California Public Employees Retirement System lessened its holdings in Best Buy Co., Inc. (NYSE:BBY) by 5.7% in the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 840,618 shares of the technology retailer’s stock after selling 51,100 shares during the quarter. California Public Employees Retirement System owned approximately 0.28% of Best Buy Co. worth $48,193,000 at the end of the most recent quarter.
Other institutional investors have also added to or reduced their stakes in the company. FNY Managed Accounts LLC lifted its stake in Best Buy Co. by 18,281.8% in the second quarter. FNY Managed Accounts LLC now owns 2,000 shares of the technology retailer’s stock valued at $114,000 after buying an additional 2,011 shares during the last quarter. Huntington National Bank lifted its stake in Best Buy Co. by 18.4% in the second quarter. Huntington National Bank now owns 2,050 shares of the technology retailer’s stock valued at $118,000 after buying an additional 318 shares during the last quarter. Exane Derivatives lifted its stake in Best Buy Co. by 65.5% in the second quarter. Exane Derivatives now owns 2,553 shares of the technology retailer’s stock valued at $146,000 after buying an additional 1,010 shares during the last quarter. Harbour Capital Advisors LLC bought a new stake in Best Buy Co. in the first quarter valued at $147,000. Finally, Northwestern Mutual Wealth Management Co. lifted its stake in Best Buy Co. by 6.2% in the second quarter. Northwestern Mutual Wealth Management Co. now owns 2,774 shares of the technology retailer’s stock valued at $159,000 after buying an additional 163 shares during the last quarter. 88.11% of the stock is owned by hedge funds and other institutional investors.
In other news, CFO Corie S. Barry sold 787 shares of the company’s stock in a transaction on Monday, August 21st. The stock was sold at an average price of $59.92, for a total transaction of $47,157.04. Following the transaction, the chief financial officer now owns 54,159 shares of the company’s stock, valued at $3,245,207.28. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CFO Corie S. Barry sold 3,426 shares of the company’s stock in a transaction on Tuesday, September 5th. The shares were sold at an average price of $54.68, for a total value of $187,333.68. Following the transaction, the chief financial officer now directly owns 57,903 shares in the company, valued at approximately $3,166,136.04. The disclosure for this sale can be found here. Insiders have sold 163,125 shares of company stock worth $9,003,240 in the last ninety days. 1.21% of the stock is currently owned by insiders.
A number of equities research analysts have issued reports on BBY shares. Jefferies Group LLC reiterated a “buy” rating and issued a $60.00 target price on shares of Best Buy Co. in a research note on Thursday, July 6th. Piper Jaffray Companies set a $70.00 target price on Best Buy Co. and gave the company a “buy” rating in a research note on Monday, June 26th. Deutsche Bank AG reiterated a “buy” rating and issued a $60.00 target price on shares of Best Buy Co. in a research note on Monday, June 5th. Loop Capital reiterated a “buy” rating and issued a $72.00 target price (up from $64.00) on shares of Best Buy Co. in a research note on Monday, June 5th. Finally, ValuEngine upgraded Best Buy Co. from a “hold” rating to a “buy” rating in a research note on Friday, June 2nd. Three research analysts have rated the stock with a sell rating, three have issued a hold rating, eighteen have issued a buy rating and one has given a strong buy rating to the company’s stock. Best Buy Co. has an average rating of “Buy” and a consensus target price of $58.14.
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Shares of Best Buy Co., Inc. (BBY) opened at 53.90 on Friday. The firm has a 50-day moving average of $58.64 and a 200 day moving average of $53.96. Best Buy Co., Inc. has a 12 month low of $37.10 and a 12 month high of $63.32. The company has a market capitalization of $16.13 billion, a PE ratio of 14.26 and a beta of 1.48.
Best Buy Co. (NYSE:BBY) last issued its quarterly earnings results on Tuesday, August 29th. The technology retailer reported $0.69 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.63 by $0.06. Best Buy Co. had a return on equity of 27.41% and a net margin of 3.00%. The business had revenue of $8.94 billion for the quarter, compared to analyst estimates of $8.67 billion. During the same quarter in the prior year, the firm posted $0.57 earnings per share. The firm’s revenue for the quarter was up 4.8% compared to the same quarter last year. On average, equities research analysts expect that Best Buy Co., Inc. will post $4.06 earnings per share for the current fiscal year.
The company also recently declared a quarterly dividend, which will be paid on Tuesday, October 10th. Stockholders of record on Tuesday, September 19th will be paid a dividend of $0.34 per share. This represents a $1.36 annualized dividend and a dividend yield of 2.52%. The ex-dividend date is Monday, September 18th. Best Buy Co.’s dividend payout ratio (DPR) is presently 35.88%.
Best Buy Co. Company Profile
Best Buy Co, Inc is a provider of technology products, services and solutions. The Company offers products and services to the customers visiting its stores, engaging with Geek Squad agents, or using its Websites or mobile applications. It has operations in the United States, Canada and Mexico. The Company operates through two segments: Domestic and International.
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