TCW Group Inc. Has $32.70 Million Stake in Best Buy Co., Inc. (NYSE:BBY)

TCW Group Inc. grew its position in Best Buy Co., Inc. (NYSE:BBY - Free Report) by 156.6% in the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 316,593 shares of the technology retailer's stock after acquiring an additional 193,209 shares during the quarter. TCW Group Inc. owned approximately 0.15% of Best Buy worth $32,704,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors and hedge funds have also made changes to their positions in the company. Richardson Financial Services Inc. raised its holdings in shares of Best Buy by 190.9% during the second quarter. Richardson Financial Services Inc. now owns 320 shares of the technology retailer's stock worth $27,000 after purchasing an additional 210 shares during the period. Innealta Capital LLC bought a new stake in shares of Best Buy during the 2nd quarter valued at about $35,000. Harbor Capital Advisors Inc. acquired a new stake in Best Buy during the third quarter worth about $40,000. LRI Investments LLC lifted its holdings in Best Buy by 632.1% in the third quarter. LRI Investments LLC now owns 388 shares of the technology retailer's stock worth $40,000 after acquiring an additional 335 shares during the last quarter. Finally, Whittier Trust Co. boosted its stake in Best Buy by 53.3% in the second quarter. Whittier Trust Co. now owns 492 shares of the technology retailer's stock valued at $41,000 after acquiring an additional 171 shares during the period. 80.96% of the stock is owned by institutional investors and hedge funds.

Best Buy Price Performance

NYSE BBY traded up $0.39 on Wednesday, reaching $87.10. The company's stock had a trading volume of 2,891,495 shares, compared to its average volume of 3,085,353. The firm's 50 day moving average is $92.23 and its two-hundred day moving average is $90.21. The stock has a market cap of $18.70 billion, a PE ratio of 14.90, a PEG ratio of 2.21 and a beta of 1.44. The company has a debt-to-equity ratio of 0.37, a quick ratio of 0.22 and a current ratio of 1.00. Best Buy Co., Inc. has a twelve month low of $69.29 and a twelve month high of $103.71.

Best Buy (NYSE:BBY - Get Free Report) last released its earnings results on Tuesday, November 26th. The technology retailer reported $1.26 EPS for the quarter, missing the consensus estimate of $1.30 by ($0.04). The business had revenue of $9.45 billion for the quarter, compared to analyst estimates of $9.63 billion. Best Buy had a net margin of 3.01% and a return on equity of 45.93%. The firm's revenue for the quarter was down 3.2% on a year-over-year basis. During the same period in the prior year, the company earned $1.29 earnings per share. As a group, sell-side analysts predict that Best Buy Co., Inc. will post 6.18 EPS for the current year.

Best Buy Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Tuesday, January 7th. Investors of record on Tuesday, December 17th will be paid a $0.94 dividend. The ex-dividend date of this dividend is Tuesday, December 17th. This represents a $3.76 dividend on an annualized basis and a yield of 4.32%. Best Buy's dividend payout ratio is currently 64.27%.

Wall Street Analysts Forecast Growth

A number of analysts have recently weighed in on the company. Piper Sandler reiterated an "overweight" rating and set a $114.00 price target (up from $100.00) on shares of Best Buy in a research report on Friday, August 30th. StockNews.com cut Best Buy from a "buy" rating to a "hold" rating in a research note on Friday, November 15th. 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 cut their price objective on shares of Best Buy from $109.00 to $101.00 and set a "buy" rating on the stock in a research report on Wednesday, November 27th. Finally, JPMorgan Chase & Co. upped their target price on shares of Best Buy from $111.00 to $117.00 and gave the stock an "overweight" rating in a research report on Friday, November 22nd. One analyst has rated the stock with a sell rating, eight have given a hold rating, ten have assigned a buy rating and one has issued a strong buy rating to the company's stock. According to MarketBeat.com, the company has a consensus rating of "Moderate Buy" and an average price target of $101.06.

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.