Worldquant Millennium Advisors LLC Sells 78,868 Shares of Best Buy Co., Inc. (NYSE:BBY)

Worldquant Millennium Advisors LLC decreased its position in Best Buy Co., Inc. (NYSE:BBY) by 24.4% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 244,456 shares of the technology retailer’s stock after selling 78,868 shares during the quarter. Worldquant Millennium Advisors LLC owned approximately 0.11% of Best Buy worth $25,252,000 at the end of the most recent reporting period.

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

Best Buy Stock Performance

Best Buy stock opened at $88.17 on Friday. The firm’s 50 day simple moving average is $93.12 and its 200 day simple moving average is $89.62. The company has a current ratio of 1.00, a quick ratio of 0.22 and a debt-to-equity ratio of 0.37. Best Buy Co., Inc. has a 1-year low of $69.29 and a 1-year high of $103.71. The firm has a market capitalization of $18.93 billion, a PE ratio of 15.07, a price-to-earnings-growth ratio of 2.23 and a beta of 1.44.

Best Buy (NYSE:BBY) last posted its earnings results on Tuesday, November 26th. The technology retailer reported $1.26 EPS for the quarter, missing the consensus estimate of $1.30 by ($0.04). Best Buy had a return on equity of 45.93% and a net margin of 3.01%. The business had revenue of $9.45 billion for the quarter, compared to analysts’ expectations of $9.63 billion. During the same quarter in the previous year, the firm earned $1.29 earnings per share. Best Buy’s quarterly revenue was down 3.2% compared to the same quarter last year. As a group, analysts expect that Best Buy Co., Inc. will post 6.18 earnings per share for the current fiscal year.

Best Buy Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Tuesday, January 7th. Investors of record on Tuesday, December 17th will be paid a $0.94 dividend. This represents a $3.76 dividend on an annualized basis and a yield of 4.26%. The ex-dividend date is Tuesday, December 17th. Best Buy’s dividend payout ratio is currently 64.27%.

Wall Street Analysts Forecast Growth

BBY has been the topic of a number of recent analyst reports. Truist Financial lowered their target price on Best Buy from $107.00 to $95.00 and set a “hold” rating on the stock in a research note on Wednesday, November 27th. Wedbush boosted their target price on shares of Best Buy from $85.00 to $95.00 and gave the company a “neutral” rating in a research note on Friday, August 30th. The Goldman Sachs Group raised their price target on shares of Best Buy from $95.00 to $116.00 and gave the stock a “buy” rating in a research note on Tuesday, September 3rd. DA Davidson reiterated a “buy” rating and issued a $117.00 price objective on shares of Best Buy in a research note on Tuesday, October 15th. Finally, UBS Group reduced their price objective on Best Buy from $123.00 to $115.00 and set a “buy” rating for the company in a report on Wednesday, November 27th. One analyst has rated the stock with a sell rating, eight have issued a hold rating, ten have given a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $101.06.

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.