Geode Capital Management LLC Grows Position in Best Buy Co., Inc. (NYSE:BBY)

Geode Capital Management LLC boosted its position in shares of Best Buy Co., Inc. (NYSE:BBY) by 2.5% in the 3rd quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 4,852,980 shares of the technology retailer’s stock after acquiring an additional 120,185 shares during the period. Geode Capital Management LLC’s holdings in Best Buy were worth $499,954,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Charles Schwab Investment Management Inc. lifted its position 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 purchasing an additional 241,988 shares during the last quarter. Raymond James & Associates raised its position in shares of Best Buy by 1.8% during the 3rd quarter. Raymond James & Associates now owns 3,440,215 shares of the technology retailer’s stock worth $355,374,000 after acquiring an additional 62,452 shares in the last quarter. Dimensional Fund Advisors LP lifted its stake 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 last quarter. Bank of New York Mellon Corp boosted its holdings in Best Buy by 55.7% in 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 in the last quarter. Finally, Ninety One UK Ltd purchased a new position in Best Buy in the second quarter valued at approximately $121,325,000. Institutional investors and hedge funds own 80.96% of the company’s stock.

Best Buy Stock Up 1.5 %

Shares of NYSE:BBY opened at $88.41 on Friday. Best Buy Co., Inc. has a fifty-two week low of $69.29 and a fifty-two week high of $103.71. The company has a quick ratio of 0.22, a current ratio of 1.00 and a debt-to-equity ratio of 0.37. The firm’s 50-day simple moving average is $91.98 and its 200-day simple moving average is $90.19. The company has a market cap of $18.98 billion, a price-to-earnings ratio of 14.97, a PEG ratio of 2.21 and a beta of 1.44.

Best Buy (NYSE:BBY) last released its earnings results on Tuesday, November 26th. The technology retailer reported $1.26 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.30 by ($0.04). The business had revenue of $9.45 billion for the quarter, compared to analyst estimates of $9.63 billion. Best Buy had a return on equity of 45.93% and a net margin of 3.01%. The business’s revenue for the quarter was down 3.2% on a year-over-year basis. During the same quarter in the previous year, the firm posted $1.29 EPS. As a group, equities research analysts predict that Best Buy Co., Inc. will post 6.18 earnings per share for the current year.

Best Buy Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, January 7th. Shareholders of record on Tuesday, December 17th will be issued a $0.94 dividend. This represents a $3.76 dividend on an annualized basis and a yield of 4.25%. The ex-dividend date of this dividend is Tuesday, December 17th. Best Buy’s dividend payout ratio (DPR) is currently 64.27%.

Analysts Set New Price Targets

BBY has been the subject of several recent analyst reports. Bank of America boosted their price objective on shares of Best Buy from $70.00 to $80.00 and gave the stock an “underperform” rating in a research report on Friday, August 30th. Barclays boosted their price target on shares of Best Buy from $81.00 to $95.00 and gave the company an “equal weight” rating in a research report on Friday, August 30th. Piper Sandler reaffirmed an “overweight” rating and set a $114.00 price objective (up previously from $100.00) on shares of Best Buy in a report on Friday, August 30th. Wells Fargo & Company reduced their target price on Best Buy from $95.00 to $89.00 and set an “equal weight” rating for the company in a report on Wednesday, November 27th. Finally, DA Davidson reissued a “buy” rating and issued a $117.00 target price on shares of Best Buy in a research report on Tuesday, October 15th. One equities research analyst has rated the stock with a sell rating, eight have assigned a hold rating, ten have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $101.06.

Best Buy 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.