Jackson Square Capital LLC Purchases Shares of 12,079 Best Buy Co., Inc. (NYSE:BBY)

Jackson Square Capital LLC purchased a new position in Best Buy Co., Inc. (NYSE:BBY - Free Report) during the 3rd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund purchased 12,079 shares of the technology retailer's stock, valued at approximately $1,248,000.

Several other hedge funds have also recently added to or reduced their stakes in BBY. Raymond James & Associates grew its holdings in shares of Best Buy by 1.8% in the 3rd quarter. Raymond James & Associates now owns 3,440,215 shares of the technology retailer's stock worth $355,374,000 after acquiring an additional 62,452 shares during the last quarter. Dimensional Fund Advisors LP increased its stake in Best Buy by 8.3% in the 2nd quarter. Dimensional Fund Advisors LP now owns 3,055,743 shares of the technology retailer's stock worth $257,569,000 after purchasing an additional 235,478 shares in the last quarter. Bank of New York Mellon Corp raised its holdings in 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 buying an additional 1,024,824 shares during the period. Ninety One UK Ltd purchased a new stake in Best Buy during the second quarter valued at about $121,325,000. Finally, AQR Capital Management LLC boosted its holdings in shares of 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 buying an additional 491,781 shares during the period. Institutional investors and hedge funds own 80.96% of the company's stock.

Best Buy Stock Performance

Shares of BBY stock traded up $0.71 during trading on Thursday, reaching $90.11. The company had a trading volume of 2,450,712 shares, compared to its average volume of 2,172,226. The firm's 50 day simple moving average is $97.01 and its two-hundred day simple moving average is $87.45. Best Buy Co., Inc. has a one year low of $62.30 and a one year high of $103.71. The company has a debt-to-equity ratio of 0.37, a current ratio of 1.01 and a quick ratio of 0.34. The company has a market capitalization of $19.35 billion, a PE ratio of 15.54, a PEG ratio of 2.43 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. Sell-side analysts forecast that Best Buy Co., Inc. will post 6.28 earnings per share for the current year.

Best Buy Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Thursday, October 10th. Investors of record on Thursday, September 19th were paid a dividend of $0.94 per share. The ex-dividend date was Thursday, September 19th. This represents a $3.76 annualized dividend and a yield of 4.17%. Best Buy's payout ratio is 64.83%.

Wall Street Analysts Forecast Growth

A number of research firms have recently issued reports on BBY. Telsey Advisory Group boosted their price target on shares of Best Buy from $95.00 to $115.00 and gave the company an "outperform" rating in a report on Friday, August 30th. JPMorgan Chase & Co. increased their target price on Best Buy from $101.00 to $111.00 and gave the company an "overweight" rating in a report on Friday, August 30th. Piper Sandler reiterated an "overweight" rating and set a $114.00 price target (up previously from $100.00) on shares of Best Buy in a report on Friday, August 30th. 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, Evercore ISI lifted their target price on Best Buy from $90.00 to $94.00 and gave the company an "in-line" rating in a research note on Friday, August 30th. One equities research analyst has rated the stock with a sell rating, seven have given a hold rating, ten have issued a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, Best Buy presently has a consensus rating of "Moderate Buy" and a consensus target price of $103.71.

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.