Daiwa Securities Group Inc. lessened its stake in Best Buy Co Inc (NYSE:BBY) by 9.3% in the 3rd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 21,384 shares of the technology retailer’s stock after selling 2,190 shares during the quarter. Daiwa Securities Group Inc.’s holdings in Best Buy were worth $1,697,000 at the end of the most recent reporting period.
Several other institutional investors also recently added to or reduced their stakes in BBY. MERIAN GLOBAL INVESTORS UK Ltd boosted its holdings in shares of Best Buy by 647.0% in the third quarter. MERIAN GLOBAL INVESTORS UK Ltd now owns 2,843,269 shares of the technology retailer’s stock valued at $225,641,000 after buying an additional 2,462,655 shares during the period. Swedbank acquired a new position in shares of Best Buy in the third quarter valued at approximately $174,994,000. Marshall Wace LLP boosted its holdings in shares of Best Buy by 454.5% in the second quarter. Marshall Wace LLP now owns 1,287,293 shares of the technology retailer’s stock valued at $96,006,000 after buying an additional 1,055,122 shares during the period. Janus Henderson Group PLC boosted its holdings in Best Buy by 84.4% during the second quarter. Janus Henderson Group PLC now owns 2,102,292 shares of the technology retailer’s stock worth $156,794,000 after purchasing an additional 962,231 shares during the last quarter. Finally, LSV Asset Management boosted its holdings in Best Buy by 31.1% during the second quarter. LSV Asset Management now owns 3,134,306 shares of the technology retailer’s stock worth $233,756,000 after purchasing an additional 742,913 shares during the last quarter. Institutional investors own 85.32% of the company’s stock.
BBY has been the subject of several recent research reports. Zacks Investment Research upgraded shares of Best Buy from a “hold” rating to a “buy” rating and set a $85.00 target price for the company in a report on Monday, July 16th. ValuEngine upgraded shares of Best Buy from a “hold” rating to a “buy” rating in a report on Thursday, July 19th. Jefferies Financial Group initiated coverage on shares of Best Buy in a report on Tuesday, August 21st. They set a “hold” rating and a $79.00 target price for the company. Wedbush set a $65.00 target price on shares of Best Buy and gave the stock a “sell” rating in a report on Thursday, August 23rd. Finally, 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. Two investment analysts have rated the stock with a sell rating, twelve have assigned a hold rating and five have issued a buy rating to the stock. The company has a consensus rating of “Hold” and an average target price of $80.63.
Shares of BBY stock opened at $67.79 on Friday. The firm has a market capitalization of $20.11 billion, a price-to-earnings ratio of 14.85, a PEG ratio of 1.13 and a beta of 1.01. The company has a quick ratio of 0.52, a current ratio of 1.21 and a debt-to-equity ratio of 0.25. Best Buy Co Inc has a one year low of $52.92 and a one year high of $84.37.
Best Buy (NYSE:BBY) last announced its quarterly earnings results on Tuesday, August 28th. The technology retailer reported $0.91 EPS for the quarter, beating analysts’ consensus estimates of $0.83 by $0.08. The firm had revenue of $9.38 billion during the quarter, compared to analysts’ expectations of $9.25 billion. Best Buy had a net margin of 2.44% and a return on equity of 40.28%. The company’s revenue for the quarter was up 4.6% compared to the same quarter last year. During the same quarter last year, the company posted $0.69 earnings per share. As a group, equities research analysts predict that Best Buy Co Inc will post 5.11 earnings per share for the current fiscal year.
In other Best Buy news, insider Asheesh Saksena sold 26,309 shares of the stock in a transaction on Wednesday, September 5th. The shares were sold at an average price of $80.07, for a total value of $2,106,561.63. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, General Counsel Keith J. Nelsen sold 33,473 shares of the stock in a transaction on Tuesday, September 4th. The shares were sold at an average price of $80.38, for a total transaction of $2,690,559.74. 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. Corporate insiders own 0.75% of the company’s stock.
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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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