Waterway Wealth Management LLC Purchases 276 Shares of Best Buy Co., Inc. (NYSE:BBY)

Waterway Wealth Management LLC boosted its position in shares of Best Buy Co., Inc. (NYSE:BBY) by 4.7% in the 3rd quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 6,116 shares of the technology retailer’s stock after purchasing an additional 276 shares during the period. Waterway Wealth Management LLC’s holdings in Best Buy were worth $632,000 at the end of the most recent quarter.

Several other institutional investors have also recently added to or reduced their stakes in the company. Raymond James & Associates lifted its holdings in Best Buy by 1.8% during the 3rd quarter. Raymond James & Associates now owns 3,440,215 shares of the technology retailer’s stock valued at $355,374,000 after purchasing an additional 62,452 shares during the last quarter. Dimensional Fund Advisors LP lifted its holdings in Best Buy by 8.3% during the 2nd quarter. Dimensional Fund Advisors LP now owns 3,055,743 shares of the technology retailer’s stock valued at $257,569,000 after purchasing an additional 235,478 shares during the last quarter. Bank of New York Mellon Corp lifted its holdings in Best Buy by 55.7% during the 2nd 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 last quarter. Ninety One UK Ltd bought a new position in Best Buy during the 2nd quarter valued at about $121,325,000. Finally, AQR Capital Management LLC raised 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 acquiring an additional 491,781 shares during the last quarter. 80.96% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

A number of equities analysts have weighed in on the stock. Wedbush boosted their target price on shares of Best Buy from $85.00 to $95.00 and gave the stock a “neutral” 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 Monday. Citigroup boosted their target price on shares of Best Buy from $100.00 to $115.00 and gave the stock a “buy” rating in a research note on Friday, August 30th. The Goldman Sachs Group boosted their target price 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. Finally, Barclays boosted their target price on shares of Best Buy from $81.00 to $95.00 and gave the stock an “equal weight” rating in a research note on Friday, August 30th. One research analyst has rated the stock with a sell rating, seven have issued a hold rating, ten have issued a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average price target of $103.71.

Insider Activity at Best Buy

In related news, Chairman Richard M. Schulze sold 88,542 shares of the firm’s stock in a transaction on Wednesday, July 24th. The shares were sold at an average price of $88.25, for a total value of $7,813,831.50. Following the completion of the transaction, the chairman now owns 13,602,853 shares of the company’s stock, valued at approximately $1,200,451,777.25. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. 0.59% of the stock is owned by insiders.

Best Buy Stock Down 3.1 %

Best Buy stock opened at $93.17 on Tuesday. The stock has a market capitalization of $20.10 billion, a PE ratio of 16.32, a price-to-earnings-growth ratio of 2.58 and a beta of 1.46. Best Buy Co., Inc. has a twelve month low of $62.30 and a twelve month high of $103.71. 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 company has a 50 day moving average of $95.60 and a 200-day moving average of $86.36.

Best Buy (NYSE:BBY) last released its quarterly earnings results on Thursday, August 29th. The technology retailer reported $1.34 earnings per share for the quarter, beating the consensus estimate of $1.16 by $0.18. The company had revenue of $9.29 billion during 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 quarterly revenue was down 3.1% compared to the same quarter last year. During the same quarter in the prior year, the company earned $1.22 earnings per share. On average, equities research analysts anticipate that Best Buy Co., Inc. will post 6.28 EPS for the current fiscal year.

Best Buy Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Thursday, October 10th. Investors of record on Thursday, September 19th were given a $0.94 dividend. This represents a $3.76 dividend on an annualized basis and a yield of 4.04%. The ex-dividend date was Thursday, September 19th. Best Buy’s dividend payout ratio (DPR) is currently 65.85%.

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.