Schwab Charles Investment Management Inc. grew its position in shares of Best Buy Co Inc (NYSE:BBY) by 44.7% during the 2nd quarter, HoldingsChannel.com reports. The institutional investor owned 1,635,325 shares of the technology retailer’s stock after buying an additional 505,061 shares during the quarter. Schwab Charles Investment Management Inc.’s holdings in Best Buy were worth $121,963,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
Other hedge funds have also recently bought and sold shares of the company. Bristol John W & Co. Inc. NY bought a new position in shares of Best Buy in the first quarter worth $129,000. Private Capital Group LLC increased its position in shares of Best Buy by 850.7% in the first quarter. Private Capital Group LLC now owns 2,852 shares of the technology retailer’s stock worth $201,000 after purchasing an additional 2,552 shares during the period. Squar Milner Financial Services LLC bought a new position in shares of Best Buy in the second quarter worth $201,000. Capital Investment Advisors LLC bought a new position in shares of Best Buy in the second quarter worth $210,000. Finally, RFG Advisory Group LLC bought a new position in shares of Best Buy in the second quarter worth $210,000. Hedge funds and other institutional investors own 88.30% of the company’s stock.
In other Best Buy news, insider Asheesh Saksena sold 18,570 shares of Best Buy stock in a transaction dated 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 owns 77,478 shares in the company, valued at $5,709,353.82. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, SVP Mathew Watson sold 457 shares of Best Buy stock in a transaction dated Monday, June 11th. The shares were sold at an average price of $72.54, for a total value of $33,150.78. Following the completion of the transaction, the senior vice president now owns 20,241 shares in the company, valued at approximately $1,468,282.14. The disclosure for this sale can be found here. In the last quarter, insiders sold 23,145 shares of company stock worth $1,692,585. Company insiders own 0.75% of the company’s stock.
A number of research analysts recently commented on the company. Zacks Investment Research cut Best Buy from a “buy” rating to a “hold” rating in a research report on Monday, May 28th. Wedbush restated a “sell” rating and issued a $48.00 price target on shares of Best Buy in a research report on Monday, May 21st. ValuEngine cut Best Buy from a “buy” rating to a “hold” rating in a research report on Saturday, May 26th. Wells Fargo & Co assumed coverage on Best Buy in a research report on Monday, April 23rd. They issued a “market perform” rating and a $77.00 price target on the stock. Finally, Morgan Stanley restated a “buy” rating on shares of Best Buy in a research report on Friday, June 8th. Two analysts have rated the stock with a sell rating, ten have issued a hold rating, seven have assigned a buy rating and two have given a strong buy rating to the stock. The company currently has a consensus rating of “Hold” and an average price target of $74.33.
Best Buy stock opened at $79.38 on Tuesday. Best Buy Co Inc has a 12-month low of $51.61 and a 12-month high of $79.90. The company has a current ratio of 1.27, a quick ratio of 0.56 and a debt-to-equity ratio of 0.23. The stock has a market capitalization of $21.93 billion, a price-to-earnings ratio of 17.96, a price-to-earnings-growth ratio of 1.37 and a beta of 0.79.
Best Buy (NYSE:BBY) last released its earnings results on Thursday, May 24th. The technology retailer reported $0.82 earnings per share (EPS) for the quarter, beating the Zacks’ 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 firm had revenue of $9.11 billion for the quarter, compared to analysts’ expectations of $8.75 billion. During the same quarter in the previous year, the business posted $0.60 earnings per share. The business’s revenue for the quarter was up 6.8% on a year-over-year basis. equities analysts anticipate that Best Buy Co Inc will post 5.01 earnings per share for the current fiscal year.
About Best Buy
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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