SteelPeak Wealth LLC Purchases New Holdings in Best Buy Co., Inc. (NYSE:BBY)

SteelPeak Wealth LLC acquired a new position in Best Buy Co., Inc. (NYSE:BBY - Free Report) in the 3rd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm acquired 9,119 shares of the technology retailer's stock, valued at approximately $951,000.

Other institutional investors and hedge funds have also bought and sold shares of the company. Raymond James & Associates lifted its holdings in shares of Best Buy by 1.8% during the third quarter. Raymond James & Associates now owns 3,440,215 shares of the technology retailer's stock valued at $355,374,000 after purchasing an additional 62,452 shares during the last quarter. Dimensional Fund Advisors LP raised its holdings 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 acquiring an additional 235,478 shares during the last quarter. Bank of New York Mellon Corp raised its holdings in Best Buy by 55.7% in 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 acquiring an additional 1,024,824 shares during the last quarter. Ninety One UK Ltd purchased a new position in Best Buy in the 2nd quarter worth approximately $121,325,000. Finally, AQR Capital Management LLC raised its holdings in Best Buy by 55.4% in the 2nd quarter. AQR Capital Management LLC now owns 1,379,195 shares of the technology retailer's stock worth $116,252,000 after acquiring an additional 491,781 shares during the last quarter. 80.96% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of brokerages recently weighed in on BBY. Melius Research began coverage on shares of Best Buy in a report on Monday, September 23rd. They issued a "hold" rating and a $100.00 price objective for the company. Barclays lifted their target price on shares of Best Buy from $81.00 to $95.00 and gave the stock an "equal weight" rating in a research report on Friday, August 30th. BNP Paribas raised shares of Best Buy to a "strong-buy" rating in a research report on Thursday, August 29th. Bank of America lifted their target price on shares of Best Buy from $70.00 to $80.00 and gave the stock an "underperform" rating in a research report on Friday, August 30th. Finally, UBS Group lifted their target price on shares of Best Buy from $106.00 to $123.00 and gave the stock a "buy" rating in a research report on Friday, August 30th. One analyst has rated the stock with a sell rating, seven have assigned a hold rating, ten have assigned a buy rating and one has assigned a strong buy rating to the company's stock. According to data from MarketBeat, Best Buy has an average rating of "Moderate Buy" and an average price target of $103.71.

Best Buy Price Performance

Shares of BBY traded up $0.02 during trading hours on Thursday, reaching $90.43. 2,669,738 shares of the stock traded hands, compared to its average volume of 2,997,066. The company has a current ratio of 1.01, a quick ratio of 0.34 and a debt-to-equity ratio of 0.37. Best Buy Co., Inc. has a 52-week low of $62.30 and a 52-week high of $103.71. The company's 50-day moving average price is $96.67 and its two-hundred day moving average price is $86.91. The company has a market cap of $19.42 billion, a P/E ratio of 15.59, a price-to-earnings-growth ratio of 2.58 and a beta of 1.46.

Best Buy (NYSE:BBY - Get Free Report) last announced its quarterly earnings results on Thursday, August 29th. The technology retailer reported $1.34 EPS for the quarter, topping the consensus estimate of $1.16 by $0.18. The business had revenue of $9.29 billion for the quarter, compared to analysts' expectations of $9.23 billion. Best Buy had a net margin of 2.96% and a return on equity of 47.19%. The business's quarterly revenue was down 3.1% compared to the same quarter last year. During the same quarter in the previous year, the company earned $1.22 EPS. On average, analysts anticipate 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. Stockholders of record on Thursday, September 19th were given a dividend of $0.94 per share. This represents a $3.76 annualized dividend and a dividend yield of 4.16%. The ex-dividend date was Thursday, September 19th. Best Buy's dividend payout ratio is 64.83%.

Best Buy Company 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.