Oppenheimer & Co. Inc. Purchases Shares of 6,567 Best Buy Co., Inc. (NYSE:BBY)

Oppenheimer & Co. Inc. purchased a new position in Best Buy Co., Inc. (NYSE:BBY - Free Report) during the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm purchased 6,567 shares of the technology retailer's stock, valued at approximately $678,000.

A number of other institutional investors and hedge funds also recently modified their holdings of BBY. QRG Capital Management Inc. grew its position in Best Buy by 10.5% during the third quarter. QRG Capital Management Inc. now owns 31,745 shares of the technology retailer's stock valued at $3,279,000 after acquiring an additional 3,025 shares during the period. GAMMA Investing LLC lifted its position in Best Buy by 78.7% during the second quarter. GAMMA Investing LLC now owns 2,039 shares of the technology retailer's stock valued at $172,000 after buying an additional 898 shares in the last quarter. Asset Management One Co. Ltd. grew its stake in Best Buy by 27.4% during the third quarter. Asset Management One Co. Ltd. now owns 90,341 shares of the technology retailer's stock worth $9,332,000 after buying an additional 19,405 shares during the period. Envestnet Portfolio Solutions Inc. increased its position in shares of Best Buy by 11.4% in the second quarter. Envestnet Portfolio Solutions Inc. now owns 74,764 shares of the technology retailer's stock worth $6,302,000 after acquiring an additional 7,663 shares in the last quarter. Finally, Mirae Asset Global Investments Co. Ltd. raised its stake in shares of Best Buy by 13.3% in the 3rd quarter. Mirae Asset Global Investments Co. Ltd. now owns 154,564 shares of the technology retailer's stock valued at $15,806,000 after acquiring an additional 18,171 shares during the period. Institutional investors and hedge funds own 80.96% of the company's stock.

Wall Street Analysts Forecast Growth

Several research analysts have commented on BBY shares. BNP Paribas raised Best Buy to a "strong-buy" rating in a research report on Thursday, August 29th. UBS Group upped their price target on Best Buy from $106.00 to $123.00 and gave the stock a "buy" rating in a report on Friday, August 30th. StockNews.com lowered shares of Best Buy from a "buy" rating to a "hold" rating in a research note on Friday, November 15th. DA Davidson reaffirmed a "buy" rating and set a $117.00 price target on shares of Best Buy in a research note on Tuesday, October 15th. Finally, Wells Fargo & Company upped their price objective 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 investment analyst has rated the stock with a sell rating, eight have issued a hold rating, nine have issued a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, Best Buy presently has a consensus rating of "Moderate Buy" and an average target price of $103.35.

Best Buy Price Performance

Shares of NYSE:BBY opened at $86.77 on Thursday. The firm's 50 day moving average is $95.11 and its two-hundred day moving average is $88.53. The firm has a market capitalization of $18.63 billion, a P/E ratio of 14.96, a PEG ratio of 2.28 and a beta of 1.47. 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 $62.92 and a 52 week high of $103.71.

Best Buy (NYSE:BBY - Get Free Report) last announced its earnings results on Thursday, August 29th. The technology retailer reported $1.34 earnings per share for the quarter, beating the consensus estimate 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 in the previous year, the business earned $1.22 EPS. The firm's revenue for the quarter was down 3.1% on a year-over-year basis. Analysts anticipate that Best Buy Co., Inc. will post 6.28 earnings per share for the current year.

Best Buy Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Thursday, October 10th. Shareholders of record on Thursday, September 19th were paid a dividend of $0.94 per share. The ex-dividend date was Thursday, September 19th. This represents a $3.76 annualized dividend and a yield of 4.33%. Best Buy's payout ratio is 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.