Greenwood Capital Associates LLC Invests $817,000 in Best Buy Co., Inc. (NYSE:BBY)

Greenwood Capital Associates LLC purchased a new stake in Best Buy Co., Inc. (NYSE:BBY) during the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund purchased 7,905 shares of the technology retailer’s stock, valued at approximately $817,000.

A number of other institutional investors and hedge funds have also recently bought and sold shares of the business. Raymond James & Associates boosted its position in shares of Best Buy by 1.8% during the 3rd quarter. Raymond James & Associates now owns 3,440,215 shares of the technology retailer’s stock worth $355,374,000 after purchasing an additional 62,452 shares in the last quarter. Dimensional Fund Advisors LP boosted its holdings in Best Buy by 8.3% during the second quarter. Dimensional Fund Advisors LP now owns 3,055,743 shares of the technology retailer’s stock worth $257,569,000 after buying an additional 235,478 shares in the last quarter. Bank of New York Mellon Corp grew its position in Best Buy by 55.7% during the second quarter. Bank of New York Mellon Corp now owns 2,863,291 shares of the technology retailer’s stock worth $241,347,000 after buying an additional 1,024,824 shares during the period. Ninety One UK Ltd purchased a new position in Best Buy in the second quarter valued at about $121,325,000. Finally, AQR Capital Management LLC increased its holdings in Best Buy by 55.4% in the second quarter. AQR Capital Management LLC now owns 1,379,195 shares of the technology retailer’s stock valued at $116,252,000 after buying an additional 491,781 shares in the last quarter. Institutional investors and hedge funds own 80.96% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently weighed in on BBY shares. Bank of America upped their price target on Best Buy from $70.00 to $80.00 and gave the stock an “underperform” rating in a report on Friday, August 30th. Wells Fargo & Company upped their target price on Best Buy from $80.00 to $95.00 and gave the company an “equal weight” rating in a report on Friday, August 30th. Evercore ISI lifted their price target on Best Buy from $90.00 to $94.00 and gave the stock an “in-line” rating in a research note on Friday, August 30th. StockNews.com raised shares of Best Buy from a “hold” rating to a “buy” rating in a research note on Friday, November 1st. Finally, Wedbush lifted their target price on shares of Best Buy from $85.00 to $95.00 and gave the stock a “neutral” rating in a research report on Friday, August 30th. One investment analyst has rated the stock with a sell rating, seven have assigned a hold rating, ten have given a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $103.71.

Best Buy Price Performance

BBY stock opened at $92.84 on Wednesday. The stock has a market capitalization of $19.94 billion, a price-to-earnings ratio of 16.01, a price-to-earnings-growth ratio of 2.38 and a beta of 1.47. 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 Co., Inc. has a 52-week low of $62.30 and a 52-week high of $103.71. The stock’s fifty day simple moving average is $96.98 and its 200-day simple moving average is $87.43.

Best Buy (NYSE:BBY) last issued its quarterly earnings results 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 return on equity of 47.19% and a net margin of 2.96%. The firm had revenue of $9.29 billion for the quarter, compared to analyst estimates of $9.23 billion. During the same period last year, the company earned $1.22 EPS. The firm’s quarterly revenue was down 3.1% on a year-over-year basis. Equities research analysts expect that Best Buy Co., Inc. will post 6.28 EPS for the current year.

Best Buy Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Thursday, October 10th. Investors of record on Thursday, September 19th were given a dividend of $0.94 per share. This represents a $3.76 annualized dividend and a yield of 4.05%. The ex-dividend date of this dividend was Thursday, September 19th. Best Buy’s dividend payout ratio (DPR) is 64.83%.

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.