Bridgewater Associates LP Increases Stock Position in Best Buy Co., Inc. (NYSE:BBY)

Bridgewater Associates LP increased its position in shares of Best Buy Co., Inc. (NYSE:BBY) by 870.4% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 132,929 shares of the technology retailer’s stock after buying an additional 119,231 shares during the period. Bridgewater Associates LP’s holdings in Best Buy were worth $13,732,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently added to or reduced their stakes in the company. QRG Capital Management Inc. boosted its stake in shares of Best Buy by 10.5% during the 3rd quarter. QRG Capital Management Inc. now owns 31,745 shares of the technology retailer’s stock valued at $3,279,000 after buying an additional 3,025 shares during the last quarter. GAMMA Investing LLC boosted its stake in Best Buy by 78.7% during the 2nd 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 last quarter. Asset Management One Co. Ltd. grew its holdings in Best Buy by 27.4% during the 3rd quarter. Asset Management One Co. Ltd. now owns 90,341 shares of the technology retailer’s stock worth $9,332,000 after acquiring an additional 19,405 shares in the last quarter. Envestnet Portfolio Solutions Inc. increased its position in shares of Best Buy by 11.4% in the 2nd quarter. Envestnet Portfolio Solutions Inc. now owns 74,764 shares of the technology retailer’s stock worth $6,302,000 after purchasing an additional 7,663 shares during the last quarter. Finally, Mirae Asset Global Investments Co. Ltd. raised its stake in shares of Best Buy by 13.3% in the 3rd quarter. Mirae Asset Global Investments Co. Ltd. now owns 154,564 shares of the technology retailer’s stock valued at $15,806,000 after purchasing an additional 18,171 shares in the last quarter. Institutional investors and hedge funds own 80.96% of the company’s stock.

Best Buy Stock Down 0.4 %

BBY opened at $88.17 on Friday. 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 Co., Inc. has a 12 month low of $68.67 and a 12 month high of $103.71. The stock’s 50 day moving average price is $93.96 and its 200 day moving average price is $89.06. The stock has a market cap of $18.93 billion, a P/E ratio of 15.20, a P/E/G ratio of 2.44 and a beta of 1.47.

Best Buy (NYSE:BBY) last issued its quarterly earnings data on Thursday, August 29th. The technology retailer reported $1.34 earnings per share for the quarter, beating analysts’ consensus estimates of $1.16 by $0.18. The business had revenue of $9.29 billion for 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 company’s revenue was down 3.1% on a year-over-year basis. During the same period in the previous year, the business earned $1.22 earnings per share. As a group, research analysts predict that Best Buy Co., Inc. will post 6.28 earnings per share for the current year.

Best Buy Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Tuesday, January 7th. Shareholders of record on Tuesday, December 17th will be given a dividend of $0.94 per share. The ex-dividend date is Tuesday, December 17th. This represents a $3.76 dividend on an annualized basis and a dividend yield of 4.26%. Best Buy’s dividend payout ratio (DPR) is 64.83%.

Analyst Upgrades and Downgrades

A number of equities analysts recently commented on BBY shares. BNP Paribas upgraded Best Buy to a “strong-buy” rating in a research note on Thursday, August 29th. Citigroup lowered their price target on Best Buy from $109.00 to $101.00 and set a “buy” rating for the company in a report on Wednesday. Telsey Advisory Group reduced their price objective on Best Buy from $115.00 to $110.00 and set an “outperform” rating on the stock in a research note on Tuesday. Bank of America boosted their target price on shares of Best Buy from $70.00 to $80.00 and gave the company an “underperform” rating in a research note on Friday, August 30th. Finally, Piper Sandler restated an “overweight” rating and issued a $114.00 price target (up from $100.00) on shares of Best Buy in a research report on Friday, August 30th. One investment analyst has rated the stock with a sell rating, eight have given a hold rating, nine have issued a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $100.82.

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.