EP Wealth Advisors LLC Invests $1.69 Million in Best Buy Co., Inc. (NYSE:BBY)

EP Wealth Advisors LLC purchased a new stake in shares of Best Buy Co., Inc. (NYSE:BBY - Free Report) in the third quarter, according to its most recent disclosure with the SEC. The firm purchased 16,355 shares of the technology retailer's stock, valued at approximately $1,689,000.

Several other hedge funds also recently modified their holdings of the company. QRG Capital Management Inc. grew its holdings in Best Buy by 10.5% during the third quarter. QRG Capital Management Inc. now owns 31,745 shares of the technology retailer's stock worth $3,279,000 after acquiring an additional 3,025 shares during the period. Asset Management One Co. Ltd. grew its stake in shares of Best Buy by 27.4% in the 3rd 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 during the last quarter. Envestnet Portfolio Solutions Inc. raised its holdings in shares of Best Buy by 11.4% in 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 in the last quarter. Mirae Asset Global Investments Co. Ltd. lifted its stake in Best Buy by 13.3% during the third 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 during the last quarter. Finally, Wealth Enhancement Advisory Services LLC boosted its holdings in Best Buy by 10.9% during the second quarter. Wealth Enhancement Advisory Services LLC now owns 99,769 shares of the technology retailer's stock worth $8,410,000 after buying an additional 9,785 shares in the last quarter. 80.96% of the stock is currently owned by institutional investors and hedge funds.

Best Buy Stock Down 0.7 %

Shares of BBY traded down $0.57 during trading hours on Tuesday, hitting $86.75. 5,305,044 shares of the company were exchanged, compared to its average volume of 3,086,167. The firm's 50 day moving average is $92.52 and its 200-day moving average is $90.10. 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 52 week low of $69.29 and a 52 week high of $103.71. The company has a market cap of $18.63 billion, a PE ratio of 14.82, a PEG ratio of 2.21 and a beta of 1.44.

Best Buy (NYSE:BBY - Get Free Report) last announced 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 company had revenue of $9.45 billion for the quarter, compared to analyst estimates of $9.63 billion. During the same quarter last year, the business earned $1.29 EPS. The company's revenue for the quarter was down 3.2% on a year-over-year basis. On average, equities research analysts forecast that Best Buy Co., Inc. will post 6.18 EPS for the current fiscal year.

Best Buy Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Tuesday, January 7th. Shareholders of record on Tuesday, December 17th will be issued a dividend of $0.94 per share. This represents a $3.76 dividend on an annualized basis and a yield of 4.33%. The ex-dividend date of this dividend is Tuesday, December 17th. Best Buy's dividend payout ratio (DPR) is 64.27%.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently issued reports on BBY shares. Loop Capital cut their target price on Best Buy from $110.00 to $100.00 and set a "buy" rating on the stock in a research report on Wednesday, November 27th. Telsey Advisory Group reduced their target price on Best Buy from $115.00 to $110.00 and set an "outperform" rating for the company in a report on Tuesday, November 26th. Guggenheim decreased their target price on Best Buy from $110.00 to $105.00 and set a "buy" rating for the company in a research report on Friday, November 29th. Bank of America increased their price objective on Best Buy from $70.00 to $80.00 and gave the stock an "underperform" rating in a research note on Friday, August 30th. Finally, BNP Paribas raised Best Buy to a "strong-buy" rating in a research note on Thursday, August 29th. One investment 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. Based on data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and a consensus target price 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.