Andra AP fonden Has $34.75 Million Position in Best Buy Co., Inc. $BBY

Andra AP fonden lessened its holdings in shares of Best Buy Co., Inc. (NYSE:BBY) by 6.3% during the third quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 459,500 shares of the technology retailer’s stock after selling 30,800 shares during the quarter. Andra AP fonden owned approximately 0.22% of Best Buy worth $34,747,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently bought and sold shares of BBY. Vanguard Group Inc. boosted its stake in shares of Best Buy by 2.4% during the 3rd quarter. Vanguard Group Inc. now owns 23,947,415 shares of the technology retailer’s stock worth $1,810,904,000 after acquiring an additional 552,360 shares during the period. State Street Corp lifted its holdings in Best Buy by 3.8% during the 2nd quarter. State Street Corp now owns 13,631,429 shares of the technology retailer’s stock valued at $927,753,000 after purchasing an additional 496,215 shares during the last quarter. Charles Schwab Investment Management Inc. lifted its holdings in Best Buy by 1.0% during the 2nd quarter. Charles Schwab Investment Management Inc. now owns 7,038,506 shares of the technology retailer’s stock valued at $472,495,000 after purchasing an additional 69,533 shares during the last quarter. Invesco Ltd. boosted its position in Best Buy by 15.8% during the second quarter. Invesco Ltd. now owns 4,548,650 shares of the technology retailer’s stock worth $305,351,000 after purchasing an additional 621,863 shares during the period. Finally, AQR Capital Management LLC increased its holdings in shares of Best Buy by 39.5% in the second quarter. AQR Capital Management LLC now owns 3,501,617 shares of the technology retailer’s stock valued at $235,064,000 after purchasing an additional 991,141 shares during the last quarter. Institutional investors own 80.96% of the company’s stock.

Best Buy Trading Up 0.8%

Shares of Best Buy stock opened at $62.82 on Friday. The company has a quick ratio of 0.26, a current ratio of 1.05 and a debt-to-equity ratio of 0.44. Best Buy Co., Inc. has a 12-month low of $54.99 and a 12-month high of $90.86. The company has a market capitalization of $13.16 billion, a price-to-earnings ratio of 20.80, a PEG ratio of 1.49 and a beta of 1.44. The firm’s 50-day moving average price is $67.29 and its two-hundred day moving average price is $73.04.

Best Buy (NYSE:BBY) last posted its quarterly earnings results on Tuesday, November 25th. The technology retailer reported $1.40 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.31 by $0.09. The business had revenue of $9.67 billion for the quarter, compared to analyst estimates of $9.57 billion. Best Buy had a net margin of 1.54% and a return on equity of 50.02%. The firm’s revenue for the quarter was up 2.4% on a year-over-year basis. During the same quarter last year, the business posted $1.26 EPS. On average, analysts forecast that Best Buy Co., Inc. will post 6.18 earnings per share for the current fiscal year.

Analysts Set New Price Targets

A number of analysts have recently issued reports on the stock. Piper Sandler cut their target price on shares of Best Buy from $76.00 to $71.00 and set a “neutral” rating for the company in a research note on Monday. Weiss Ratings restated a “hold (c)” rating on shares of Best Buy in a research report on Wednesday, January 21st. Barclays reduced their price objective on Best Buy from $81.00 to $77.00 and set an “equal weight” rating for the company in a report on Thursday, January 8th. The Goldman Sachs Group lowered their target price on Best Buy from $95.00 to $93.00 and set a “buy” rating on the stock in a research note on Wednesday, November 26th. Finally, Daiwa Securities Group lifted their price target on Best Buy from $76.00 to $80.00 and gave the stock a “neutral” rating in a report on Friday, November 28th. Seven research analysts have rated the stock with a Buy rating, fourteen have given a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat.com, Best Buy currently has an average rating of “Hold” and an average target price of $79.79.

About Best Buy

Best Buy Co, Inc is a leading North American consumer electronics retailer that sells a broad range of products including computers, mobile phones, televisions and home theater systems, major appliances, smart-home devices, gaming hardware and software, wearables and related accessories. The company operates through a mix of large-format stores, smaller specialty locations and an e-commerce platform, offering national and private-brand merchandise from major consumer-technology manufacturers as well as third-party sellers.

Beyond product retailing, Best Buy provides a suite of services aimed at installation, repair and ongoing technical support.