William Allan Corp Boosts Position in Best Buy Co., Inc. (NYSE:BBY)

William Allan Corp raised its stake in Best Buy Co., Inc. (NYSE:BBY) by 3.2% during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 28,901 shares of the technology retailer’s stock after buying an additional 897 shares during the quarter. Best Buy comprises about 1.8% of William Allan Corp’s portfolio, making the stock its 25th biggest holding. William Allan Corp’s holdings in Best Buy were worth $2,985,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds have also recently made changes to their positions in the stock. Ninety One UK Ltd acquired a new stake in Best Buy in the 2nd quarter valued at about $121,325,000. Thrivent Financial for Lutherans grew its holdings in shares of Best Buy by 4,337.6% during the second quarter. Thrivent Financial for Lutherans now owns 1,099,495 shares of the technology retailer’s stock worth $92,677,000 after purchasing an additional 1,074,718 shares during the last quarter. Bank of New York Mellon Corp boosted its holdings in shares of 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 acquiring an additional 1,024,824 shares during the period. AQR Capital Management LLC grew its position in Best Buy by 55.4% during the 2nd quarter. AQR Capital Management LLC now owns 1,379,195 shares of the technology retailer’s stock worth $116,252,000 after purchasing an additional 491,781 shares during the last quarter. Finally, Raymond James & Associates grew its holdings in shares of Best Buy by 17.0% during the second quarter. Raymond James & Associates now owns 3,377,763 shares of the technology retailer’s stock worth $284,712,000 after buying an additional 490,801 shares during the last quarter. Hedge funds and other institutional investors own 80.96% of the company’s stock.

Analysts Set New Price Targets

Several research firms have issued reports on BBY. DA Davidson reiterated a “buy” rating and set a $117.00 target price on shares of Best Buy in a research report on Tuesday, October 15th. Evercore ISI upped their price objective on Best Buy from $90.00 to $94.00 and gave the company an “in-line” rating in a research report on Friday, August 30th. The Goldman Sachs Group boosted their price target on Best Buy from $95.00 to $116.00 and gave the company a “buy” rating in a report on Tuesday, September 3rd. UBS Group decreased their price target on shares of Best Buy from $123.00 to $115.00 and set a “buy” rating on the stock in a report on Wednesday. Finally, Telsey Advisory Group dropped their target price on shares of Best Buy from $115.00 to $110.00 and set an “outperform” rating for the company in a research report on Tuesday. One investment analyst has rated the stock with a sell rating, eight have issued a hold rating, nine have issued a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $100.82.

Best Buy Price Performance

BBY opened at $88.17 on Friday. The company has a quick ratio of 0.34, a current ratio of 1.00 and a debt-to-equity ratio of 0.37. The company’s 50-day moving average price is $93.96 and its 200 day moving average price is $89.06. Best Buy Co., Inc. has a fifty-two week low of $68.67 and a fifty-two week high of $103.71. The firm has a market cap of $18.93 billion, a price-to-earnings ratio of 15.07, a price-to-earnings-growth ratio of 2.34 and a beta of 1.47.

Best Buy (NYSE:BBY) last released its quarterly earnings data 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 business had revenue of $9.29 billion during 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 business’s revenue for the quarter was down 3.1% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $1.22 EPS. As a group, sell-side analysts expect that Best Buy Co., Inc. will post 6.19 earnings per share for the current year.

Best Buy Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, January 7th. Stockholders 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 4.26%. The ex-dividend date of this dividend is Tuesday, December 17th. Best Buy’s dividend payout ratio (DPR) is 64.27%.

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.