Oppenheimer Asset Management Inc. Takes $2.38 Million Position in Best Buy Co., Inc. (NYSE:BBY)

Oppenheimer Asset Management Inc. acquired a new stake in Best Buy Co., Inc. (NYSE:BBY - Free Report) in the third quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm acquired 23,083 shares of the technology retailer's stock, valued at approximately $2,384,000.

A number of other institutional investors and hedge funds also recently made changes to their positions in the business. Kingsview Wealth Management LLC purchased a new stake in Best Buy during the first quarter valued at about $695,000. Tocqueville Asset Management L.P. boosted its holdings in Best Buy by 28.4% in the first quarter. Tocqueville Asset Management L.P. now owns 3,280 shares of the technology retailer's stock valued at $269,000 after acquiring an additional 725 shares in the last quarter. Mitsubishi UFJ Trust & Banking Corp increased its position in shares of Best Buy by 9.3% during the first quarter. Mitsubishi UFJ Trust & Banking Corp now owns 360,592 shares of the technology retailer's stock valued at $29,486,000 after buying an additional 30,655 shares during the period. Acadian Asset Management LLC grew its holdings in shares of Best Buy by 7,829.2% during the 1st quarter. Acadian Asset Management LLC now owns 21,488 shares of the technology retailer's stock worth $1,762,000 after acquiring an additional 21,217 shares during the period. Finally, Alerus Financial NA grew its stake in Best Buy by 1.4% in the first quarter. Alerus Financial NA now owns 91,837 shares of the technology retailer's stock worth $7,533,000 after purchasing an additional 1,232 shares during the period. Institutional investors and hedge funds own 80.96% of the company's stock.

Analysts Set New Price Targets

A number of equities research analysts have weighed in on BBY shares. Barclays upped their price objective 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. StockNews.com downgraded Best Buy from a "buy" rating to a "hold" rating in a report on Friday. Wells Fargo & Company lifted their price target on shares of Best Buy from $80.00 to $95.00 and gave the stock an "equal weight" rating in a research note on Friday, August 30th. Loop Capital lifted their price target on shares of Best Buy from $100.00 to $110.00 and gave the company a "buy" rating in a report on Friday, August 30th. Finally, Melius Research began coverage on shares of Best Buy in a research note on Monday, September 23rd. They set a "hold" rating and a $100.00 target price on the stock. One equities research analyst has rated the stock with a sell rating, eight have assigned a hold rating, nine have assigned a buy rating and one has issued a strong buy rating to the company's stock. According to data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and an average price target of $103.35.

Best Buy Stock Up 1.2 %

Shares of BBY opened at $92.66 on Friday. The business's 50 day simple moving average is $95.70 and its 200-day simple moving average is $88.22. Best Buy Co., Inc. has a 1 year low of $62.92 and a 1 year high of $103.71. The stock has a market capitalization of $19.90 billion, a price-to-earnings ratio of 15.98, a price-to-earnings-growth ratio of 2.37 and a beta of 1.47. The company has a debt-to-equity ratio of 0.37, a current ratio of 1.01 and a quick ratio of 0.34.

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

Best Buy Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Thursday, October 10th. Shareholders of record on Thursday, September 19th were given a dividend of $0.94 per share. The ex-dividend date was Thursday, September 19th. This represents a $3.76 dividend on an annualized basis and a yield of 4.06%. 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.