Worldquant Millennium Advisors LLC Reduces Stock Holdings in Best Buy Co., Inc. (NYSE:BBY)

Worldquant Millennium Advisors LLC reduced its position in Best Buy Co., Inc. (NYSE:BBY - Free Report) by 24.4% during the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 244,456 shares of the technology retailer's stock after selling 78,868 shares during the period. Worldquant Millennium Advisors LLC owned approximately 0.11% of Best Buy worth $25,252,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other large investors also recently modified their holdings of BBY. Ninety One UK Ltd purchased a new position in shares of Best Buy during the 2nd quarter worth $121,325,000. Thrivent Financial for Lutherans grew its holdings in Best Buy by 4,337.6% during the second quarter. Thrivent Financial for Lutherans now owns 1,099,495 shares of the technology retailer's stock valued at $92,677,000 after purchasing an additional 1,074,718 shares during the period. Bank of New York Mellon Corp increased its position in Best Buy by 55.7% in 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 buying an additional 1,024,824 shares in the last quarter. AQR Capital Management LLC raised its stake in shares of Best Buy by 55.4% in the second quarter. AQR Capital Management LLC now owns 1,379,195 shares of the technology retailer's stock worth $116,252,000 after buying an additional 491,781 shares during the period. Finally, Raymond James & Associates lifted its position in shares of Best Buy by 17.0% during the 2nd quarter. Raymond James & Associates now owns 3,377,763 shares of the technology retailer's stock valued at $284,712,000 after buying an additional 490,801 shares in the last quarter. Institutional investors own 80.96% of the company's stock.

Best Buy Stock Down 1.8 %

Shares of BBY traded down $1.63 during mid-day trading on Friday, hitting $88.17. The company's stock had a trading volume of 3,295,408 shares, compared to its average volume of 3,763,939. The company has a current ratio of 1.00, a quick ratio of 0.22 and a debt-to-equity ratio of 0.37. The company's 50-day moving average is $92.84 and its 200-day moving average is $89.84. Best Buy Co., Inc. has a 52-week low of $69.29 and a 52-week high of $103.71. The firm has a market capitalization of $18.93 billion, a price-to-earnings ratio of 15.07, a PEG ratio of 2.27 and a beta of 1.44.

Best Buy (NYSE:BBY - Get Free Report) last announced its earnings results on Tuesday, November 26th. The technology retailer reported $1.26 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.30 by ($0.04). The company 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%. The firm's revenue was down 3.2% compared to the same quarter last year. During the same period last year, the business posted $1.29 EPS. On average, equities research analysts forecast that Best Buy Co., Inc. will post 6.18 EPS for the current fiscal year.

Best Buy Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Tuesday, January 7th. Shareholders of record on Tuesday, December 17th will be given a dividend of $0.94 per share. This represents a $3.76 annualized dividend and a dividend yield of 4.26%. The ex-dividend date is Tuesday, December 17th. Best Buy's payout ratio is 64.27%.

Wall Street Analyst Weigh In

BBY has been the topic of a number of recent analyst reports. Telsey Advisory Group decreased their target price on shares of Best Buy from $115.00 to $110.00 and set an "outperform" rating on the stock in a research note on Tuesday, November 26th. Loop Capital decreased their price objective on shares of Best Buy from $110.00 to $100.00 and set a "buy" rating on the stock in a research report on Wednesday, November 27th. Citigroup dropped their target price on shares of Best Buy from $109.00 to $101.00 and set a "buy" rating for the company in a report on Wednesday, November 27th. Guggenheim decreased their price target on Best Buy from $110.00 to $105.00 and set a "buy" rating on the stock in a report on Friday, November 29th. Finally, Piper Sandler reaffirmed an "overweight" rating and issued a $114.00 price objective (up previously from $100.00) on shares of Best Buy in a research note on Friday, August 30th. One 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 given a strong buy rating to the stock. According to MarketBeat, the company presently has an average rating of "Moderate Buy" and an average target price 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.