Dynamic Capital Management Ltd purchased a new position in Best Buy Co Inc (NYSE:BBY) during the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor purchased 12,370 shares of the technology retailer’s stock, valued at approximately $879,000. Best Buy comprises about 3.2% of Dynamic Capital Management Ltd’s holdings, making the stock its 10th largest holding.
Several other large investors also recently modified their holdings of BBY. Anderson Fisher LLC boosted its position in Best Buy by 26,676.0% during the 1st quarter. Anderson Fisher LLC now owns 32,399 shares of the technology retailer’s stock valued at $2,302,000 after buying an additional 32,278 shares during the period. GYL Financial Synergies LLC purchased a new stake in shares of Best Buy in the 1st quarter worth about $1,028,000. Westpac Banking Corp lifted its position in shares of Best Buy by 68.1% in the 1st quarter. Westpac Banking Corp now owns 46,611 shares of the technology retailer’s stock worth $3,312,000 after purchasing an additional 18,883 shares during the period. Meiji Yasuda Life Insurance Co lifted its position in shares of Best Buy by 12.6% in the 1st quarter. Meiji Yasuda Life Insurance Co now owns 7,358 shares of the technology retailer’s stock worth $523,000 after purchasing an additional 823 shares during the period. Finally, Andra AP fonden purchased a new stake in shares of Best Buy in the 1st quarter worth about $8,939,000. 78.71% of the stock is currently owned by hedge funds and other institutional investors.
Several equities research analysts have recently commented on BBY shares. Credit Suisse Group raised shares of Best Buy from a “neutral” rating to a “buy” rating and raised their target price for the stock from $70.00 to $78.00 in a research report on Thursday, February 28th. Wells Fargo & Co raised shares of Best Buy to a “buy” rating in a research report on Thursday, February 28th. Wolfe Research raised shares of Best Buy from a “market perform” rating to a “buy” rating in a research report on Wednesday, March 6th. Jefferies Financial Group raised shares of Best Buy from a “hold” rating to a “buy” rating and raised their target price for the stock from $72.00 to $88.00 in a research report on Wednesday, April 24th. Finally, Morgan Stanley raised their target price on shares of Best Buy from $65.00 to $77.00 and gave the stock an “equal weight” rating in a research report on Thursday, February 28th. Eleven equities research analysts have rated the stock with a hold rating and nine have issued a buy rating to the company’s stock. Best Buy presently has a consensus rating of “Hold” and an average price target of $77.81.
Shares of Best Buy stock opened at $64.45 on Thursday. The company has a debt-to-equity ratio of 1.00, a current ratio of 1.12 and a quick ratio of 0.39. The stock has a market capitalization of $17.50 billion, a P/E ratio of 12.11, a price-to-earnings-growth ratio of 1.30 and a beta of 1.05. Best Buy Co Inc has a 1 year low of $47.72 and a 1 year high of $84.37.
Best Buy (NYSE:BBY) last issued its quarterly earnings results on Thursday, May 23rd. The technology retailer reported $1.02 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.88 by $0.14. The company had revenue of $9.14 billion during the quarter, compared to analyst estimates of $9.14 billion. Best Buy had a net margin of 3.54% and a return on equity of 47.91%. Best Buy’s quarterly revenue was up .4% compared to the same quarter last year. During the same period last year, the business earned $0.82 EPS. Equities research analysts expect that Best Buy Co Inc will post 5.73 earnings per share for the current fiscal year.
The firm also recently declared a quarterly dividend, which will be paid on Friday, July 5th. Investors of record on Thursday, June 13th will be paid a $0.50 dividend. The ex-dividend date of this dividend is Wednesday, June 12th. This represents a $2.00 annualized dividend and a dividend yield of 3.10%. Best Buy’s payout ratio is 37.59%.
Best Buy announced that its board has authorized a share repurchase plan on Wednesday, February 27th that permits the company to buyback $3.00 billion in shares. This buyback authorization permits the technology retailer to purchase up to 18.5% of its stock through open market purchases. Stock buyback plans are often an indication that the company’s board believes its shares are undervalued.
In related news, insider Brian A. Tilzer sold 2,739 shares of the stock in a transaction dated Wednesday, May 8th. The shares were sold at an average price of $72.88, for a total value of $199,618.32. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO Hubert Joly sold 139,133 shares of the firm’s stock in a transaction dated Friday, March 15th. The shares were sold at an average price of $68.53, for a total transaction of $9,534,784.49. Following the sale, the chief executive officer now owns 655,050 shares of the company’s stock, valued at $44,890,576.50. The disclosure for this sale can be found here. Over the last quarter, insiders sold 1,052,877 shares of company stock valued at $70,711,573. 0.95% of the stock is owned by company insiders.
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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 Computing and Mobile Phones, such as computing and peripherals, e-readers, networking products, tablets, and wearables, as well as mobile phones comprising related mobile network carrier commissions; consumer electronics, including digital imaging, health and fitness, home theater, portable audio, and smart home products; and entertainment products consisting of drones, movies, music, and toys, as well as gaming hardware and software, and virtual reality and other software products.
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