Oppenheimer Asset Management Inc. Buys Shares of 23,083 Best Buy Co., Inc. (NYSE:BBY)

Oppenheimer Asset Management Inc. bought a new stake in Best Buy Co., Inc. (NYSE:BBY) during the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund bought 23,083 shares of the technology retailer’s stock, valued at approximately $2,384,000.

Other institutional investors have also bought and sold shares of the company. GHE LLC lifted its stake in shares of Best Buy by 1.1% in the 3rd quarter. GHE LLC now owns 18,375 shares of the technology retailer’s stock valued at $1,878,000 after purchasing an additional 199 shares during the period. Chase Investment Counsel Corp increased its holdings in Best Buy by 17.4% in the third quarter. Chase Investment Counsel Corp now owns 3,766 shares of the technology retailer’s stock worth $389,000 after purchasing an additional 557 shares in the last quarter. Sumitomo Mitsui Trust Group Inc. lifted its stake in Best Buy by 2.5% in the third quarter. Sumitomo Mitsui Trust Group Inc. now owns 560,897 shares of the technology retailer’s stock valued at $57,941,000 after buying an additional 13,798 shares during the period. GSA Capital Partners LLP bought a new position in shares of Best Buy during the 3rd quarter worth approximately $443,000. Finally, Entropy Technologies LP acquired a new stake in shares of Best Buy during the 3rd quarter worth approximately $2,041,000. Institutional investors own 80.96% of the company’s stock.

Analyst Ratings Changes

A number of research analysts recently issued reports on the stock. Wells Fargo & Company boosted their target price on shares of Best Buy from $80.00 to $95.00 and gave the company an “equal weight” rating in a research report on Friday, August 30th. DA Davidson reiterated a “buy” rating and set a $117.00 price objective on shares of Best Buy in a report on Tuesday, October 15th. The Goldman Sachs Group raised 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. Wedbush upped their price target on Best Buy from $85.00 to $95.00 and gave the stock a “neutral” rating in a research note on Friday, August 30th. Finally, Citigroup reduced their price objective on Best Buy from $115.00 to $109.00 and set a “buy” rating for the company in a research note on Friday, November 8th. One investment analyst has rated the stock with a sell rating, eight have assigned a hold rating, nine have assigned a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, Best Buy currently has an average rating of “Moderate Buy” and a consensus target price of $103.35.

Best Buy Stock Up 1.2 %

Shares of NYSE:BBY opened at $92.66 on Friday. Best Buy Co., Inc. has a 1 year low of $62.92 and a 1 year high of $103.71. The company has a market capitalization of $19.90 billion, a PE ratio of 15.98, a price-to-earnings-growth ratio of 2.37 and a beta of 1.47. The business has a fifty day moving average price of $95.70 and a two-hundred day moving average price of $88.12. The company has a debt-to-equity ratio of 0.37, a current ratio of 1.01 and a quick ratio of 0.34.

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

Best Buy Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Thursday, October 10th. Shareholders of record on Thursday, September 19th were issued a dividend of $0.94 per share. This represents a $3.76 annualized dividend and a yield of 4.06%. The ex-dividend date was Thursday, September 19th. Best Buy’s dividend payout ratio (DPR) is 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.