NFJ Investment Group LLC Reduces Stock Holdings in Best Buy Co., Inc. (NYSE:BBY)

NFJ Investment Group LLC cut its position in shares of Best Buy Co., Inc. (NYSE:BBY) by 3.0% during the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 210,840 shares of the technology retailer’s stock after selling 6,447 shares during the period. NFJ Investment Group LLC owned approximately 0.10% of Best Buy worth $21,780,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently bought and sold shares of the company. Charles Schwab Investment Management Inc. lifted its holdings in Best Buy by 4.1% in the third quarter. Charles Schwab Investment Management Inc. now owns 6,164,953 shares of the technology retailer’s stock valued at $636,840,000 after acquiring an additional 241,988 shares during the last quarter. Raymond James & Associates lifted its stake in shares of Best Buy by 1.8% in the 3rd quarter. Raymond James & Associates now owns 3,440,215 shares of the technology retailer’s stock valued at $355,374,000 after purchasing an additional 62,452 shares during the last quarter. Dimensional Fund Advisors LP grew its holdings in shares of Best Buy by 8.3% during the 2nd quarter. Dimensional Fund Advisors LP now owns 3,055,743 shares of the technology retailer’s stock worth $257,569,000 after purchasing an additional 235,478 shares during the period. Bank of New York Mellon Corp increased its position in shares of Best Buy by 55.7% during the 2nd quarter. Bank of New York Mellon Corp now owns 2,863,291 shares of the technology retailer’s stock worth $241,347,000 after purchasing an additional 1,024,824 shares during the last quarter. Finally, Ninety One UK Ltd purchased a new stake in Best Buy in the 2nd quarter valued at about $121,325,000. 80.96% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several brokerages have weighed in on BBY. Telsey Advisory Group lowered their target price on shares of Best Buy from $115.00 to $110.00 and set an “outperform” rating for the company in a research note on Tuesday, November 26th. BNP Paribas upgraded shares of Best Buy to a “strong-buy” rating in a report on Thursday, August 29th. Evercore ISI upped their price target on Best Buy from $90.00 to $94.00 and gave the stock an “in-line” rating in a research note on Friday, August 30th. 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 objective for the company. Finally, The Goldman Sachs Group increased their target price on Best Buy from $95.00 to $116.00 and gave the stock a “buy” rating in a research note on Tuesday, September 3rd. One research analyst has rated the stock with a sell rating, eight have issued a hold rating, ten have given a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, Best Buy currently has a consensus rating of “Moderate Buy” and an average target price of $101.06.

Best Buy Stock Performance

NYSE:BBY traded down $1.48 during mid-day trading on Tuesday, reaching $89.45. 576,743 shares of the stock were exchanged, compared to its average volume of 3,056,557. 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 Co., Inc. has a 1 year low of $69.29 and a 1 year high of $103.71. The company has a 50 day simple moving average of $93.67 and a 200-day simple moving average of $89.50. The stock has a market capitalization of $19.21 billion, a P/E ratio of 15.54, a P/E/G ratio of 2.26 and a beta of 1.44.

Best Buy Dividend Announcement

The firm 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 of this dividend is Tuesday, December 17th. This represents a $3.76 dividend on an annualized basis and a dividend yield of 4.20%. Best Buy’s payout ratio is 64.27%.

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.