Cozad Asset Management Inc. Reduces Stock Position in Best Buy Co., Inc. (NYSE:BBY)

Cozad Asset Management Inc. reduced its position in shares of Best Buy Co., Inc. (NYSE:BBY) by 7.4% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 26,699 shares of the technology retailer’s stock after selling 2,138 shares during the period. Cozad Asset Management Inc.’s holdings in Best Buy were worth $2,758,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also modified their holdings of BBY. GAMMA Investing LLC boosted its position in Best Buy by 78.7% during the second quarter. GAMMA Investing LLC now owns 2,039 shares of the technology retailer’s stock worth $172,000 after acquiring an additional 898 shares during the last quarter. Envestnet Portfolio Solutions Inc. lifted its position in Best Buy by 11.4% during the second quarter. Envestnet Portfolio Solutions Inc. now owns 74,764 shares of the technology retailer’s stock worth $6,302,000 after buying an additional 7,663 shares during the period. M&G Plc acquired a new stake in Best Buy in the 1st quarter worth about $8,608,000. Mirae Asset Global Investments Co. Ltd. grew 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 valued at $15,806,000 after buying an additional 18,171 shares during the period. Finally, Wealth Enhancement Advisory Services LLC increased its stake in shares of Best Buy by 10.9% during the 2nd quarter. Wealth Enhancement Advisory Services LLC now owns 99,769 shares of the technology retailer’s stock valued at $8,410,000 after acquiring an additional 9,785 shares during the last quarter. 80.96% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of equities research analysts recently issued reports on BBY shares. Loop Capital boosted their target price on shares of Best Buy from $100.00 to $110.00 and gave the company a “buy” rating in a report on Friday, August 30th. BNP Paribas upgraded Best Buy to a “strong-buy” rating in a report on Thursday, August 29th. Evercore ISI lifted their target price on Best Buy from $90.00 to $94.00 and gave the company an “in-line” rating in a report on Friday, August 30th. StockNews.com raised Best Buy from a “hold” rating to a “buy” rating in a research report on Friday, November 1st. Finally, Melius Research assumed coverage on Best Buy in a report on Monday, September 23rd. They issued a “hold” rating and a $100.00 price objective on the stock. One investment analyst has rated the stock with a sell rating, seven have given a hold rating, ten have assigned a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $103.71.

Best Buy Stock Down 3.7 %

Shares of Best Buy stock opened at $89.42 on Thursday. 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 1-year low of $62.30 and a 1-year high of $103.71. The business has a 50-day moving average of $97.01 and a 200-day moving average of $87.45. The company has a market capitalization of $19.20 billion, a PE ratio of 15.42, a P/E/G ratio of 2.38 and a beta of 1.47.

Best Buy (NYSE:BBY) last posted its quarterly earnings data on Thursday, August 29th. The technology retailer reported $1.34 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.16 by $0.18. Best Buy had a return on equity of 47.19% and a net margin of 2.96%. The company had revenue of $9.29 billion for the quarter, compared to the consensus estimate of $9.23 billion. During the same period in the previous year, the business earned $1.22 EPS. Best Buy’s revenue for the quarter was down 3.1% compared to the same quarter last year. As a group, equities analysts forecast that Best Buy Co., Inc. will post 6.28 EPS for the current fiscal year.

Best Buy Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Thursday, October 10th. Shareholders of record on Thursday, September 19th were paid a dividend of $0.94 per share. The ex-dividend date was Thursday, September 19th. This represents a $3.76 dividend on an annualized basis and a yield of 4.20%. Best Buy’s dividend payout ratio (DPR) is 64.83%.

About Best Buy

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.