Penserra Capital Management LLC Sells 2,334 Shares of Best Buy Co., Inc. (NYSE:BBY)

Penserra Capital Management LLC lessened its stake in shares of Best Buy Co., Inc. (NYSE:BBY) by 18.7% in the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 10,161 shares of the technology retailer’s stock after selling 2,334 shares during the quarter. Penserra Capital Management LLC’s holdings in Best Buy were worth $1,048,000 at the end of the most recent reporting period.

Other large investors have also recently bought and sold shares of the company. Tidal Investments LLC grew its holdings in shares of Best Buy by 25.3% in the 1st quarter. Tidal Investments LLC now owns 15,080 shares of the technology retailer’s stock worth $1,237,000 after purchasing an additional 3,044 shares during the last quarter. Comerica Bank grew its stake in Best Buy by 0.8% during the first quarter. Comerica Bank now owns 37,464 shares of the technology retailer’s stock worth $3,073,000 after buying an additional 298 shares during the last quarter. iA Global Asset Management Inc. increased its holdings in shares of Best Buy by 761.4% during the first quarter. iA Global Asset Management Inc. now owns 5,246 shares of the technology retailer’s stock worth $430,000 after buying an additional 4,637 shares in the last quarter. Virtu Financial LLC bought a new position in shares of Best Buy in the first quarter valued at approximately $994,000. Finally, Swedbank AB acquired a new position in shares of Best Buy in the 1st quarter worth approximately $43,522,000. 80.96% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently weighed in on BBY shares. Bank of America raised their price target on Best Buy from $70.00 to $80.00 and gave the company an “underperform” rating in a report on Friday, August 30th. Citigroup cut their price target on Best Buy from $115.00 to $109.00 and set a “buy” rating for the company in a report on Friday, November 8th. Evercore ISI increased their price objective on shares of Best Buy from $90.00 to $94.00 and gave the stock an “in-line” rating in a report on Friday, August 30th. Loop Capital boosted their target price on shares of Best Buy from $100.00 to $110.00 and gave the stock a “buy” rating in a research note on Friday, August 30th. Finally, DA Davidson reissued a “buy” rating and set a $117.00 price target on shares of Best Buy in a research note on Tuesday, October 15th. One research analyst has rated the stock with a sell rating, eight have issued a hold rating, nine have given a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $103.41.

Best Buy Price Performance

Best Buy stock opened at $88.50 on Wednesday. The company has a current ratio of 1.01, a quick ratio of 0.34 and a debt-to-equity ratio of 0.37. The firm has a market capitalization of $19.00 billion, a P/E ratio of 15.26, a PEG ratio of 2.34 and a beta of 1.47. The business has a 50-day moving average of $94.38 and a 200-day moving average of $89.07. Best Buy Co., Inc. has a 1 year low of $68.12 and a 1 year high of $103.71.

Best Buy (NYSE:BBY) last issued its quarterly earnings data on Thursday, August 29th. The technology retailer reported $1.34 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.16 by $0.18. The firm had revenue of $9.29 billion during the quarter, compared to analysts’ expectations of $9.23 billion. Best Buy had a net margin of 2.96% and a return on equity of 47.19%. The business’s revenue for the quarter was down 3.1% on a year-over-year basis. During the same quarter in the previous year, the company earned $1.22 earnings per share. On average, equities analysts anticipate that Best Buy Co., Inc. will post 6.28 EPS for the current year.

Best Buy Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Thursday, October 10th. Shareholders of record on Thursday, September 19th were issued a dividend of $0.94 per share. The ex-dividend date of this dividend was Thursday, September 19th. This represents a $3.76 annualized dividend and a yield of 4.25%. Best Buy’s dividend payout ratio is presently 64.83%.

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.