IFM Investors Pty Ltd Has $5.13 Million Stock Position in Best Buy Co., Inc. (NYSE:BBY)

IFM Investors Pty Ltd lowered its stake in Best Buy Co., Inc. (NYSE:BBY) by 0.9% during the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 49,673 shares of the technology retailer’s stock after selling 467 shares during the quarter. IFM Investors Pty Ltd’s holdings in Best Buy were worth $5,131,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors and hedge funds have also recently bought and sold shares of the stock. GAMMA Investing LLC raised its holdings in shares of Best Buy by 78.7% during the second quarter. GAMMA Investing LLC now owns 2,039 shares of the technology retailer’s stock valued at $172,000 after acquiring an additional 898 shares during the period. Envestnet Portfolio Solutions Inc. raised its stake in Best Buy by 11.4% during the 2nd quarter. Envestnet Portfolio Solutions Inc. now owns 74,764 shares of the technology retailer’s stock valued at $6,302,000 after purchasing an additional 7,663 shares during the period. M&G Plc acquired a new stake in shares of Best Buy in the first quarter worth $8,608,000. Van ECK Associates Corp boosted its position in shares of Best Buy by 21.9% in the first quarter. Van ECK Associates Corp now owns 118,431 shares of the technology retailer’s stock worth $9,715,000 after buying an additional 21,258 shares during the period. Finally, Mirae Asset Global Investments Co. Ltd. grew its holdings in shares of Best Buy by 119.9% during the first quarter. Mirae Asset Global Investments Co. Ltd. now owns 184,635 shares of the technology retailer’s stock valued at $14,559,000 after buying an additional 100,689 shares in the last quarter. Institutional investors and hedge funds own 80.96% of the company’s stock.

Wall Street Analysts Forecast Growth

BBY has been the subject of a number of research reports. Evercore ISI raised their price objective on Best Buy from $90.00 to $94.00 and gave the stock an “in-line” rating in a research report on Friday, August 30th. Barclays raised their price target on shares of Best Buy from $81.00 to $95.00 and gave the stock an “equal weight” rating in a report on Friday, August 30th. The Goldman Sachs Group upped their price objective on shares of Best Buy from $95.00 to $116.00 and gave the company a “buy” rating in a research note on Tuesday, September 3rd. Piper Sandler reissued an “overweight” rating and set a $114.00 target price (up previously from $100.00) on shares of Best Buy in a research note on Friday, August 30th. Finally, Wedbush upped their price target on shares of Best Buy from $85.00 to $95.00 and gave the stock a “neutral” rating in a research note on Friday, August 30th. One research analyst has rated the stock with a sell rating, seven have assigned a hold rating, ten have given a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $103.71.

Best Buy Price Performance

Shares of Best Buy stock opened at $92.68 on Friday. Best Buy Co., Inc. has a 1-year low of $62.30 and a 1-year high of $103.71. The firm has a fifty day simple moving average of $96.37 and a 200-day simple moving average of $86.65. The company has a current ratio of 1.01, a quick ratio of 0.34 and a debt-to-equity ratio of 0.37. The stock has a market capitalization of $19.99 billion, a price-to-earnings ratio of 16.23, a PEG ratio of 2.58 and a beta of 1.46.

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

Best Buy Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, October 10th. Stockholders of record on Thursday, September 19th were given a $0.94 dividend. The ex-dividend date of this dividend was Thursday, September 19th. This represents a $3.76 annualized dividend and a dividend yield of 4.06%. Best Buy’s dividend payout ratio is 65.85%.

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.