Toronto Dominion Bank Acquires 46,152 Shares of Best Buy Co., Inc. (NYSE:BBY)

Toronto Dominion Bank lifted its holdings in shares of Best Buy Co., Inc. (NYSE:BBY) by 82.2% during the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 102,292 shares of the technology retailer’s stock after purchasing an additional 46,152 shares during the quarter. Toronto Dominion Bank’s holdings in Best Buy were worth $10,567,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the business. Ninety One UK Ltd acquired a new position in Best Buy in the 2nd quarter valued at $121,325,000. Thrivent Financial for Lutherans lifted its position in Best Buy by 4,337.6% during the second quarter. Thrivent Financial for Lutherans now owns 1,099,495 shares of the technology retailer’s stock worth $92,677,000 after purchasing an additional 1,074,718 shares during the period. Bank of New York Mellon Corp lifted its position in Best Buy by 55.7% during 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 period. AQR Capital Management LLC increased its holdings in Best Buy by 55.4% in 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 buying an additional 491,781 shares during the period. Finally, Raymond James & Associates raised its position in shares of Best Buy by 17.0% in the 2nd quarter. Raymond James & Associates now owns 3,377,763 shares of the technology retailer’s stock valued at $284,712,000 after buying an additional 490,801 shares in the last quarter. 80.96% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity

In other news, CFO Matthew M. Bilunas sold 69,166 shares of Best Buy stock in a transaction on Wednesday, December 11th. The shares were sold at an average price of $87.46, for a total value of $6,049,258.36. Following the completion of the sale, the chief financial officer now owns 92,070 shares in the company, valued at $8,052,442.20. The trade was a 42.90 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. 0.59% of the stock is owned by company insiders.

Best Buy Price Performance

Best Buy stock opened at $87.58 on Friday. The stock’s 50 day moving average is $91.54 and its 200 day moving average is $90.28. Best Buy Co., Inc. has a one year low of $69.29 and a one year high of $103.71. The firm has a market cap of $18.72 billion, a P/E ratio of 14.97, a P/E/G ratio of 2.19 and a beta of 1.44. The company has a debt-to-equity ratio of 0.37, a current ratio of 1.00 and a quick ratio of 0.22.

Best Buy (NYSE:BBY) last issued its quarterly earnings results on Tuesday, November 26th. The technology retailer reported $1.26 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.30 by ($0.04). Best Buy had a return on equity of 45.93% and a net margin of 3.01%. The firm had revenue of $9.45 billion during the quarter, compared to analyst estimates of $9.63 billion. During the same quarter last year, the firm posted $1.29 EPS. The firm’s revenue for the quarter was down 3.2% on a year-over-year basis. As a group, research analysts expect that Best Buy Co., Inc. will post 6.18 EPS for the current year.

Best Buy Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, January 7th. Stockholders of record on Tuesday, December 17th will be given a $0.94 dividend. This represents a $3.76 annualized dividend and a dividend yield of 4.29%. The ex-dividend date is Tuesday, December 17th. Best Buy’s dividend payout ratio (DPR) is presently 64.27%.

Analysts Set New Price Targets

Several analysts recently issued reports on the stock. DA Davidson reiterated a “buy” rating and set a $117.00 price target on shares of Best Buy in a research report on Tuesday, October 15th. The Goldman Sachs Group lifted their price target on Best Buy from $95.00 to $116.00 and gave the company a “buy” rating in a research note on Tuesday, September 3rd. Piper Sandler restated an “overweight” rating and set a $114.00 price objective (up from $100.00) on shares of Best Buy in a research report on Friday, August 30th. Guggenheim decreased their target price on Best Buy from $110.00 to $105.00 and set a “buy” rating on the stock in a research report on Friday, November 29th. Finally, Wedbush increased their target price on shares of Best Buy from $85.00 to $95.00 and gave the stock a “neutral” rating in a report on Friday, August 30th. One research analyst has rated the stock with a sell rating, eight have issued a hold rating, ten have given a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat, the company has an average rating of “Moderate Buy” and an average price target 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.