Alps Advisors Inc. lifted its stake in shares of Best Buy Co Inc (NYSE:BBY) by 38.4% during the third quarter, HoldingsChannel.com reports. The firm owned 31,387 shares of the technology retailer’s stock after purchasing an additional 8,702 shares during the quarter. Alps Advisors Inc.’s holdings in Best Buy were worth $2,491,000 at the end of the most recent quarter.

Other institutional investors also recently made changes to their positions in the company. LFA Lugano Financial Advisors SA purchased a new position in shares of Best Buy during the second quarter valued at $174,000. Squar Milner Financial Services LLC purchased a new position in shares of Best Buy during the second quarter valued at $201,000. Capital Investment Advisors LLC purchased a new position in shares of Best Buy during the second quarter valued at $210,000. RFG Advisory Group LLC purchased a new position in shares of Best Buy during the second quarter valued at $210,000. Finally, Courier Capital LLC purchased a new position in Best Buy in the second quarter valued at about $217,000. 84.25% of the stock is currently owned by institutional investors.

A number of brokerages have commented on BBY. Morgan Stanley boosted their target price on Best Buy from $78.00 to $80.00 and gave the company an “equal weight” rating in a research note on Thursday, October 11th. Zacks Investment Research downgraded Best Buy from a “buy” rating to a “hold” rating in a research note on Thursday, October 4th. Credit Suisse Group boosted their target price on Best Buy from $74.00 to $78.00 and gave the company a “hold” rating in a research note on Wednesday, August 29th. Barclays restated a “buy” rating and issued a $90.00 target price on shares of Best Buy in a research note on Wednesday, August 29th. Finally, Bank of America restated a “buy” rating and issued a $92.00 target price on shares of Best Buy in a research note on Tuesday, August 28th. Two analysts have rated the stock with a sell rating, thirteen have given a hold rating and five have assigned a buy rating to the company. The company currently has a consensus rating of “Hold” and a consensus price target of $80.63.

In other news, insider Asheesh Saksena sold 26,309 shares of the company’s stock in a transaction dated Wednesday, September 5th. The stock was sold at an average price of $80.07, for a total transaction of $2,106,561.63. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Patricia H. Walker sold 5,000 shares of the company’s stock in a transaction dated Wednesday, August 29th. The stock was sold at an average price of $77.66, for a total value of $388,300.00. Following the sale, the insider now owns 21,698 shares of the company’s stock, valued at approximately $1,685,066.68. The disclosure for this sale can be found here. In the last quarter, insiders have sold 76,711 shares of company stock valued at $6,081,426. 0.75% of the stock is currently owned by corporate insiders.

BBY opened at $68.45 on Monday. The stock has a market cap of $18.79 billion, a PE ratio of 13.88, a P/E/G ratio of 1.06 and a beta of 0.98. Best Buy Co Inc has a 52-week low of $52.92 and a 52-week high of $84.37. The company has a quick ratio of 0.52, a current ratio of 1.21 and a debt-to-equity ratio of 0.25.

Best Buy (NYSE:BBY) last released its quarterly earnings results on Tuesday, August 28th. The technology retailer reported $0.91 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.83 by $0.08. The company had revenue of $9.38 billion during the quarter, compared to the consensus estimate of $9.25 billion. Best Buy had a return on equity of 40.28% and a net margin of 2.44%. The firm’s revenue was up 4.6% on a year-over-year basis. During the same quarter in the prior year, the company posted $0.69 EPS. On average, equities research analysts forecast that Best Buy Co Inc will post 5.11 earnings per share for the current year.

The business also recently declared a quarterly dividend, which was paid on Tuesday, October 9th. Stockholders of record on Tuesday, September 18th were paid a dividend of $0.45 per share. The ex-dividend date of this dividend was Monday, September 17th. This represents a $1.80 annualized dividend and a dividend yield of 2.63%. Best Buy’s dividend payout ratio (DPR) is presently 40.72%.

About Best Buy

Best Buy Co, Inc operates as a retailer of technology products, services, and solutions in the United States, Canada, and Mexico. The company operates in two segments, Domestic and International. Its stores provide consumer electronics, including digital imaging, health and fitness, home automation, home theater, and portable audio products; computing and mobile phones, such as computing and peripherals, networking products, tablets, smart watches, and e-readers, as well as mobile phones comprising related mobile network carrier commissions; and entertainment products, including drones, movies, music, and technology toys, as well as gaming hardware and software, and virtual reality and other software products.

Further Reading: How to Invest in Growth Stocks

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Institutional Ownership by Quarter for Best Buy (NYSE:BBY)

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