Great West Life Assurance Co. Can decreased its position in shares of Best Buy Co Inc (NYSE:BBY) by 23.9% during the 2nd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 616,994 shares of the technology retailer’s stock after selling 193,497 shares during the quarter. Great West Life Assurance Co. Can owned approximately 0.22% of Best Buy worth $46,075,000 at the end of the most recent reporting period.
Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Bristol John W & Co. Inc. NY acquired a new stake in shares of Best Buy during the 1st quarter valued at $129,000. Private Capital Group LLC lifted its holdings in Best Buy by 850.7% during the 1st quarter. Private Capital Group LLC now owns 2,852 shares of the technology retailer’s stock worth $201,000 after buying an additional 2,552 shares during the period. Squar Milner Financial Services LLC acquired a new position in Best Buy during the 2nd quarter worth about $201,000. Capital Investment Advisors LLC acquired a new position in Best Buy during the 2nd quarter worth about $210,000. Finally, RFG Advisory Group LLC acquired a new position in Best Buy during the 2nd quarter worth about $210,000. 82.10% of the stock is currently owned by institutional investors.
Several research analysts have commented on BBY shares. Zacks Investment Research raised Best Buy from a “hold” rating to a “strong-buy” rating and set a $88.00 target price on the stock in a report on Tuesday, July 24th. Morgan Stanley lifted their target price on Best Buy from $74.00 to $78.00 and gave the stock an “equal weight” rating in a report on Wednesday. Wells Fargo & Co set a $77.00 target price on Best Buy and gave the stock a “hold” rating in a report on Thursday, May 24th. Wedbush set a $48.00 price objective on Best Buy and gave the company a “sell” rating in a research note on Sunday, May 27th. Finally, Telsey Advisory Group boosted their price objective on Best Buy from $76.00 to $80.00 and gave the company a “market perform” rating in a research note on Wednesday. Two research analysts have rated the stock with a sell rating, fourteen have assigned a hold rating and six have given a buy rating to the stock. The company presently has a consensus rating of “Hold” and a consensus target price of $79.35.
Shares of BBY opened at $77.63 on Thursday. The company has a debt-to-equity ratio of 0.23, a current ratio of 1.27 and a quick ratio of 0.56. The company has a market cap of $22.82 billion, a price-to-earnings ratio of 17.56, a P/E/G ratio of 1.42 and a beta of 0.79. Best Buy Co Inc has a 52 week low of $51.61 and a 52 week high of $84.37.
Best Buy (NYSE:BBY) last issued its quarterly earnings data on Tuesday, August 28th. The technology retailer reported $0.91 EPS for the quarter, topping analysts’ consensus estimates of $0.83 by $0.08. The firm had revenue of $9.38 billion during the quarter, compared to analyst estimates of $9.25 billion. Best Buy had a return on equity of 36.16% and a net margin of 2.39%. The company’s revenue for the quarter was up 4.6% on a year-over-year basis. During the same period in the previous year, the company posted $0.69 EPS. analysts expect that Best Buy Co Inc will post 5.04 EPS for the current year.
The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, October 9th. Shareholders of record on Tuesday, September 18th will be issued a dividend of $0.45 per share. This represents a $1.80 dividend on an annualized basis and a yield of 2.32%. Best Buy’s dividend payout ratio is currently 40.72%.
In other news, SVP Mathew Watson sold 457 shares of the company’s stock in a transaction that occurred on Monday, June 11th. The stock was 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 directly owns 20,241 shares of the company’s stock, valued at $1,468,282.14. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, insider Asheesh Saksena sold 18,570 shares of the company’s stock in a transaction that occurred 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 transaction, the insider now directly owns 77,478 shares of the company’s stock, valued at $5,709,353.82. The disclosure for this sale can be found here. Insiders have sold a total of 20,252 shares of company stock valued at $1,485,915 over the last three months. Corporate insiders own 0.75% of the company’s stock.
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 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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