Xponance Inc. Has $4.84 Million Stake in Best Buy Co., Inc. $BBY

Xponance Inc. increased its position in Best Buy Co., Inc. (NYSE:BBY) by 57.4% during the third quarter, according to its most recent Form 13F filing with the SEC. The fund owned 63,936 shares of the technology retailer’s stock after buying an additional 23,304 shares during the period. Xponance Inc.’s holdings in Best Buy were worth $4,835,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently added to or reduced their stakes in BBY. Sage Private Wealth Group LLC increased its stake in shares of Best Buy by 3.1% during the 3rd quarter. Sage Private Wealth Group LLC now owns 4,109 shares of the technology retailer’s stock worth $311,000 after purchasing an additional 123 shares during the last quarter. LVW Advisors LLC boosted its holdings in Best Buy by 3.9% in the third quarter. LVW Advisors LLC now owns 3,633 shares of the technology retailer’s stock worth $275,000 after purchasing an additional 137 shares in the last quarter. Harbor Capital Advisors Inc. boosted its holdings in Best Buy by 69.3% in the third quarter. Harbor Capital Advisors Inc. now owns 337 shares of the technology retailer’s stock worth $25,000 after purchasing an additional 138 shares in the last quarter. Panagora Asset Management Inc. increased its position in Best Buy by 1.5% during the second quarter. Panagora Asset Management Inc. now owns 9,513 shares of the technology retailer’s stock worth $639,000 after buying an additional 144 shares during the last quarter. Finally, GAMMA Investing LLC raised its holdings in Best Buy by 2.1% during the third quarter. GAMMA Investing LLC now owns 7,220 shares of the technology retailer’s stock valued at $546,000 after buying an additional 150 shares in the last quarter. 80.96% of the stock is currently owned by institutional investors and hedge funds.

Best Buy Trading Down 1.5%

Shares of Best Buy stock opened at $61.93 on Monday. Best Buy Co., Inc. has a 1 year low of $54.99 and a 1 year high of $90.86. The company’s fifty day simple moving average is $67.09 and its 200-day simple moving average is $73.01. The company has a market cap of $12.98 billion, a price-to-earnings ratio of 20.51, a PEG ratio of 1.48 and a beta of 1.46. The company has a current ratio of 1.05, a quick ratio of 0.26 and a debt-to-equity ratio of 0.44.

Wall Street Analysts Forecast Growth

A number of brokerages have weighed in on BBY. Daiwa Securities Group boosted their price target on Best Buy from $76.00 to $80.00 and gave the stock a “neutral” rating in a research report on Friday, November 28th. Morgan Stanley cut their price objective on Best Buy from $82.00 to $76.00 and set an “equal weight” rating on the stock in a research note on Thursday, January 15th. Wedbush decreased their target price on Best Buy from $80.00 to $70.00 and set a “neutral” rating for the company in a research report on Tuesday, February 24th. The Goldman Sachs Group lowered their price target on Best Buy from $95.00 to $93.00 and set a “buy” rating on the stock in a report on Wednesday, November 26th. Finally, Telsey Advisory Group restated an “outperform” rating and issued a $95.00 price objective on shares of Best Buy in a research note on Tuesday, February 24th. Seven equities research analysts have rated the stock with a Buy rating, fourteen have issued a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus price target of $80.05.

About Best Buy

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.