Los Angeles Capital Management & Equity Research Inc. lessened its stake in shares of Best Buy Co Inc (NYSE:BBY) by 18.3% in the third quarter, HoldingsChannel.com reports. The firm owned 494,276 shares of the technology retailer’s stock after selling 110,909 shares during the quarter. Los Angeles Capital Management & Equity Research Inc.’s holdings in Best Buy were worth $39,226,000 at the end of the most recent quarter.
Several other large investors also recently added to or reduced their stakes in BBY. Metropolitan Life Insurance Co. NY raised its holdings in shares of Best Buy by 1.7% during the second quarter. Metropolitan Life Insurance Co. NY now owns 40,220 shares of the technology retailer’s stock valued at $3,000,000 after acquiring an additional 680 shares in the last quarter. Schroder Investment Management Group raised its holdings in shares of Best Buy by 1.1% during the second quarter. Schroder Investment Management Group now owns 65,132 shares of the technology retailer’s stock valued at $4,884,000 after acquiring an additional 725 shares in the last quarter. Envestnet Asset Management Inc. raised its holdings in shares of Best Buy by 3.4% during the second quarter. Envestnet Asset Management Inc. now owns 22,879 shares of the technology retailer’s stock valued at $1,707,000 after acquiring an additional 743 shares in the last quarter. Empirical Finance LLC raised its holdings in shares of Best Buy by 2.2% during the third quarter. Empirical Finance LLC now owns 37,085 shares of the technology retailer’s stock valued at $2,943,000 after acquiring an additional 805 shares in the last quarter. Finally, Andesa Financial Management Inc. raised its holdings in shares of Best Buy by 14.4% during the third quarter. Andesa Financial Management Inc. now owns 6,510 shares of the technology retailer’s stock valued at $519,000 after acquiring an additional 820 shares in the last quarter. 85.32% of the stock is owned by hedge funds and other institutional investors.
In other Best Buy news, SVP Mathew Watson sold 2,131 shares of the stock in a transaction on Wednesday, September 12th. The stock was sold at an average price of $77.88, for a total value of $165,962.28. Following the completion of the transaction, the senior vice president now owns 18,131 shares in the company, valued at $1,412,042.28. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, CFO Corie S. Barry sold 6,783 shares of the firm’s stock in a transaction on Friday, October 19th. The shares were sold at an average price of $72.80, for a total value of $493,802.40. Following the transaction, the chief financial officer now owns 80,961 shares of the company’s stock, valued at $5,893,960.80. The disclosure for this sale can be found here. In the last quarter, insiders sold 76,711 shares of company stock valued at $6,081,426. 0.75% of the stock is owned by corporate insiders.
BBY opened at $71.68 on Wednesday. The company has a quick ratio of 0.52, a current ratio of 1.21 and a debt-to-equity ratio of 0.25. The firm has a market capitalization of $19.74 billion, a price-to-earnings ratio of 16.22, a PEG ratio of 1.11 and a beta of 1.01. Best Buy Co Inc has a 12-month low of $52.92 and a 12-month high of $84.37.
Best Buy (NYSE:BBY) last posted its quarterly earnings data on Tuesday, August 28th. The technology retailer reported $0.91 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.83 by $0.08. The business had revenue of $9.38 billion during the quarter, compared to the consensus estimate of $9.25 billion. Best Buy had a return on equity of 40.28% and a net margin of 2.44%. The firm’s quarterly revenue was up 4.6% compared to the same quarter last year. During the same quarter in the prior year, the company earned $0.69 earnings per share. On average, equities analysts predict that Best Buy Co Inc will post 5.11 earnings per share for the current year.
The company also recently disclosed a quarterly dividend, which was paid on Tuesday, October 9th. Shareholders of record on Tuesday, September 18th were issued a $0.45 dividend. The ex-dividend date was Monday, September 17th. This represents a $1.80 dividend on an annualized basis and a yield of 2.51%. Best Buy’s dividend payout ratio (DPR) is 40.72%.
BBY has been the subject of a number of recent analyst reports. Zacks Investment Research downgraded Best Buy from a “buy” rating to a “hold” rating in a report on Thursday, October 4th. Jefferies Financial Group initiated coverage on Best Buy in a report on Tuesday, August 21st. They set a “hold” rating and a $79.00 target price for the company. Wells Fargo & Co restated a “hold” rating and set a $78.00 target price on shares of Best Buy in a report on Tuesday, August 28th. Morgan Stanley upped their target price on Best Buy from $74.00 to $78.00 and gave the company an “equal weight” rating in a report on Wednesday, August 29th. Finally, Barclays restated a “buy” rating and set a $90.00 target price on shares of Best Buy in a report on Wednesday, August 29th. Two investment analysts have rated the stock with a sell rating, thirteen have assigned a hold rating and five have issued a buy rating to the company’s stock. Best Buy currently has a consensus rating of “Hold” and an average target price of $80.63.
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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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