Maverick Capital Ltd. Invests $3.47 Million in Best Buy Co., Inc. (NYSE:BBY)

Maverick Capital Ltd. purchased a new position in Best Buy Co., Inc. (NYSE:BBY) in the third quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor purchased 33,622 shares of the technology retailer’s stock, valued at approximately $3,473,000.

A number of other hedge funds have also made changes to their positions in BBY. Richardson Financial Services Inc. grew its holdings in Best Buy by 190.9% during the second quarter. Richardson Financial Services Inc. now owns 320 shares of the technology retailer’s stock valued at $27,000 after purchasing an additional 210 shares during the last quarter. Innealta Capital LLC acquired a new position in Best Buy during the second quarter valued at approximately $35,000. Harbor Capital Advisors Inc. acquired a new position in Best Buy during the third quarter valued at approximately $40,000. Whittier Trust Co. grew its holdings in Best Buy by 53.3% during the second quarter. Whittier Trust Co. now owns 492 shares of the technology retailer’s stock valued at $41,000 after purchasing an additional 171 shares during the last quarter. Finally, EverSource Wealth Advisors LLC grew its holdings in Best Buy by 103.6% during the first quarter. EverSource Wealth Advisors LLC now owns 509 shares of the technology retailer’s stock valued at $42,000 after purchasing an additional 259 shares during the last quarter. 80.96% of the stock is owned by hedge funds and other institutional investors.

Best Buy Trading Up 2.1 %

Shares of Best Buy stock opened at $90.05 on Friday. Best Buy Co., Inc. has a 12-month low of $69.29 and a 12-month high of $103.71. The stock has a market cap of $19.34 billion, a P/E ratio of 15.39, a P/E/G ratio of 2.34 and a beta of 1.47. The company has a quick ratio of 0.34, a current ratio of 1.00 and a debt-to-equity ratio of 0.37. The business’s 50 day moving average is $93.81 and its 200-day moving average is $89.17.

Best Buy (NYSE:BBY) last posted its earnings results on Thursday, August 29th. The technology retailer reported $1.34 earnings per share for the quarter, topping analysts’ consensus estimates of $1.16 by $0.18. The business had revenue of $9.29 billion for the quarter, compared to analyst estimates of $9.23 billion. Best Buy had a return on equity of 45.93% and a net margin of 3.01%. The firm’s revenue was down 3.1% compared to the same quarter last year. During the same period in the previous year, the firm earned $1.22 EPS. Equities research analysts predict that Best Buy Co., Inc. will post 6.19 earnings per share for the current fiscal year.

Best Buy Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, January 7th. Investors of record on Tuesday, December 17th will be issued a dividend of $0.94 per share. This represents a $3.76 dividend on an annualized basis and a dividend yield of 4.18%. The ex-dividend date of this dividend is Tuesday, December 17th. Best Buy’s payout ratio is presently 64.27%.

Analyst Ratings Changes

Several brokerages have recently issued reports on BBY. UBS Group lowered their price objective on shares of Best Buy from $123.00 to $115.00 and set a “buy” rating on the stock in a research note on Wednesday. DA Davidson restated a “buy” rating and issued a $117.00 price objective on shares of Best Buy in a research note on Tuesday, October 15th. BNP Paribas upgraded shares of Best Buy to a “strong-buy” rating in a research note on Thursday, August 29th. Wedbush raised their price objective on shares of Best Buy from $85.00 to $95.00 and gave the stock a “neutral” rating in a research note on Friday, August 30th. Finally, 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 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 issued a strong buy rating to the company. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $101.06.

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.