HS Management Partners LLC Sells 208,215 Shares of Best Buy Co., Inc. (NYSE:BBY)

HS Management Partners LLC trimmed its position in Best Buy Co., Inc. (NYSE:BBY - Free Report) by 24.8% during the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 631,760 shares of the technology retailer's stock after selling 208,215 shares during the period. Best Buy makes up approximately 4.2% of HS Management Partners LLC's investment portfolio, making the stock its 13th largest holding. HS Management Partners LLC owned 0.29% of Best Buy worth $65,261,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds also recently modified their holdings of BBY. Raymond James & Associates increased its position in shares of Best Buy by 1.8% during the 3rd quarter. Raymond James & Associates now owns 3,440,215 shares of the technology retailer's stock worth $355,374,000 after purchasing an additional 62,452 shares during the last quarter. Dimensional Fund Advisors LP increased its holdings in Best Buy by 8.3% during the second quarter. Dimensional Fund Advisors LP now owns 3,055,743 shares of the technology retailer's stock worth $257,569,000 after buying an additional 235,478 shares during the last quarter. Bank of New York Mellon Corp raised its position in Best Buy by 55.7% during the second 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 in the last quarter. Ninety One UK Ltd acquired a new stake in Best Buy in the second quarter valued at $121,325,000. Finally, AQR Capital Management LLC grew its position in shares of 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 valued at $116,252,000 after acquiring an additional 491,781 shares during the period. 80.96% of the stock is owned by institutional investors and hedge funds.

Best Buy Price Performance

Shares of Best Buy stock traded up $1.92 on Monday, reaching $92.82. 2,585,128 shares of the stock were exchanged, compared to its average volume of 2,990,336. The firm's 50 day moving average is $96.82 and its 200-day moving average is $87.20. The firm has a market cap of $19.93 billion, a PE ratio of 15.67, a P/E/G ratio of 2.37 and a beta of 1.48. The company has a debt-to-equity ratio of 0.37, a quick ratio of 0.34 and a current ratio of 1.01. Best Buy Co., Inc. has a one year low of $62.30 and a one year high of $103.71.

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

Best Buy Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Thursday, October 10th. Investors of record on Thursday, September 19th were paid a $0.94 dividend. This represents a $3.76 dividend on an annualized basis and a dividend yield of 4.05%. The ex-dividend date was Thursday, September 19th. Best Buy's dividend payout ratio is currently 64.83%.

Analyst Ratings Changes

Several equities research analysts recently issued reports on BBY shares. Barclays raised their target price on shares of Best Buy from $81.00 to $95.00 and gave the company an "equal weight" rating in a research note on Friday, August 30th. BNP Paribas raised Best Buy to a "strong-buy" rating in a report on Thursday, August 29th. Loop Capital increased their price target on Best Buy from $100.00 to $110.00 and gave the company a "buy" rating in a research note on Friday, August 30th. JPMorgan Chase & Co. lifted their price objective on shares of Best Buy from $101.00 to $111.00 and gave the stock an "overweight" rating in a research report on Friday, August 30th. Finally, Melius Research initiated coverage on shares of Best Buy in a research report on Monday, September 23rd. They issued a "hold" rating and a $100.00 price objective on the stock. One research analyst has rated the stock with a sell rating, seven have given a hold rating, ten have given a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, Best Buy presently has a consensus rating of "Moderate Buy" and a consensus target price of $103.71.

About Best Buy

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.