M&G Plc Increases Stake in Best Buy Co., Inc. (NYSE:BBY)

M&G PLC grew its holdings in Best Buy Co., Inc. (NYSE:BBY - Free Report) by 5.7% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 133,168 shares of the technology retailer's stock after acquiring an additional 7,192 shares during the period. M&G PLC owned about 0.06% of Best Buy worth $13,716,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently made changes to their positions in the company. Richardson Financial Services Inc. lifted its holdings in Best Buy by 190.9% in the second quarter. Richardson Financial Services Inc. now owns 320 shares of the technology retailer's stock valued at $27,000 after acquiring an additional 210 shares during the period. Innealta Capital LLC purchased a new stake in Best Buy during the second quarter worth $35,000. Harbor Capital Advisors Inc. acquired a new stake in Best Buy during the third quarter valued at $40,000. Whittier Trust Co. increased its holdings in Best Buy by 53.3% in the second quarter. Whittier Trust Co. now owns 492 shares of the technology retailer's stock valued at $41,000 after buying an additional 171 shares in the last quarter. Finally, EverSource Wealth Advisors LLC raised its position 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 acquiring an additional 259 shares during the period. Institutional investors and hedge funds own 80.96% of the company's stock.

Analyst Ratings Changes

BBY has been the topic of a number of analyst reports. Telsey Advisory Group raised their target price on Best Buy from $95.00 to $115.00 and gave the company an "outperform" rating in a research report on Friday, August 30th. DA Davidson restated a "buy" rating and issued a $117.00 price objective on shares of Best Buy in a research report on Tuesday, October 15th. 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 research report on Friday, August 30th. Barclays boosted their price target on shares of Best Buy from $81.00 to $95.00 and gave the stock an "equal weight" rating in a report on Friday, August 30th. Finally, Wells Fargo & Company lifted their target price on shares of Best Buy from $80.00 to $95.00 and gave the company an "equal weight" rating in a research report on Friday, August 30th. One equities research analyst has rated the stock with a sell rating, seven have assigned a hold rating, ten have given a buy rating and one has issued a strong buy rating to the company's stock. According to data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and a consensus target price of $103.35.

Best Buy Trading Down 1.0 %

Shares of NYSE BBY traded down $0.93 during trading on Friday, hitting $89.18. 2,630,599 shares of the company were exchanged, compared to its average volume of 2,991,839. 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 fifty day moving average price of $96.59 and a 200-day moving average price of $87.56. Best Buy Co., Inc. has a 12-month low of $62.30 and a 12-month high of $103.71. The firm has a market capitalization of $19.15 billion, a PE ratio of 15.38, a P/E/G ratio of 2.43 and a beta of 1.47.

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

Best Buy Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Thursday, October 10th. Investors of record on Thursday, September 19th were issued a $0.94 dividend. The ex-dividend date was Thursday, September 19th. This represents a $3.76 annualized dividend and a yield of 4.22%. Best Buy's dividend payout ratio (DPR) 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.