National Bank of Canada FI Has $55.56 Million Stake in Best Buy Co., Inc. (NYSE:BBY)

National Bank of Canada FI increased its stake in Best Buy Co., Inc. (NYSE:BBY - Free Report) by 817.4% during the third quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 537,886 shares of the technology retailer's stock after acquiring an additional 479,256 shares during the quarter. National Bank of Canada FI owned approximately 0.25% of Best Buy worth $55,564,000 at the end of the most recent quarter.

Several other hedge funds have also modified their holdings of BBY. Cetera Advisors LLC purchased a new stake in Best Buy during the first quarter valued at about $831,000. Park Avenue Securities LLC grew its stake in Best Buy by 18.1% during the 2nd quarter. Park Avenue Securities LLC now owns 8,178 shares of the technology retailer's stock valued at $689,000 after acquiring an additional 1,251 shares in the last quarter. CWM LLC increased its holdings in shares of Best Buy by 174.4% in the 2nd quarter. CWM LLC now owns 9,487 shares of the technology retailer's stock valued at $800,000 after purchasing an additional 6,030 shares during the period. Czech National Bank lifted its position in shares of Best Buy by 8.8% in the second quarter. Czech National Bank now owns 36,692 shares of the technology retailer's stock worth $3,093,000 after purchasing an additional 2,962 shares in the last quarter. Finally, Dynamic Advisor Solutions LLC boosted its holdings in shares of Best Buy by 5.8% during the second quarter. Dynamic Advisor Solutions LLC now owns 3,847 shares of the technology retailer's stock worth $324,000 after purchasing an additional 211 shares during the period. 80.96% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several research analysts have weighed in on BBY shares. DA Davidson reiterated a "buy" rating and issued a $117.00 price objective on shares of Best Buy in a research note on Tuesday, October 15th. Telsey Advisory Group cut their target price on Best Buy from $115.00 to $110.00 and set an "outperform" rating on the stock in a report on Tuesday, November 26th. BNP Paribas upgraded Best Buy to a "strong-buy" rating in a research note on Thursday, August 29th. Wells Fargo & Company cut their price objective on Best Buy from $95.00 to $89.00 and set an "equal weight" rating on the stock in a research note on Wednesday, November 27th. Finally, Loop Capital decreased their target price on Best Buy from $110.00 to $100.00 and set a "buy" rating for the company in a research report on Wednesday, November 27th. One research analyst has rated the stock with a sell rating, eight have assigned a hold rating, ten have given a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and a consensus target price of $101.06.

Best Buy Stock Performance

Shares of BBY traded down $1.63 during trading hours on Friday, reaching $88.17. 3,295,408 shares of the company traded hands, compared to its average volume of 3,763,939. Best Buy Co., Inc. has a 1-year low of $69.29 and a 1-year high of $103.71. The stock has a market cap of $18.93 billion, a P/E ratio of 15.07, a price-to-earnings-growth ratio of 2.27 and a beta of 1.44. The stock's fifty day moving average is $92.84 and its 200 day moving average is $89.97. 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 (NYSE:BBY - Get Free Report) last posted its quarterly 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). Best Buy had a net margin of 3.01% and a return on equity of 45.93%. The firm had revenue of $9.45 billion during the quarter, compared to analyst estimates of $9.63 billion. During the same period last year, the company earned $1.29 EPS. The company's revenue was down 3.2% on a year-over-year basis. Equities research analysts anticipate that Best Buy Co., Inc. will post 6.18 earnings per share for the current fiscal year.

Best Buy Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, January 7th. Stockholders of record on Tuesday, December 17th will be paid a $0.94 dividend. This represents a $3.76 dividend on an annualized basis and a dividend yield of 4.26%. The ex-dividend date of this dividend is Tuesday, December 17th. Best Buy's dividend payout ratio is 64.27%.

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.