Jackson Square Capital LLC Invests $1.25 Million in Best Buy Co., Inc. (NYSE:BBY)

Jackson Square Capital LLC bought a new stake in Best Buy Co., Inc. (NYSE:BBY) in the 3rd quarter, Holdings Channel reports. The fund bought 12,079 shares of the technology retailer’s stock, valued at approximately $1,248,000.

Several other institutional investors and hedge funds have also made changes to their positions in BBY. Ninety One UK Ltd purchased a new position in shares of Best Buy in the second quarter valued at $121,325,000. Thrivent Financial for Lutherans boosted its stake 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 purchasing an additional 1,074,718 shares during the period. Bank of New York Mellon Corp boosted its stake 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 purchasing an additional 1,024,824 shares during the period. Swedbank AB purchased a new position in shares of Best Buy in the first quarter valued at $43,522,000. Finally, AQR Capital Management LLC boosted its stake 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 valued at $116,252,000 after acquiring an additional 491,781 shares during the last quarter. 80.96% of the stock is currently owned by hedge funds and other institutional investors.

Best Buy Stock Performance

Shares of BBY opened at $89.42 on Thursday. The firm’s 50 day moving average is $97.01 and its 200-day moving average is $87.45. The stock has a market capitalization of $19.20 billion, a P/E ratio of 15.42, a P/E/G ratio of 2.38 and a beta of 1.47. 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 12-month low of $62.30 and a 12-month high of $103.71.

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, topping the consensus estimate of $1.16 by $0.18. The company had revenue of $9.29 billion for the quarter, compared to analysts’ expectations of $9.23 billion. Best Buy had a net margin of 2.96% and a return on equity of 47.19%. The business’s revenue was down 3.1% compared to the same quarter last year. During the same quarter in the previous year, the company posted $1.22 EPS. Equities research analysts anticipate that Best Buy Co., Inc. will post 6.28 EPS for the current fiscal year.

Best Buy Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Thursday, October 10th. Shareholders of record on Thursday, September 19th were issued a $0.94 dividend. This represents a $3.76 annualized dividend and a dividend yield of 4.20%. The ex-dividend date was Thursday, September 19th. Best Buy’s payout ratio is 64.83%.

Wall Street Analyst Weigh In

A number of research firms recently commented on BBY. Wedbush lifted their price target on Best Buy from $85.00 to $95.00 and gave the stock a “neutral” rating in a research note on Friday, August 30th. Telsey Advisory Group increased their target price on shares of Best Buy from $95.00 to $115.00 and gave the stock an “outperform” rating in a report on Friday, August 30th. Melius Research began coverage on Best Buy in a report on Monday, September 23rd. They set a “hold” rating and a $100.00 target price for the company. Piper Sandler reissued an “overweight” rating and set a $114.00 price target (up previously from $100.00) on shares of Best Buy in a report on Friday, August 30th. Finally, DA Davidson reaffirmed a “buy” rating and issued a $117.00 price objective on shares of Best Buy in a report on Tuesday, October 15th. One equities research 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 company. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average target price of $103.71.

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.