Entropy Technologies LP Invests $2.04 Million in Best Buy Co., Inc. (NYSE:BBY)

Entropy Technologies LP purchased a new stake in shares of Best Buy Co., Inc. (NYSE:BBY - Free Report) during the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund purchased 19,759 shares of the technology retailer's stock, valued at approximately $2,041,000.

Other large investors have also recently added to or reduced their stakes in the company. Ninety One UK Ltd acquired a new position in shares of Best Buy in the second quarter valued at $121,325,000. Thrivent Financial for Lutherans raised its stake in shares of Best Buy by 4,337.6% in the 2nd quarter. Thrivent Financial for Lutherans now owns 1,099,495 shares of the technology retailer's stock valued at $92,677,000 after buying an additional 1,074,718 shares in the last quarter. Bank of New York Mellon Corp lifted its holdings in shares of Best Buy by 55.7% during the 2nd 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 period. Swedbank AB acquired a new stake in shares of Best Buy during the 1st quarter valued at about $43,522,000. Finally, AQR Capital Management LLC raised its position in 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. Institutional investors and hedge funds own 80.96% of the company's stock.

Wall Street Analysts Forecast Growth

BBY has been the topic of several analyst reports. Telsey Advisory Group upped their price objective on Best Buy from $95.00 to $115.00 and gave the company an "outperform" rating in a research note on Friday, August 30th. DA Davidson reissued a "buy" rating and set a $117.00 price objective on shares of Best Buy in a report on Tuesday, October 15th. Bank of America upped their target price on shares of Best Buy from $70.00 to $80.00 and gave the stock an "underperform" rating in a report on Friday, August 30th. UBS Group lifted their price target on shares of Best Buy from $106.00 to $123.00 and gave the company a "buy" rating in a report on Friday, August 30th. Finally, JPMorgan Chase & Co. raised their price objective 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 analyst has rated the stock with a sell rating, seven have assigned a hold rating, ten have issued a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, the company has a consensus rating of "Moderate Buy" and a consensus price target of $103.35.

Best Buy Stock Performance

BBY traded up $0.33 during trading hours on Wednesday, reaching $90.53. The company's stock had a trading volume of 1,315,625 shares, compared to its average volume of 2,981,087. The company has a debt-to-equity ratio of 0.37, a quick ratio of 0.34 and a current ratio of 1.01. The company's 50-day moving average is $96.16 and its 200-day moving average is $87.95. Best Buy Co., Inc. has a 52 week low of $62.92 and a 52 week high of $103.71. The firm has a market cap of $19.44 billion, a PE ratio of 15.59, a price-to-earnings-growth ratio of 2.36 and a beta of 1.47.

Best Buy (NYSE:BBY - Get Free Report) last announced its quarterly earnings results on Thursday, August 29th. The technology retailer reported $1.34 EPS for the quarter, beating analysts' consensus estimates of $1.16 by $0.18. The business 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%. Best Buy's quarterly revenue was down 3.1% on a year-over-year basis. During the same quarter in the prior year, the business earned $1.22 EPS. On average, equities analysts forecast that Best Buy Co., Inc. will post 6.28 EPS for the current year.

Best Buy Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Thursday, October 10th. Shareholders of record on Thursday, September 19th were issued a $0.94 dividend. This represents a $3.76 dividend on an annualized basis and a yield of 4.15%. The ex-dividend date was Thursday, September 19th. Best Buy's dividend 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.