Islay Capital Management LLC Acquires Shares of 12,367 Best Buy Co., Inc. (NYSE:BBY)

Islay Capital Management LLC acquired a new stake in Best Buy Co., Inc. (NYSE:BBY) in the 3rd quarter, Holdings Channel.com reports. The institutional investor acquired 12,367 shares of the technology retailer’s stock, valued at approximately $1,278,000.

A number of other institutional investors and hedge funds have also recently modified their holdings of BBY. Richardson Financial Services Inc. lifted its position in Best Buy by 190.9% in the second quarter. Richardson Financial Services Inc. now owns 320 shares of the technology retailer’s stock worth $27,000 after buying an additional 210 shares during the last quarter. Harbor Capital Advisors Inc. bought a new stake in shares of Best Buy in the 3rd quarter worth about $40,000. Innealta Capital LLC bought a new stake in shares of Best Buy in the 2nd quarter worth about $35,000. Whittier Trust Co. grew its holdings in Best Buy by 53.3% during the 2nd 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, Benjamin Edwards Inc. grew its holdings in Best Buy by 50.8% during the 2nd quarter. Benjamin Edwards Inc. now owns 493 shares of the technology retailer’s stock valued at $42,000 after purchasing an additional 166 shares during the last quarter. Hedge funds and other institutional investors own 80.96% of the company’s stock.

Best Buy Trading Up 1.2 %

BBY opened at $92.66 on Monday. The company has a current ratio of 1.01, a quick ratio of 0.34 and a debt-to-equity ratio of 0.37. The firm has a market cap of $19.90 billion, a price-to-earnings ratio of 15.98, a PEG ratio of 2.43 and a beta of 1.47. Best Buy Co., Inc. has a 12 month low of $62.92 and a 12 month high of $103.71. The stock has a fifty day moving average price of $95.70 and a 200-day moving average price of $88.33.

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

Best Buy Dividend Announcement

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

Wall Street Analyst Weigh In

Several research analysts have issued reports on the company. BNP Paribas upgraded 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 price objective on shares of Best Buy in a research report on Tuesday, October 15th. Wells Fargo & Company lifted their target price on Best Buy from $80.00 to $95.00 and gave the stock an “equal weight” rating in a research report on Friday, August 30th. Wedbush boosted their target price on shares of Best Buy from $85.00 to $95.00 and gave the company a “neutral” rating in a research note on Friday, August 30th. Finally, Barclays lifted their price objective on shares of Best Buy from $81.00 to $95.00 and gave the company an “equal weight” rating in a report on Friday, August 30th. One equities research analyst has rated the stock with a sell rating, eight have given a hold rating, nine have assigned a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $103.35.

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.