Daiwa Securities Group Inc. Purchases 3,511 Shares of Best Buy Co., Inc. (NYSE:BBY)

Daiwa Securities Group Inc. lifted its position in Best Buy Co., Inc. (NYSE:BBY) by 16.6% during the 3rd quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 24,720 shares of the technology retailer’s stock after buying an additional 3,511 shares during the period. Daiwa Securities Group Inc.’s holdings in Best Buy were worth $2,554,000 as of its most recent SEC filing.

Other institutional investors have also recently made changes to their positions in the company. QRG Capital Management Inc. lifted its position in Best Buy by 10.5% in the 3rd quarter. QRG Capital Management Inc. now owns 31,745 shares of the technology retailer’s stock valued at $3,279,000 after acquiring an additional 3,025 shares in the last quarter. GAMMA Investing LLC raised its stake in shares of Best Buy by 78.7% in the second quarter. GAMMA Investing LLC now owns 2,039 shares of the technology retailer’s stock worth $172,000 after purchasing an additional 898 shares during the last quarter. Asset Management One Co. Ltd. lifted its holdings in shares of Best Buy by 27.4% during the third quarter. Asset Management One Co. Ltd. now owns 90,341 shares of the technology retailer’s stock valued at $9,332,000 after purchasing an additional 19,405 shares in the last quarter. Envestnet Portfolio Solutions Inc. boosted its position in shares of Best Buy by 11.4% during the second quarter. Envestnet Portfolio Solutions Inc. now owns 74,764 shares of the technology retailer’s stock valued at $6,302,000 after buying an additional 7,663 shares during the last quarter. Finally, Mirae Asset Global Investments Co. Ltd. increased its holdings in 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 worth $15,806,000 after buying an additional 18,171 shares in the last quarter. Hedge funds and other institutional investors own 80.96% of the company’s stock.

Best Buy Stock Performance

NYSE BBY opened at $88.15 on Thursday. The business has a 50-day moving average price of $94.16 and a 200-day moving average price of $89.07. The firm has a market cap of $18.93 billion, a price-to-earnings ratio of 15.20, a price-to-earnings-growth ratio of 2.44 and a beta of 1.47. Best Buy Co., Inc. has a twelve month low of $68.67 and a twelve month high of $103.71. The company has a quick ratio of 0.34, a current ratio of 1.01 and a debt-to-equity ratio of 0.37.

Best Buy (NYSE:BBY) last announced 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. 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 analyst estimates of $9.23 billion. During the same period last year, the firm posted $1.22 EPS. The company’s revenue was down 3.1% on a year-over-year basis. As a group, equities research analysts predict that Best Buy Co., Inc. will post 6.28 EPS for the current fiscal year.

Best Buy Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, January 7th. Stockholders 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 4.27%. Best Buy’s payout ratio is 64.83%.

Wall Street Analysts Forecast Growth

A number of analysts have recently issued reports on the stock. JPMorgan Chase & Co. raised their price target on shares of Best Buy from $111.00 to $117.00 and gave the company an “overweight” rating in a report on Friday, November 22nd. Truist Financial cut their target price on shares of Best Buy from $107.00 to $95.00 and set a “hold” rating for the company in a research report on Wednesday. UBS Group lowered their price target on Best Buy from $123.00 to $115.00 and set a “buy” rating on the stock in a report on Wednesday. Piper Sandler reaffirmed an “overweight” rating and issued a $114.00 price objective (up previously from $100.00) on shares of Best Buy in a report on Friday, August 30th. Finally, BNP Paribas raised Best Buy to a “strong-buy” rating in a report on Thursday, August 29th. One research analyst has rated the stock with a sell rating, eight have issued a hold rating, nine have assigned a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat, Best Buy currently has a consensus rating of “Moderate Buy” and an average target price of $100.82.

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.