Impax Asset Management Group plc Reduces Position in Best Buy Co., Inc. (NYSE:BBY)

Impax Asset Management Group plc lowered its stake in Best Buy Co., Inc. (NYSE:BBY - Free Report) by 17.0% during the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 91,315 shares of the technology retailer's stock after selling 18,675 shares during the quarter. Impax Asset Management Group plc's holdings in Best Buy were worth $9,433,000 at the end of the most recent quarter.

Other large investors have also added to or reduced their stakes in the company. Richardson Financial Services Inc. increased its holdings in Best Buy by 190.9% during the second quarter. Richardson Financial Services Inc. now owns 320 shares of the technology retailer's stock valued at $27,000 after buying an additional 210 shares during the last quarter. Innealta Capital LLC purchased a new stake in shares of Best Buy in the 2nd quarter worth $35,000. Harbor Capital Advisors Inc. purchased a new position in Best Buy during the third quarter valued at $40,000. Whittier Trust Co. grew its holdings in Best Buy by 53.3% during the second quarter. Whittier Trust Co. now owns 492 shares of the technology retailer's stock valued at $41,000 after purchasing an additional 171 shares during the period. Finally, EverSource Wealth Advisors LLC raised its stake in shares of Best Buy by 103.6% in the first quarter. EverSource Wealth Advisors LLC now owns 509 shares of the technology retailer's stock worth $42,000 after buying an additional 259 shares during the period. Institutional investors own 80.96% of the company's stock.

Analysts Set New Price Targets

BBY has been the topic of a number of recent analyst reports. Evercore ISI raised their target price on shares of Best Buy from $90.00 to $94.00 and gave the stock an "in-line" rating in a research note on Friday, August 30th. Barclays increased their target price on Best Buy from $81.00 to $95.00 and gave the stock an "equal weight" rating in a research report on Friday, August 30th. Bank of America lifted 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. Loop Capital raised their target price on shares of Best Buy from $100.00 to $110.00 and gave the company a "buy" rating in a research note on Friday, August 30th. Finally, Telsey Advisory Group boosted their price target on shares of Best Buy from $95.00 to $115.00 and gave the stock an "outperform" rating in a research note on Friday, August 30th. One equities research analyst has rated the stock with a sell rating, eight have given a hold rating, nine have given a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, Best Buy has a consensus rating of "Moderate Buy" and a consensus price target of $103.35.

Best Buy Trading Up 1.2 %

BBY stock traded up $1.08 during trading on Friday, hitting $92.66. The company had a trading volume of 3,766,490 shares, compared to its average volume of 2,988,747. 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 firm has a market capitalization of $19.90 billion, a P/E ratio of 15.98, a PEG ratio of 2.37 and a beta of 1.47. The company has a 50 day simple moving average of $95.70 and a 200-day simple moving average of $88.12. Best Buy Co., Inc. has a 52-week low of $62.92 and a 52-week high of $103.71.

Best Buy (NYSE:BBY - Get Free Report) last released its quarterly earnings results on Thursday, August 29th. The technology retailer reported $1.34 earnings per share for the quarter, beating analysts' consensus estimates of $1.16 by $0.18. Best Buy had a net margin of 2.96% and a return on equity of 47.19%. The business had revenue of $9.29 billion for the quarter, compared to analysts' expectations of $9.23 billion. During the same period last year, the business earned $1.22 EPS. The company's revenue was down 3.1% compared to the same quarter last year. As a group, research analysts forecast that Best Buy Co., Inc. will post 6.28 earnings per share for the current fiscal year.

Best Buy Announces Dividend

The firm also recently declared 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 annualized dividend and a yield of 4.06%. The ex-dividend date of this dividend was Thursday, September 19th. Best Buy's dividend payout ratio is presently 64.83%.

About Best Buy

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.