Ostrum Asset Management purchased a new stake in shares of Best Buy Co Inc (NYSE:BBY) during the first quarter, according to its most recent 13F filing with the SEC. The institutional investor purchased 8,777 shares of the technology retailer’s stock, valued at approximately $614,000.
Several other hedge funds have also made changes to their positions in BBY. SWS Partners bought a new stake in Best Buy in the 4th quarter worth $110,000. Bristol John W & Co. Inc. NY purchased a new position in Best Buy during the 1st quarter valued at about $129,000. Squar Milner Financial Services LLC purchased a new position in Best Buy during the 4th quarter valued at about $201,000. Trexquant Investment LP bought a new stake in Best Buy during the 1st quarter valued at about $212,000. Finally, First Commonwealth Financial Corp PA bought a new stake in Best Buy during the 4th quarter valued at about $212,000. Institutional investors own 88.38% of the company’s stock.
NYSE BBY opened at $74.58 on Friday. The company has a debt-to-equity ratio of 0.23, a quick ratio of 0.56 and a current ratio of 1.27. The firm has a market cap of $20.95 billion, a PE ratio of 16.87, a P/E/G ratio of 1.40 and a beta of 0.86. Best Buy Co Inc has a 52 week low of $51.61 and a 52 week high of $79.90.
Best Buy (NYSE:BBY) last released its earnings results on Thursday, May 24th. The technology retailer reported $0.82 earnings per share for the quarter, beating the consensus estimate of $0.74 by $0.08. Best Buy had a return on equity of 36.16% and a net margin of 2.39%. The company had revenue of $9.11 billion during the quarter, compared to the consensus estimate of $8.75 billion. During the same period in the previous year, the company posted $0.60 EPS. Best Buy’s revenue was up 6.8% compared to the same quarter last year. sell-side analysts expect that Best Buy Co Inc will post 5.01 earnings per share for the current fiscal year.
The firm also recently announced a quarterly dividend, which will be paid on Thursday, July 5th. Investors of record on Thursday, June 14th will be paid a dividend of $0.45 per share. This represents a $1.80 annualized dividend and a yield of 2.41%. The ex-dividend date is Wednesday, June 13th. Best Buy’s payout ratio is 40.72%.
In other Best Buy news, insider Rajendra M. Mohan sold 2,617 shares of the company’s stock in a transaction on Friday, May 25th. The stock was sold at an average price of $70.98, for a total value of $185,754.66. Following the sale, the insider now owns 97,897 shares of the company’s stock, valued at $6,948,729.06. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Asheesh Saksena sold 18,570 shares of the company’s stock in a transaction on Thursday, June 14th. The shares were sold at an average price of $73.69, for a total value of $1,368,423.30. Following the completion of the sale, the insider now directly owns 77,478 shares in the company, valued at approximately $5,709,353.82. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 31,999 shares of company stock valued at $2,344,505. 0.75% of the stock is owned by company insiders.
A number of brokerages have recently commented on BBY. Zacks Investment Research upgraded shares of Best Buy from a “hold” rating to a “buy” rating and set a $87.00 price target for the company in a research note on Monday, May 14th. Wedbush reaffirmed a “sell” rating and set a $48.00 price target on shares of Best Buy in a report on Monday, May 21st. UBS Group reissued a “neutral” rating and issued a $77.00 target price (up previously from $70.00) on shares of Best Buy in a report on Friday, March 2nd. Telsey Advisory Group reaffirmed a “market perform” rating and set a $76.00 price target (up previously from $74.00) on shares of Best Buy in a research note on Friday, March 2nd. Finally, Morgan Stanley reiterated an “equal weight” rating and set a $74.00 price objective (up previously from $66.00) 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 given a hold rating, seven have assigned a buy rating and one has assigned a strong buy rating to the stock. The company has a consensus rating of “Hold” and a consensus target price 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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