Islay Capital Management LLC Takes Position in Best Buy Co., Inc. (NYSE:BBY)

Islay Capital Management LLC acquired a new position in Best Buy Co., Inc. (NYSE:BBY) in the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission. The firm acquired 12,367 shares of the technology retailer’s stock, valued at approximately $1,278,000.

Other hedge funds have also bought and sold shares of the company. Raymond James & Associates lifted its holdings in shares of Best Buy by 1.8% during the 3rd quarter. Raymond James & Associates now owns 3,440,215 shares of the technology retailer’s stock valued at $355,374,000 after buying an additional 62,452 shares during the period. Dimensional Fund Advisors LP lifted its holdings in Best Buy by 8.3% in the second quarter. Dimensional Fund Advisors LP now owns 3,055,743 shares of the technology retailer’s stock valued at $257,569,000 after acquiring an additional 235,478 shares during the period. Bank of New York Mellon Corp boosted 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 purchasing an additional 1,024,824 shares during the last quarter. Ninety One UK Ltd purchased a new position in Best Buy in the second quarter worth about $121,325,000. Finally, AQR Capital Management LLC grew its stake in shares of Best Buy by 55.4% during the 2nd quarter. AQR Capital Management LLC now owns 1,379,195 shares of the technology retailer’s stock valued at $116,252,000 after purchasing an additional 491,781 shares during the period. Hedge funds and other institutional investors own 80.96% of the company’s stock.

Analysts Set New Price Targets

BBY has been the topic of a number of research reports. Bank of America raised their price objective on shares of Best Buy from $70.00 to $80.00 and gave the stock an “underperform” rating in a report on Friday, August 30th. StockNews.com cut shares of Best Buy from a “buy” rating to a “hold” rating in a research note on Friday. BNP Paribas raised shares of Best Buy to a “strong-buy” rating in a research report on Thursday, August 29th. DA Davidson reaffirmed a “buy” rating and issued a $117.00 target price on shares of Best Buy in a report on Tuesday, October 15th. Finally, Loop Capital boosted their price target on Best Buy from $100.00 to $110.00 and gave the company a “buy” rating in a report on Friday, August 30th. One investment analyst has rated the stock with a sell rating, eight have assigned a hold rating, nine have issued a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $103.35.

Best Buy Stock Performance

Shares of NYSE BBY opened at $92.66 on Monday. The firm’s fifty day moving average is $95.70 and its two-hundred day moving average is $88.33. Best Buy Co., Inc. has a 52-week low of $62.92 and a 52-week high of $103.71. The company has a market cap of $19.90 billion, a P/E ratio of 15.98, a P/E/G ratio of 2.43 and a beta of 1.47. The company has a debt-to-equity ratio of 0.37, a quick ratio of 0.34 and a current ratio of 1.01.

Best Buy (NYSE:BBY) last issued its earnings results on Thursday, August 29th. The technology retailer reported $1.34 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.16 by $0.18. The firm had revenue of $9.29 billion for the quarter, compared to analysts’ expectations of $9.23 billion. Best Buy had a return on equity of 47.19% and a net margin of 2.96%. The business’s revenue was down 3.1% compared to the same quarter last year. During the same period in the previous year, the firm posted $1.22 earnings per share. As a group, analysts anticipate that Best Buy Co., Inc. will post 6.28 EPS for the current fiscal year.

Best Buy Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Thursday, October 10th. Investors of record on Thursday, September 19th were issued a $0.94 dividend. This represents a $3.76 dividend on an annualized basis and a dividend yield of 4.06%. The ex-dividend date of this dividend was Thursday, September 19th. Best Buy’s dividend payout ratio (DPR) is presently 64.83%.

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.