Quantinno Capital Management LP Purchases 15,077 Shares of Best Buy Co., Inc. (NYSE:BBY)

Quantinno Capital Management LP increased its stake in shares of Best Buy Co., Inc. (NYSE:BBY - Free Report) by 107.0% in the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 29,172 shares of the technology retailer's stock after purchasing an additional 15,077 shares during the quarter. Quantinno Capital Management LP's holdings in Best Buy were worth $3,014,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors have also recently added to or reduced their stakes in BBY. Richardson Financial Services Inc. raised its position in shares of 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 buying an additional 210 shares during the last quarter. Innealta Capital LLC purchased a new stake in Best Buy in the 2nd quarter valued at about $35,000. Harbor Capital Advisors Inc. purchased a new position in shares of Best Buy during the 3rd quarter worth about $40,000. Whittier Trust Co. grew 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 purchasing an additional 171 shares during the period. Finally, Benjamin Edwards Inc. grew its stake in shares of Best Buy by 50.8% during the 2nd quarter. Benjamin Edwards Inc. now owns 493 shares of the technology retailer's stock valued at $42,000 after buying an additional 166 shares during the period. Institutional investors and hedge funds own 80.96% of the company's stock.

Best Buy Price Performance

Best Buy stock traded down $0.75 during mid-day trading on Tuesday, hitting $86.57. 2,955,983 shares of the company were exchanged, compared to its average volume of 3,075,721. The company has a market capitalization of $18.59 billion, a PE ratio of 14.73, a price-to-earnings-growth ratio of 2.21 and a beta of 1.44. Best Buy Co., Inc. has a 1-year low of $69.29 and a 1-year high of $103.71. The business has a fifty day moving average of $92.52 and a 200 day moving average of $90.10. The company has a quick ratio of 0.22, a current ratio of 1.00 and a debt-to-equity ratio of 0.37.

Best Buy (NYSE:BBY - Get Free Report) last released its earnings results on Tuesday, November 26th. The technology retailer reported $1.26 EPS for the quarter, missing the consensus estimate of $1.30 by ($0.04). The firm had revenue of $9.45 billion during the quarter, compared to the consensus estimate of $9.63 billion. Best Buy had a net margin of 3.01% and a return on equity of 45.93%. The company's revenue was down 3.2% on a year-over-year basis. During the same quarter in the previous year, the firm posted $1.29 EPS. As a group, sell-side analysts expect that Best Buy Co., Inc. will post 6.18 earnings per share for the current year.

Best Buy Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Tuesday, January 7th. Stockholders of record on Tuesday, December 17th will be issued a dividend of $0.94 per share. This represents a $3.76 annualized dividend and a dividend yield of 4.34%. The ex-dividend date is Tuesday, December 17th. Best Buy's dividend payout ratio (DPR) is currently 64.27%.

Analyst Ratings Changes

Several equities research analysts have commented on the company. Melius Research began coverage on Best Buy in a research note on Monday, September 23rd. They set a "hold" rating and a $100.00 price target for the company. Piper Sandler reaffirmed an "overweight" rating and issued a $114.00 target price (up previously from $100.00) on shares of Best Buy in a research report on Friday, August 30th. Guggenheim decreased their price objective on shares of Best Buy from $110.00 to $105.00 and set a "buy" rating for the company in a report on Friday, November 29th. StockNews.com lowered shares of Best Buy from a "buy" rating to a "hold" rating in a research note on Friday, November 15th. Finally, The Goldman Sachs Group upped their price objective on Best Buy from $95.00 to $116.00 and gave the company a "buy" rating in a report on Tuesday, September 3rd. One research analyst has rated the stock with a sell rating, eight have assigned a hold rating, ten have assigned a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and an average price target of $101.06.

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.