Best Buy Co., Inc. (NYSE:BBY) Shares Sold by Empowered Funds LLC

Empowered Funds LLC reduced its position in Best Buy Co., Inc. (NYSE:BBY) by 30.9% in the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 28,894 shares of the technology retailer’s stock after selling 12,910 shares during the period. Empowered Funds LLC’s holdings in Best Buy were worth $2,985,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently bought and sold shares of BBY. Raymond James & Associates increased its position in shares of Best Buy by 1.8% in the third quarter. Raymond James & Associates now owns 3,440,215 shares of the technology retailer’s stock valued at $355,374,000 after buying an additional 62,452 shares in the last quarter. Dimensional Fund Advisors LP increased 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 acquiring an additional 235,478 shares in the last quarter. Bank of New York Mellon Corp raised its position in 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 worth $241,347,000 after acquiring an additional 1,024,824 shares during the last quarter. Ninety One UK Ltd acquired a new position in Best Buy during the second quarter worth about $121,325,000. Finally, AQR Capital Management LLC grew its position 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 valued at $116,252,000 after purchasing an additional 491,781 shares during the last quarter. 80.96% of the stock is owned by institutional investors and hedge funds.

Best Buy Trading Down 3.9 %

Shares of BBY opened at $89.00 on Tuesday. Best Buy Co., Inc. has a twelve month low of $62.92 and a twelve month high of $103.71. The firm has a market capitalization of $19.11 billion, a P/E ratio of 15.34, a price-to-earnings-growth ratio of 2.43 and a beta of 1.47. The company has a current ratio of 1.01, a quick ratio of 0.34 and a debt-to-equity ratio of 0.37. The stock’s fifty day simple moving average is $95.52 and its 200 day simple moving average is $88.45.

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

Best Buy Announces Dividend

The firm 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 of this dividend was Thursday, September 19th. This represents a $3.76 annualized dividend and a yield of 4.22%. Best Buy’s dividend payout ratio is currently 64.83%.

Analyst Upgrades and Downgrades

Several research analysts recently issued reports on BBY shares. Melius Research initiated coverage on Best Buy in a research report on Monday, September 23rd. They set a “hold” rating and a $100.00 price objective for the company. Wells Fargo & Company upped their price objective on Best Buy from $80.00 to $95.00 and gave the company an “equal weight” rating in a research report on Friday, August 30th. Barclays lifted their price objective on Best Buy from $81.00 to $95.00 and gave the stock an “equal weight” rating in a research report on Friday, August 30th. Bank of America upped their target price on shares of Best Buy from $70.00 to $80.00 and gave the company an “underperform” rating in a report on Friday, August 30th. Finally, JPMorgan Chase & Co. lifted their price target on shares of Best Buy from $101.00 to $111.00 and gave the stock an “overweight” rating in a report on Friday, August 30th. One investment analyst has rated the stock with a sell rating, eight have assigned a hold rating, nine have assigned a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price 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.