CLARET ASSET MANAGEMENT Corp boosted its holdings in shares of Best Buy Co Inc (NYSE:BBY) by 4.7% during the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 23,400 shares of the technology retailer’s stock after buying an additional 1,050 shares during the period. CLARET ASSET MANAGEMENT Corp’s holdings in Best Buy were worth $1,614,000 as of its most recent SEC filing.
A number of other institutional investors and hedge funds have also bought and sold shares of BBY. Invesco Ltd. boosted its stake in Best Buy by 289.7% during the second quarter. Invesco Ltd. now owns 4,918,106 shares of the technology retailer’s stock worth $342,938,000 after buying an additional 3,656,220 shares in the last quarter. Nuveen Asset Management LLC boosted its stake in Best Buy by 3,218.5% during the second quarter. Nuveen Asset Management LLC now owns 3,259,002 shares of the technology retailer’s stock worth $227,250,000 after buying an additional 3,160,794 shares in the last quarter. AQR Capital Management LLC boosted its stake in Best Buy by 40.6% during the second quarter. AQR Capital Management LLC now owns 4,797,656 shares of the technology retailer’s stock worth $330,991,000 after buying an additional 1,385,457 shares in the last quarter. Vanguard Group Inc. boosted its stake in shares of Best Buy by 3.7% in the 2nd quarter. Vanguard Group Inc. now owns 27,605,353 shares of the technology retailer’s stock valued at $1,924,922,000 after purchasing an additional 993,608 shares in the last quarter. Finally, BlackRock Inc. boosted its stake in shares of Best Buy by 4.4% in the 2nd quarter. BlackRock Inc. now owns 18,179,382 shares of the technology retailer’s stock valued at $1,267,648,000 after purchasing an additional 772,762 shares in the last quarter. Hedge funds and other institutional investors own 78.12% of the company’s stock.
Several brokerages have recently commented on BBY. Cleveland Research restated a “neutral” rating on shares of Best Buy in a research note on Tuesday, June 18th. Jefferies Financial Group set a $80.00 target price on shares of Best Buy and gave the company a “buy” rating in a research note on Tuesday, September 24th. Guggenheim began coverage on shares of Best Buy in a research note on Monday, July 8th. They issued a “buy” rating and a $80.00 target price on the stock. Loop Capital set a $90.00 target price on shares of Best Buy and gave the company a “buy” rating in a research note on Wednesday, September 18th. Finally, Wedbush restated a “buy” rating and issued a $63.00 target price on shares of Best Buy in a research note on Thursday, August 29th. Eleven research analysts have rated the stock with a hold rating, nine have issued a buy rating and one has given a strong buy rating to the stock. The stock has a consensus rating of “Buy” and an average price target of $78.33.
In other Best Buy news, CAO Mathew Watson sold 1,000 shares of the business’s stock in a transaction dated Friday, September 27th. The stock was sold at an average price of $68.03, for a total transaction of $68,030.00. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, major shareholder Richard M. Schulze sold 69,400 shares of the business’s stock in a transaction dated Wednesday, July 17th. The stock was sold at an average price of $75.12, for a total value of $5,213,328.00. Following the sale, the insider now directly owns 1,732,500 shares of the company’s stock, valued at $130,145,400. The disclosure for this sale can be found here. Insiders sold 962,678 shares of company stock valued at $69,039,686 over the last ninety days. 0.95% of the stock is currently owned by company insiders.
Shares of Best Buy stock traded up $2.50 during trading on Friday, reaching $69.23. The company’s stock had a trading volume of 153,072 shares, compared to its average volume of 2,071,851. The stock has a 50-day moving average price of $66.72 and a two-hundred day moving average price of $69.52. The company has a current ratio of 1.08, a quick ratio of 0.39 and a debt-to-equity ratio of 1.06. Best Buy Co Inc has a one year low of $47.72 and a one year high of $78.53. The stock has a market capitalization of $17.21 billion, a P/E ratio of 12.96, a price-to-earnings-growth ratio of 1.44 and a beta of 1.14.
Best Buy (NYSE:BBY) last released its quarterly earnings results on Thursday, August 29th. The technology retailer reported $1.08 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.99 by $0.09. Best Buy had a return on equity of 48.56% and a net margin of 3.52%. The business had revenue of $9.54 billion during the quarter, compared to analysts’ expectations of $9.55 billion. During the same period in the previous year, the business posted $0.91 earnings per share. The firm’s revenue for the quarter was up 1.7% compared to the same quarter last year. As a group, sell-side analysts anticipate that Best Buy Co Inc will post 5.75 EPS for the current fiscal year.
The firm also recently declared a quarterly dividend, which was paid on Thursday, October 10th. Investors of record on Thursday, September 19th were issued a $0.50 dividend. The ex-dividend date of this dividend was Wednesday, September 18th. This represents a $2.00 dividend on an annualized basis and a dividend yield of 2.89%. Best Buy’s dividend payout ratio is 37.59%.
Best Buy Company Profile
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 Computing and Mobile Phones, such as computing and peripherals, e-readers, networking products, tablets, and wearables, as well as mobile phones comprising related mobile network carrier commissions; consumer electronics, including digital imaging, health and fitness, home theater, portable audio, and smart home products; and entertainment products consisting of drones, movies, music, and toys, as well as gaming hardware and software, and virtual reality and other software products.
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