Fort L.P. lifted its stake in shares of Best Buy Co Inc (NYSE:BBY) by 30.3% in the fourth quarter, Holdings Channel reports. The fund owned 10,966 shares of the technology retailer’s stock after acquiring an additional 2,552 shares during the quarter. Fort L.P.’s holdings in Best Buy were worth $581,000 at the end of the most recent quarter.
Several other institutional investors and hedge funds also recently modified their holdings of the company. Bank of New York Mellon Corp increased its holdings in Best Buy by 10.0% in the third quarter. Bank of New York Mellon Corp now owns 6,519,666 shares of the technology retailer’s stock worth $517,400,000 after purchasing an additional 591,086 shares in the last quarter. State of Alaska Department of Revenue increased its holdings in Best Buy by 4.5% in the fourth quarter. State of Alaska Department of Revenue now owns 53,270 shares of the technology retailer’s stock worth $2,819,000 after purchasing an additional 2,294 shares in the last quarter. Banco Santander S.A. increased its holdings in Best Buy by 9.9% in the third quarter. Banco Santander S.A. now owns 9,415 shares of the technology retailer’s stock worth $747,000 after purchasing an additional 851 shares in the last quarter. PGGM Investments bought a new stake in Best Buy in the fourth quarter worth approximately $40,447,000. Finally, QUANTRES ASSET MANAGEMENT Ltd bought a new stake in Best Buy in the fourth quarter worth approximately $1,441,000. Institutional investors own 82.76% of the company’s stock.
NYSE BBY opened at $68.85 on Friday. The company has a market cap of $18.52 billion, a PE ratio of 12.94, a PEG ratio of 1.11 and a beta of 0.94. Best Buy Co Inc has a 52 week low of $47.72 and a 52 week high of $84.37. The company has a quick ratio of 0.46, a current ratio of 1.18 and a debt-to-equity ratio of 0.40.
Best Buy (NYSE:BBY) last announced its earnings results on Wednesday, February 27th. The technology retailer reported $2.72 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $2.57 by $0.15. The company had revenue of $14.80 billion for the quarter, compared to analysts’ expectations of $14.69 billion. Best Buy had a return on equity of 46.33% and a net margin of 3.41%. Best Buy’s quarterly revenue was down 3.7% on a year-over-year basis. During the same quarter in the previous year, the firm earned $2.42 earnings per share. On average, equities analysts anticipate that Best Buy Co Inc will post 5.62 earnings per share for the current fiscal year.
Best Buy declared that its board has authorized a stock buyback program on Wednesday, February 27th that allows the company to repurchase $3.00 billion in outstanding shares. This repurchase authorization allows the technology retailer to buy up to 18.5% of its shares through open market purchases. Shares repurchase programs are typically an indication that the company’s management believes its shares are undervalued.
The business also recently announced a quarterly dividend, which will be paid on Wednesday, April 10th. Investors of record on Wednesday, March 20th will be given a dividend of $0.50 per share. This is a boost from Best Buy’s previous quarterly dividend of $0.45. The ex-dividend date of this dividend is Tuesday, March 19th. This represents a $2.00 annualized dividend and a dividend yield of 2.90%. Best Buy’s payout ratio is presently 33.83%.
In related news, CAO Mathew Watson sold 1,000 shares of Best Buy stock in a transaction that occurred on Thursday, February 28th. The stock was sold at an average price of $69.99, for a total transaction of $69,990.00. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, major shareholder Richard M. Schulze sold 25,443 shares of Best Buy stock in a transaction that occurred on Monday, March 4th. The shares were sold at an average price of $68.22, for a total value of $1,735,721.46. Following the transaction, the insider now directly owns 1,732,500 shares in the company, valued at approximately $118,191,150. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 1,001,380 shares of company stock worth $68,772,378. 0.75% of the stock is owned by insiders.
BBY has been the subject of a number of research analyst reports. Citigroup lowered their target price on Best Buy from $79.00 to $72.00 and set a “neutral” rating for the company in a report on Wednesday, November 21st. Wedbush upgraded Best Buy from an “underperform” rating to a “neutral” rating and set a $65.00 target price for the company in a report on Wednesday, November 21st. Bank of America downgraded Best Buy from a “neutral” rating to an “underperform” rating and lowered their target price for the stock from $70.00 to $50.00 in a report on Monday, December 17th. Loop Capital reiterated a “buy” rating on shares of Best Buy in a report on Tuesday, November 27th. Finally, Wolfe Research upgraded Best Buy from a “market perform” rating to a “buy” rating in a report on Wednesday, March 6th. One investment analyst has rated the stock with a sell rating, nine have given a hold rating and eight have given a buy rating to the stock. The company presently has a consensus rating of “Hold” and an average target price of $76.33.
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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