Intech Investment Management LLC Purchases 142,050 Shares of Best Buy Co., Inc. $BBY

Intech Investment Management LLC raised its position in Best Buy Co., Inc. (NYSE:BBY) by 819.3% during the 3rd quarter, HoldingsChannel.com reports. The institutional investor owned 159,387 shares of the technology retailer’s stock after acquiring an additional 142,050 shares during the period. Intech Investment Management LLC’s holdings in Best Buy were worth $12,053,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors have also recently made changes to their positions in the company. Vanguard Group Inc. increased its holdings in Best Buy by 2.4% in 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 last quarter. State Street Corp lifted its holdings in Best Buy by 3.8% during the second 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. boosted its position in Best Buy by 1.0% during the second quarter. Charles Schwab Investment Management Inc. now owns 7,038,506 shares of the technology retailer’s stock worth $472,495,000 after purchasing an additional 69,533 shares during the period. Invesco Ltd. increased its stake in shares of Best Buy by 15.8% in 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 in the last quarter. Finally, AQR Capital Management LLC increased its stake 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 worth $235,064,000 after purchasing an additional 991,141 shares in the last quarter. Hedge funds and other institutional investors own 80.96% of the company’s stock.

Analyst Upgrades and Downgrades

Several research firms recently commented on BBY. Telsey Advisory Group reaffirmed an “outperform” rating and issued a $95.00 price objective on shares of Best Buy in a report on Tuesday. Truist Financial dropped their target price on Best Buy from $77.00 to $73.00 and set a “hold” rating on the stock in a research report on Friday, January 16th. Wedbush cut their price target on Best Buy from $80.00 to $70.00 and set a “neutral” rating for the company in a report on Tuesday. Wall Street Zen cut Best Buy from a “buy” rating to a “hold” rating in a research report on Saturday, January 10th. Finally, JPMorgan Chase & Co. cut Best Buy from an “overweight” rating to a “neutral” rating and dropped their price objective for the stock from $99.00 to $76.00 in a report on Monday, February 2nd. Seven analysts have rated the stock with a Buy rating, fourteen have given a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat.com, the company presently has an average rating of “Hold” and an average price target of $79.79.

Best Buy Trading Up 0.8%

Best Buy stock opened at $62.82 on Friday. The company has a debt-to-equity ratio of 0.44, a quick ratio of 0.26 and a current ratio of 1.05. Best Buy Co., Inc. has a fifty-two week low of $54.99 and a fifty-two week high of $90.86. The stock has a market cap of $13.16 billion, a P/E ratio of 20.80, a PEG ratio of 1.49 and a beta of 1.44. The firm’s fifty day moving average price is $67.29 and its 200-day moving average price is $73.04.

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

Best Buy Profile

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.