price-to-earnings ratio of 15.39, a price-to-earnings-growth ratio of 2.34 and a beta of 1.47. Best Buy Co., Inc. has a twelve month low of $69.29 and a twelve month high of $103.71. The stock’s 50 day moving average price is $93.81 and its two-hundred day moving average price is $89.17. The company has a quick ratio of 0.34, a current ratio of 1.00 and a debt-to-equity ratio of 0.37.

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. The business had revenue of $9.29 billion for the quarter, compared to analyst estimates of $9.23 billion. Best Buy had a return on equity of 45.93% and a net margin of 3.01%. The firm’s revenue was down 3.1% compared to the same quarter last year. During the same period in the previous year, the firm earned $1.22 EPS. Equities research analysts expect that Best Buy Co., Inc. will post 6.19 earnings per share for the current fiscal year.

Best Buy Dividend Announcement

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

Wall Street Analysts Forecast Growth

Several equities analysts have recently weighed in on the company. Wedbush lifted 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. The Goldman Sachs Group lifted their price objective on Best Buy from $95.00 to $116.00 and gave the company a “buy” rating in a report on Tuesday, September 3rd. Guggenheim cut their price objective on Best Buy from $110.00 to $105.00 and set a “buy” rating on the stock in a report on Friday. BNP Paribas upgraded Best Buy to a “strong-buy” rating in a report on Thursday, August 29th. Finally, Bank of America lifted their price objective on Best Buy from $70.00 to $80.00 and gave the company an “underperform” rating in a report on Friday, August 30th. One investment analyst has rated the stock with a sell rating, eight have issued a hold rating, ten have given a buy rating and one has given 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 $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.