Claro Advisors LLC Makes New $280,000 Investment in Best Buy Co., Inc. (NYSE:BBY)

Claro Advisors LLC purchased a new position in Best Buy Co., Inc. (NYSE:BBY) during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 2,707 shares of the technology retailer’s stock, valued at approximately $280,000.

A number of other institutional investors and hedge funds have also recently modified their holdings of the business. QRG Capital Management Inc. boosted its position in Best Buy by 10.5% in the 3rd quarter. QRG Capital Management Inc. now owns 31,745 shares of the technology retailer’s stock valued at $3,279,000 after buying an additional 3,025 shares during the period. GAMMA Investing LLC boosted its holdings in shares of Best Buy by 78.7% in the second quarter. GAMMA Investing LLC now owns 2,039 shares of the technology retailer’s stock valued at $172,000 after purchasing an additional 898 shares during the period. Asset Management One Co. Ltd. grew its stake in Best Buy by 27.4% in the third quarter. Asset Management One Co. Ltd. now owns 90,341 shares of the technology retailer’s stock worth $9,332,000 after purchasing an additional 19,405 shares in the last quarter. Envestnet Portfolio Solutions Inc. increased its holdings in Best Buy by 11.4% during the 2nd quarter. Envestnet Portfolio Solutions Inc. now owns 74,764 shares of the technology retailer’s stock worth $6,302,000 after purchasing an additional 7,663 shares during the period. Finally, Mirae Asset Global Investments Co. Ltd. raised its position in Best Buy by 13.3% during the 3rd quarter. Mirae Asset Global Investments Co. Ltd. now owns 154,564 shares of the technology retailer’s stock valued at $15,806,000 after purchasing an additional 18,171 shares in the last quarter. 80.96% of the stock is owned by institutional investors.

Analyst Ratings Changes

BBY has been the topic of a number of recent research reports. Melius Research assumed coverage on Best Buy in a research report on Monday, September 23rd. They set a “hold” rating and a $100.00 price target on the stock. Loop Capital raised their target price on shares of Best Buy from $100.00 to $110.00 and gave the company a “buy” rating in a research report on Friday, August 30th. Barclays upped their price target on shares of Best Buy from $81.00 to $95.00 and gave the stock an “equal weight” rating in a research report on Friday, August 30th. Citigroup dropped their price objective on shares of Best Buy from $115.00 to $109.00 and set a “buy” rating on the stock in a research note on Friday, November 8th. Finally, JPMorgan Chase & Co. upped their target price on Best Buy from $101.00 to $111.00 and gave the stock an “overweight” rating in a report on Friday, August 30th. One analyst has rated the stock with a sell rating, eight have issued a hold rating, nine have given a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $103.35.

Best Buy Stock Down 2.2 %

BBY stock opened at $87.00 on Wednesday. The company has a quick ratio of 0.34, a current ratio of 1.01 and a debt-to-equity ratio of 0.37. Best Buy Co., Inc. has a 52 week low of $62.92 and a 52 week high of $103.71. The stock has a market capitalization of $18.68 billion, a PE ratio of 15.00, a price-to-earnings-growth ratio of 2.43 and a beta of 1.47. The firm has a 50 day moving average of $95.33 and a 200 day moving average of $88.54.

Best Buy (NYSE:BBY) last announced its quarterly earnings data on Thursday, August 29th. The technology retailer reported $1.34 earnings per share for the quarter, beating analysts’ consensus estimates of $1.16 by $0.18. The firm 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 business’s quarterly revenue was down 3.1% compared to the same quarter last year. During the same period in the previous year, the company earned $1.22 earnings per share. Sell-side analysts forecast that Best Buy Co., Inc. will post 6.28 earnings per share for the current year.

Best Buy Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Thursday, October 10th. Stockholders of record on Thursday, September 19th were paid a $0.94 dividend. This represents a $3.76 annualized dividend and a dividend yield of 4.32%. The ex-dividend date of this dividend was Thursday, September 19th. Best Buy’s payout ratio is 64.83%.

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.