Citizens Financial Group Inc. RI Acquires New Shares in Best Buy Co., Inc. (NYSE:BBY)

Citizens Financial Group Inc. RI bought a new position in Best Buy Co., Inc. (NYSE:BBY) in the third quarter, according to the company in its most recent disclosure with the SEC. The institutional investor bought 2,142 shares of the technology retailer’s stock, valued at approximately $223,000.

Several other large investors have also recently bought and sold shares of BBY. Ninety One UK Ltd acquired a new position in shares of Best Buy in the second quarter valued at approximately $121,325,000. Thrivent Financial for Lutherans increased its position in Best Buy by 4,337.6% in the 2nd 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 during the period. Bank of New York Mellon Corp raised its stake in shares of 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 valued at $241,347,000 after acquiring an additional 1,024,824 shares during the last quarter. Swedbank AB acquired a new position in shares of Best Buy during the first quarter worth $43,522,000. Finally, AQR Capital Management LLC grew its stake in shares of 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. 80.96% of the stock is currently owned by institutional investors.

Best Buy Price Performance

Shares of NYSE:BBY opened at $89.54 on Friday. Best Buy Co., Inc. has a twelve month low of $67.80 and a twelve month high of $103.71. The stock’s 50 day moving average is $94.72 and its 200-day moving average is $88.73. The company has a quick ratio of 0.34, a current ratio of 1.01 and a debt-to-equity ratio of 0.37. The firm has a market capitalization of $19.23 billion, a price-to-earnings ratio of 15.44, a PEG ratio of 2.26 and a beta of 1.47.

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

Best Buy Announces Dividend

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

Wall Street Analysts Forecast Growth

Several research analysts recently issued reports on the company. Loop Capital raised their target price on Best Buy from $100.00 to $110.00 and gave the stock a “buy” rating in a research report on Friday, August 30th. Bank of America lifted their price objective on Best Buy from $70.00 to $80.00 and gave the stock an “underperform” rating in a research note on Friday, August 30th. Wells Fargo & Company increased their target price on shares of Best Buy from $80.00 to $95.00 and gave the company an “equal weight” rating in a research report on Friday, August 30th. Evercore ISI boosted their price target on shares of Best Buy from $90.00 to $94.00 and gave the stock an “in-line” rating in a research report on Friday, August 30th. Finally, DA Davidson reiterated a “buy” rating and set a $117.00 price objective on shares of Best Buy in a research report on Tuesday, October 15th. One analyst has rated the stock with a sell rating, eight have given a hold rating, nine have given a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $103.71.

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.