QRG Capital Management Inc. Acquires 5,113 Shares of Best Buy Co., Inc. (NYSE:BBY)

QRG Capital Management Inc. boosted its holdings in shares of Best Buy Co., Inc. (NYSE:BBY) by 16.1% in the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 36,858 shares of the technology retailer’s stock after purchasing an additional 5,113 shares during the period. QRG Capital Management Inc.’s holdings in Best Buy were worth $3,162,000 as of its most recent SEC filing.

Several other institutional investors have also recently bought and sold shares of BBY. Private Advisor Group LLC grew its holdings in Best Buy by 9.1% during the 3rd quarter. Private Advisor Group LLC now owns 6,359 shares of the technology retailer’s stock worth $657,000 after acquiring an additional 530 shares during the last quarter. Assenagon Asset Management S.A. lifted its position in shares of Best Buy by 3.3% during the third quarter. Assenagon Asset Management S.A. now owns 13,913 shares of the technology retailer’s stock worth $1,437,000 after purchasing an additional 443 shares in the last quarter. Louisiana State Employees Retirement System grew its stake in shares of Best Buy by 1.8% during the third quarter. Louisiana State Employees Retirement System now owns 11,100 shares of the technology retailer’s stock valued at $1,147,000 after purchasing an additional 200 shares during the last quarter. First Trust Direct Indexing L.P. increased its holdings in shares of Best Buy by 13.9% in the third quarter. First Trust Direct Indexing L.P. now owns 4,271 shares of the technology retailer’s stock valued at $441,000 after purchasing an additional 521 shares in the last quarter. Finally, Cigna Investments Inc. New bought a new position in Best Buy in the 3rd quarter worth approximately $223,000. Institutional investors own 80.96% of the company’s stock.

Analysts Set New Price Targets

A number of brokerages have commented on BBY. StockNews.com lowered Best Buy from a “buy” rating to a “hold” rating in a research report on Friday, November 15th. JPMorgan Chase & Co. raised their price target on Best Buy from $111.00 to $117.00 and gave the company an “overweight” rating in a report on Friday, November 22nd. Wells Fargo & Company reissued an “equal weight” rating on shares of Best Buy in a report on Friday. Barclays reduced their target price on shares of Best Buy from $95.00 to $89.00 and set an “equal weight” rating on the stock in a research note on Thursday, January 9th. Finally, UBS Group reiterated a “buy” rating on shares of Best Buy in a research report on Friday. One analyst has rated the stock with a sell rating, eight have assigned a hold rating, ten have given a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of $101.72.

Insider Transactions at Best Buy

In related news, CFO Matthew M. Bilunas sold 69,166 shares of Best Buy stock in a transaction dated Wednesday, December 11th. The stock was sold at an average price of $87.46, for a total value of $6,049,258.36. Following the sale, the chief financial officer now owns 92,070 shares of the company’s stock, valued at approximately $8,052,442.20. The trade was a 42.90 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Company insiders own 0.59% of the company’s stock.

Best Buy Stock Performance

Shares of BBY opened at $90.05 on Friday. The company has a current ratio of 1.00, a quick ratio of 0.22 and a debt-to-equity ratio of 0.37. Best Buy Co., Inc. has a 12 month low of $69.29 and a 12 month high of $103.71. The firm has a fifty day simple moving average of $86.40 and a 200 day simple moving average of $90.62. The stock has a market capitalization of $19.25 billion, a price-to-earnings ratio of 15.39, a PEG ratio of 2.10 and a beta of 1.43.

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.