Private Capital Group LLC increased its position in Best Buy Co Inc (NYSE:BBY) by 850.7% during the first quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 2,852 shares of the technology retailer’s stock after purchasing an additional 2,552 shares during the period. Private Capital Group LLC’s holdings in Best Buy were worth $201,000 at the end of the most recent quarter.
Other institutional investors and hedge funds have also recently modified their holdings of the company. OppenheimerFunds Inc. raised its position in Best Buy by 448.0% in the 1st quarter. OppenheimerFunds Inc. now owns 2,893,720 shares of the technology retailer’s stock valued at $202,532,000 after buying an additional 2,365,675 shares during the last quarter. Renaissance Technologies LLC raised its position in Best Buy by 61.0% in the 4th quarter. Renaissance Technologies LLC now owns 3,379,200 shares of the technology retailer’s stock valued at $231,374,000 after buying an additional 1,280,600 shares during the last quarter. Amundi Pioneer Asset Management Inc. purchased a new stake in Best Buy in the 4th quarter valued at $86,840,000. Mackay Shields LLC purchased a new stake in Best Buy in the 1st quarter valued at $38,919,000. Finally, Millennium Management LLC raised its position in Best Buy by 472.6% in the 1st quarter. Millennium Management LLC now owns 654,369 shares of the technology retailer’s stock valued at $45,799,000 after buying an additional 540,097 shares during the last quarter. Institutional investors own 88.29% of the company’s stock.
Shares of NYSE BBY opened at $77.23 on Friday. The stock has a market cap of $21.19 billion, a P/E ratio of 17.47, a PEG ratio of 1.42 and a beta of 0.86. The company has a debt-to-equity ratio of 0.23, a quick ratio of 0.56 and a current ratio of 1.27. Best Buy Co Inc has a 1-year low of $51.61 and a 1-year high of $79.90.
Best Buy (NYSE:BBY) last announced its quarterly earnings data on Thursday, May 24th. The technology retailer reported $0.82 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.74 by $0.08. The company had revenue of $9.11 billion for the quarter, compared to analysts’ expectations of $8.75 billion. Best Buy had a return on equity of 36.16% and a net margin of 2.39%. Best Buy’s revenue for the quarter was up 6.8% compared to the same quarter last year. During the same period last year, the firm posted $0.60 EPS. equities analysts expect that Best Buy Co Inc will post 5.01 earnings per share for the current year.
The business also recently declared a quarterly dividend, which will be paid on Thursday, July 5th. Shareholders of record on Thursday, June 14th will be paid a $0.45 dividend. The ex-dividend date of this dividend is Wednesday, June 13th. This represents a $1.80 dividend on an annualized basis and a yield of 2.33%. Best Buy’s dividend payout ratio (DPR) is currently 40.72%.
In other Best Buy news, insider Asheesh Saksena sold 18,570 shares of Best Buy stock in a transaction that occurred on Thursday, June 14th. The stock was sold at an average price of $73.69, for a total value of $1,368,423.30. Following the transaction, the insider now directly owns 77,478 shares of the company’s stock, valued at approximately $5,709,353.82. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Patricia H. Walker sold 8,854 shares of Best Buy stock in a transaction that occurred on Tuesday, April 24th. The stock was sold at an average price of $73.63, for a total value of $651,920.02. Following the completion of the transaction, the insider now directly owns 26,698 shares in the company, valued at $1,965,773.74. The disclosure for this sale can be found here. Insiders sold a total of 31,999 shares of company stock worth $2,344,505 over the last ninety days. Insiders own 0.75% of the company’s stock.
BBY has been the subject of a number of analyst reports. Wedbush reissued a “sell” rating and issued a $38.00 price target on shares of Best Buy in a research report on Monday, February 26th. Piper Jaffray Companies increased their price target on Best Buy from $68.00 to $83.00 and gave the company an “overweight” rating in a research report on Monday, February 26th. Jefferies Financial Group reissued a “buy” rating and issued a $74.00 price target (up from $60.00) on shares of Best Buy in a research report on Tuesday, February 27th. Loop Capital raised Best Buy to a “buy” rating in a research report on Thursday, March 1st. Finally, Telsey Advisory Group reaffirmed a “market perform” rating and set a $76.00 target price (up from $74.00) on shares of Best Buy in a research report on Friday, March 2nd. Three analysts have rated the stock with a sell rating, eleven have issued a hold rating, seven have issued a buy rating and one has given a strong buy rating to the company. The company presently has a consensus rating of “Hold” and a consensus price target of $72.41.
Best Buy 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 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.
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