Amalgamated Bank Reduces Holdings in Best Buy Co., Inc. (NYSE:BBY)

Amalgamated Bank trimmed its holdings in Best Buy Co., Inc. (NYSE:BBY - Free Report) by 39.3% during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 39,598 shares of the technology retailer's stock after selling 25,629 shares during the period. Amalgamated Bank's holdings in Best Buy were worth $4,090,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other large investors have also recently made changes to their positions in BBY. Ninety One UK Ltd purchased a new stake in shares of Best Buy in the second quarter valued at about $121,325,000. Thrivent Financial for Lutherans raised its holdings in shares of 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 purchasing an additional 1,074,718 shares during the last quarter. Bank of New York Mellon Corp raised its holdings in shares of 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 purchasing an additional 1,024,824 shares during the last quarter. Swedbank AB purchased a new position in shares of Best Buy in the first quarter worth about $43,522,000. Finally, AQR Capital Management LLC increased 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 in the last quarter. 80.96% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

Several equities analysts have recently weighed in on BBY shares. JPMorgan Chase & Co. lifted their target price on shares of Best Buy from $101.00 to $111.00 and gave the stock an "overweight" rating in a research note on Friday, August 30th. Wedbush raised their price objective on shares of Best Buy from $85.00 to $95.00 and gave the company a "neutral" rating in a research report on Friday, August 30th. Barclays raised their price objective on shares of Best Buy from $81.00 to $95.00 and gave the company an "equal weight" rating in a research report on Friday, August 30th. UBS Group raised their price objective on shares of Best Buy from $106.00 to $123.00 and gave the company a "buy" rating in a research report on Friday, August 30th. Finally, Bank of America raised their price objective on shares of Best Buy from $70.00 to $80.00 and gave the company an "underperform" rating in a research report on Friday, August 30th. One analyst has rated the stock with a sell rating, seven have issued a hold rating, ten have issued a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, Best Buy currently has an average rating of "Moderate Buy" and a consensus price target of $103.35.

Best Buy Stock Performance

Shares of NYSE BBY traded down $0.91 during trading on Friday, reaching $89.20. 2,631,707 shares of the company traded hands, compared to its average volume of 2,348,488. The firm has a 50 day simple moving average of $96.59 and a 200-day simple moving average of $87.56. Best Buy Co., Inc. has a 52-week low of $62.30 and a 52-week 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 stock has a market capitalization of $19.15 billion, a PE ratio of 15.38, a P/E/G ratio of 2.34 and a beta of 1.47.

Best Buy (NYSE:BBY - Get Free Report) last issued its quarterly earnings data on Thursday, August 29th. The technology retailer reported $1.34 earnings per share for the quarter, topping the consensus estimate of $1.16 by $0.18. Best Buy had a net margin of 2.96% and a return on equity of 47.19%. The firm had revenue of $9.29 billion for the quarter, compared to analysts' expectations of $9.23 billion. During the same quarter in the prior year, the business earned $1.22 EPS. The business's quarterly revenue was down 3.1% on a year-over-year basis. Equities research analysts anticipate that Best Buy Co., Inc. will post 6.28 earnings per share for the current year.

Best Buy Dividend Announcement

The company also recently announced 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. This represents a $3.76 dividend on an annualized basis and a yield of 4.22%. The ex-dividend date 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.