26,747 Shares in Best Buy Co., Inc. (NYSE:BBY) Bought by ING Groep NV

ING Groep NV bought a new position in Best Buy Co., Inc. (NYSE:BBY - Free Report) during the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund bought 26,747 shares of the technology retailer's stock, valued at approximately $2,763,000.

Other institutional investors and hedge funds also recently modified their holdings of the company. Kingsview Wealth Management LLC acquired a new stake in Best Buy during the 1st quarter worth about $695,000. Tocqueville Asset Management L.P. raised its holdings in shares of Best Buy by 28.4% during the first quarter. Tocqueville Asset Management L.P. now owns 3,280 shares of the technology retailer's stock valued at $269,000 after acquiring an additional 725 shares during the period. Mitsubishi UFJ Trust & Banking Corp lifted its position in shares of Best Buy by 9.3% in the 1st quarter. Mitsubishi UFJ Trust & Banking Corp now owns 360,592 shares of the technology retailer's stock valued at $29,486,000 after acquiring an additional 30,655 shares in the last quarter. Acadian Asset Management LLC boosted its stake in Best Buy by 7,829.2% in the 1st quarter. Acadian Asset Management LLC now owns 21,488 shares of the technology retailer's stock worth $1,762,000 after purchasing an additional 21,217 shares during the period. Finally, Alerus Financial NA grew its position in Best Buy by 1.4% during the 1st quarter. Alerus Financial NA now owns 91,837 shares of the technology retailer's stock worth $7,533,000 after purchasing an additional 1,232 shares in the last quarter. 80.96% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of research firms have recently issued reports on BBY. The Goldman Sachs Group increased their target price on Best Buy from $95.00 to $116.00 and gave the company a "buy" rating in a report on Tuesday, September 3rd. Evercore ISI increased their price objective on Best Buy from $90.00 to $94.00 and gave the stock an "in-line" rating in a research note on Friday, August 30th. Citigroup lowered their target price on Best Buy from $115.00 to $109.00 and set a "buy" rating on the stock in a research note on Friday, November 8th. Wedbush increased their price target on shares of Best Buy from $85.00 to $95.00 and gave the stock a "neutral" rating in a research report on Friday, August 30th. Finally, Barclays boosted their price objective on shares of Best Buy from $81.00 to $95.00 and gave the company an "equal weight" rating in a research report on Friday, August 30th. One analyst has rated the stock with a sell rating, eight have given a hold rating, nine have assigned a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and a consensus target price of $103.35.

Best Buy Stock Up 1.2 %

Shares of BBY stock opened at $92.66 on Friday. The stock's 50 day simple moving average is $95.70 and its 200 day simple moving average is $88.22. Best Buy Co., Inc. has a twelve month low of $62.92 and a twelve month high of $103.71. 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 has a market capitalization of $19.90 billion, a price-to-earnings ratio of 15.98, a PEG ratio of 2.37 and a beta of 1.47.

Best Buy (NYSE:BBY - Get Free Report) last issued its quarterly earnings data on Thursday, August 29th. The technology retailer reported $1.34 earnings per share for the quarter, topping 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 during the quarter, compared to analysts' expectations of $9.23 billion. During the same period in the previous year, the company earned $1.22 earnings per share. Best Buy's revenue for the quarter was down 3.1% on a year-over-year basis. As a group, research analysts predict that Best Buy Co., Inc. will post 6.28 EPS for the current year.

Best Buy Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, October 10th. Stockholders of record on Thursday, September 19th were paid a $0.94 dividend. The ex-dividend date was Thursday, September 19th. This represents a $3.76 dividend on an annualized basis and a dividend yield of 4.06%. Best Buy's payout ratio is presently 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.