Adero Partners LLC Purchases New Stake in Best Buy Co., Inc. (NYSE:BBY)

Adero Partners LLC acquired a new stake in Best Buy Co., Inc. (NYSE:BBY) in the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm acquired 2,019 shares of the technology retailer’s stock, valued at approximately $209,000.

Several other large investors also recently bought and sold shares of BBY. Ninety One UK Ltd acquired a new stake in Best Buy in the second quarter valued at approximately $121,325,000. Thrivent Financial for Lutherans grew its position in 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 grew its position in 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 acquiring an additional 1,024,824 shares in the last quarter. Swedbank AB acquired a new stake in Best Buy in the first quarter valued at approximately $43,522,000. Finally, AQR Capital Management LLC grew 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 valued at $116,252,000 after acquiring an additional 491,781 shares in the last quarter. Institutional investors and hedge funds own 80.96% of the company’s stock.

Best Buy Stock Performance

BBY stock opened at $92.66 on Monday. The company has a debt-to-equity ratio of 0.37, a quick ratio of 0.34 and a current ratio of 1.01. The stock has a market capitalization of $19.90 billion, a price-to-earnings ratio of 15.98, a PEG ratio of 2.43 and a beta of 1.47. Best Buy Co., Inc. has a 1 year low of $62.92 and a 1 year high of $103.71. The stock’s fifty day moving average is $95.70 and its two-hundred day moving average is $88.33.

Best Buy (NYSE:BBY) last posted its earnings results on Thursday, August 29th. The technology retailer reported $1.34 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates 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 return on equity of 47.19% and a net margin of 2.96%. The firm’s quarterly revenue was down 3.1% compared to the same quarter last year. During the same period last year, the business posted $1.22 earnings per share. On average, research analysts predict that Best Buy Co., Inc. will post 6.28 EPS for the current year.

Best Buy Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Thursday, October 10th. Shareholders of record on Thursday, September 19th were paid a $0.94 dividend. This represents a $3.76 dividend on an annualized basis and a yield of 4.06%. The ex-dividend date was Thursday, September 19th. Best Buy’s payout ratio is 64.83%.

Analyst Ratings Changes

A number of analysts have recently weighed in on BBY shares. Evercore ISI raised 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. 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 research report on Friday, August 30th. UBS Group raised their price target on shares of Best Buy from $106.00 to $123.00 and gave the stock a “buy” rating in a research report on Friday, August 30th. Wedbush raised their price target on shares of Best Buy from $85.00 to $95.00 and gave the stock a “neutral” rating in a research report on Friday, August 30th. Finally, StockNews.com downgraded shares of Best Buy from a “buy” rating to a “hold” rating in a research report on Friday. One investment analyst has rated the stock with a sell rating, eight have assigned a hold rating, nine have given a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $103.35.

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.