Royal London Asset Management Ltd. Grows Stake in Best Buy Co., Inc. (NYSE:BBY)

Royal London Asset Management Ltd. lifted its position in Best Buy Co., Inc. (NYSE:BBY - Free Report) by 10.2% in the 3rd quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 88,664 shares of the technology retailer's stock after acquiring an additional 8,237 shares during the period. Royal London Asset Management Ltd.'s holdings in Best Buy were worth $9,159,000 as of its most recent SEC filing.

Several other institutional investors have also recently made changes to their positions in the company. Cetera Advisors LLC bought a new position in Best Buy during the 1st quarter valued at approximately $831,000. Park Avenue Securities LLC increased its position in Best Buy by 18.1% during the 2nd quarter. Park Avenue Securities LLC now owns 8,178 shares of the technology retailer's stock valued at $689,000 after buying an additional 1,251 shares in the last quarter. CWM LLC increased its position in Best Buy by 174.4% during the 2nd quarter. CWM LLC now owns 9,487 shares of the technology retailer's stock valued at $800,000 after buying an additional 6,030 shares in the last quarter. Czech National Bank increased its position in Best Buy by 8.8% during the 2nd quarter. Czech National Bank now owns 36,692 shares of the technology retailer's stock valued at $3,093,000 after buying an additional 2,962 shares in the last quarter. Finally, Dynamic Advisor Solutions LLC increased its position in Best Buy by 5.8% during the 2nd quarter. Dynamic Advisor Solutions LLC now owns 3,847 shares of the technology retailer's stock valued at $324,000 after buying an additional 211 shares in the last quarter. Institutional investors own 80.96% of the company's stock.

Best Buy Price Performance

NYSE:BBY traded down $1.63 on Friday, reaching $88.17. 3,295,408 shares of the company's stock traded hands, compared to its average volume of 3,763,939. The company has a quick ratio of 0.22, a current ratio of 1.00 and a debt-to-equity ratio of 0.37. The stock has a 50-day simple moving average of $92.84 and a 200-day simple moving average of $89.84. The firm has a market cap of $18.93 billion, a PE ratio of 15.07, a P/E/G ratio of 2.27 and a beta of 1.44. Best Buy Co., Inc. has a 12 month low of $69.29 and a 12 month high of $103.71.

Best Buy (NYSE:BBY - Get Free Report) last posted its quarterly earnings results on Tuesday, November 26th. The technology retailer reported $1.26 EPS for the quarter, missing analysts' consensus estimates of $1.30 by ($0.04). The business had revenue of $9.45 billion for 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%. Best Buy's revenue was down 3.2% compared to the same quarter last year. During the same period in the prior year, the business earned $1.29 earnings per share. Equities research analysts forecast that Best Buy Co., Inc. will post 6.18 earnings per share for the current year.

Best Buy Dividend Announcement

The company 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 $0.94 dividend. The ex-dividend date is Tuesday, December 17th. This represents a $3.76 annualized dividend and a dividend yield of 4.26%. Best Buy's dividend payout ratio (DPR) is 64.27%.

Analyst Upgrades and Downgrades

A number of research analysts recently weighed in on the company. DA Davidson reaffirmed a "buy" rating and set a $117.00 price objective on shares of Best Buy in a research report on Tuesday, October 15th. Telsey Advisory Group dropped their price target on Best Buy from $115.00 to $110.00 and set an "outperform" rating on the stock in a research note on Tuesday, November 26th. Guggenheim dropped their price target on Best Buy from $110.00 to $105.00 and set a "buy" rating on the stock in a research note on Friday, November 29th. BNP Paribas upgraded Best Buy to a "strong-buy" rating in a research note on Thursday, August 29th. Finally, Melius Research initiated coverage on Best Buy in a research note on Monday, September 23rd. They issued a "hold" rating and a $100.00 price target on the stock. One equities research analyst has rated the stock with a sell rating, eight have issued a hold rating, ten have assigned a buy rating and one has assigned a strong buy rating to the company's stock. Based on data from MarketBeat, Best Buy currently has a consensus rating of "Moderate Buy" and a consensus target price of $101.06.

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.