Kovitz Investment Group Partners LLC Increases Stock Position in Best Buy Co., Inc. (NYSE:BBY)

Kovitz Investment Group Partners LLC grew its holdings in shares of Best Buy Co., Inc. (NYSE:BBY - Free Report) by 70.3% in the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 37,457 shares of the technology retailer's stock after buying an additional 15,461 shares during the quarter. Kovitz Investment Group Partners LLC's holdings in Best Buy were worth $3,522,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently made changes to their positions in the business. Ninety One UK Ltd purchased a new position in Best Buy during the second quarter worth about $121,325,000. Thrivent Financial for Lutherans boosted its stake in Best Buy by 4,337.6% in the second quarter. Thrivent Financial for Lutherans now owns 1,099,495 shares of the technology retailer's stock valued at $92,677,000 after acquiring an additional 1,074,718 shares during the last quarter. Bank of New York Mellon Corp boosted its stake in Best Buy by 55.7% in the second quarter. Bank of New York Mellon Corp now owns 2,863,291 shares of the technology retailer's stock valued at $241,347,000 after acquiring an additional 1,024,824 shares during the last quarter. AQR Capital Management LLC boosted its stake 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 valued at $116,252,000 after acquiring an additional 491,781 shares during the last quarter. Finally, Raymond James & Associates boosted its stake in Best Buy by 17.0% in the second quarter. Raymond James & Associates now owns 3,377,763 shares of the technology retailer's stock valued at $284,712,000 after acquiring an additional 490,801 shares during the last quarter. 80.96% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

BBY has been the topic of a number of research analyst reports. DA Davidson reiterated a "buy" rating and issued a $117.00 target price on shares of Best Buy in a research note on Tuesday, October 15th. JPMorgan Chase & Co. boosted their target price on shares of Best Buy from $111.00 to $117.00 and gave the company an "overweight" rating in a research note on Friday, November 22nd. Loop Capital lowered their price target on shares of Best Buy from $110.00 to $100.00 and set a "buy" rating on the stock in a research report on Wednesday, November 27th. BNP Paribas raised shares of Best Buy to a "strong-buy" rating in a research report on Thursday, August 29th. Finally, The Goldman Sachs Group boosted their price target on shares of Best Buy from $95.00 to $116.00 and gave the company a "buy" rating in a research report on Tuesday, September 3rd. One equities research analyst has rated the stock with a sell rating, eight have issued a hold rating, ten have issued a buy rating and one has assigned a strong buy rating to the company's stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and an average target price of $101.06.

Best Buy Price Performance

Shares of NYSE:BBY traded down $0.84 during trading on Monday, reaching $87.33. The company had a trading volume of 3,609,926 shares, compared to its average volume of 3,076,802. The company has a fifty day moving average of $92.52 and a two-hundred day moving average of $90.10. The stock has a market capitalization of $18.75 billion, a P/E ratio of 14.93, a price-to-earnings-growth ratio of 2.21 and a beta of 1.44. Best Buy Co., Inc. has a 12 month low of $69.29 and a 12 month high of $103.71. The company has a current ratio of 1.00, a quick ratio of 0.22 and a debt-to-equity ratio of 0.37.

Best Buy (NYSE:BBY - Get Free Report) last announced its quarterly earnings data on Tuesday, November 26th. The technology retailer reported $1.26 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $1.30 by ($0.04). Best Buy had a net margin of 3.01% and a return on equity of 45.93%. The business had revenue of $9.45 billion during the quarter, compared to analysts' expectations of $9.63 billion. During the same period last year, the company posted $1.29 EPS. Best Buy's revenue for the quarter was down 3.2% on a year-over-year basis. Equities research analysts forecast that Best Buy Co., Inc. will post 6.18 earnings per share for the current year.

Best Buy Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, January 7th. Stockholders of record on Tuesday, December 17th will be paid a $0.94 dividend. The ex-dividend date of this dividend is Tuesday, December 17th. This represents a $3.76 dividend on an annualized basis and a dividend yield of 4.31%. Best Buy's dividend payout ratio (DPR) is 64.27%.

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.