First National Bank of Mount Dora Trust Investment Services increased its holdings in Best Buy Co Inc (NYSE:BBY) by 16.6% in the 2nd quarter, according to its most recent filing with the SEC. The institutional investor owned 21,663 shares of the technology retailer’s stock after buying an additional 3,091 shares during the quarter. First National Bank of Mount Dora Trust Investment Services’ holdings in Best Buy were worth $1,511,000 at the end of the most recent reporting period.
A number of other hedge funds and other institutional investors have also added to or reduced their stakes in BBY. Norges Bank bought a new stake in Best Buy in the 4th quarter worth about $145,454,000. FMR LLC increased its holdings in Best Buy by 3.6% in the 4th quarter. FMR LLC now owns 23,545,963 shares of the technology retailer’s stock worth $1,246,994,000 after buying an additional 816,394 shares in the last quarter. Conning Inc. increased its holdings in Best Buy by 5,774.3% in the 1st quarter. Conning Inc. now owns 640,709 shares of the technology retailer’s stock worth $45,529,000 after buying an additional 629,802 shares in the last quarter. BlackRock Inc. increased its holdings in Best Buy by 1.7% in the 1st quarter. BlackRock Inc. now owns 17,406,620 shares of the technology retailer’s stock worth $1,236,916,000 after buying an additional 295,060 shares in the last quarter. Finally, Spark Investment Management LLC increased its holdings in Best Buy by 699.0% in the 1st quarter. Spark Investment Management LLC now owns 330,800 shares of the technology retailer’s stock worth $23,506,000 after buying an additional 289,400 shares in the last quarter. Institutional investors own 78.37% of the company’s stock.
Shares of NYSE:BBY traded up $0.81 during mid-day trading on Tuesday, reaching $76.51. 1,954,300 shares of the company traded hands, compared to its average volume of 3,067,462. The stock’s 50 day simple moving average is $69.70. The company has a market capitalization of $20.21 billion, a price-to-earnings ratio of 14.38, a PEG ratio of 1.48 and a beta of 1.07. The company has a current ratio of 1.12, a quick ratio of 0.39 and a debt-to-equity ratio of 1.00. Best Buy Co Inc has a 52 week low of $47.72 and a 52 week high of $84.37.
Best Buy (NYSE:BBY) last announced its quarterly earnings data on Thursday, May 23rd. The technology retailer reported $1.02 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.88 by $0.14. The company had revenue of $9.14 billion during the quarter, compared to the consensus estimate of $9.14 billion. Best Buy had a return on equity of 47.91% and a net margin of 3.54%. The firm’s revenue was up .4% on a year-over-year basis. During the same period in the previous year, the company posted $0.82 EPS. On average, analysts forecast that Best Buy Co Inc will post 5.74 EPS for the current year.
The business also recently disclosed a quarterly dividend, which was paid on Friday, July 5th. Investors of record on Thursday, June 13th were paid a dividend of $0.50 per share. The ex-dividend date of this dividend was Wednesday, June 12th. This represents a $2.00 dividend on an annualized basis and a dividend yield of 2.61%. Best Buy’s dividend payout ratio (DPR) is presently 37.59%.
In related news, Director Lisa Caputo sold 2,500 shares of the business’s stock in a transaction that occurred on Monday, July 15th. The stock was sold at an average price of $75.20, for a total value of $188,000.00. Following the transaction, the director now directly owns 45,936 shares of the company’s stock, valued at approximately $3,454,387.20. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, major shareholder Richard M. Schulze sold 430,600 shares of the business’s stock in a transaction that occurred on Monday, July 22nd. The stock was sold at an average price of $75.26, for a total value of $32,406,956.00. Following the completion of the transaction, the insider now directly owns 1,732,500 shares in the company, valued at $130,387,950. The disclosure for this sale can be found here. Over the last three months, insiders sold 1,994,710 shares of company stock worth $140,841,959. 0.95% of the stock is owned by insiders.
BBY has been the subject of several research analyst reports. Zacks Investment Research downgraded German American Bancorp. from a “buy” rating to a “hold” rating in a report on Tuesday, April 30th. Cleveland Research restated a “neutral” rating on shares of Best Buy in a research note on Tuesday, June 18th. Guggenheim assumed coverage on Best Buy in a research note on Monday, July 8th. They set a “buy” rating and a $80.00 price target for the company. Jefferies Financial Group downgraded MACOM Technology Solutions from a “buy” rating to a “hold” rating and cut their price target for the company from $18.00 to $15.00 in a research note on Wednesday, April 24th. Finally, Wedbush set a $79.00 price target on Aimmune Therapeutics and gave the company a “buy” rating in a research note on Friday, May 24th. Thirteen investment analysts have rated the stock with a hold rating and ten have assigned a buy rating to the company’s stock. The stock currently has a consensus rating of “Hold” and an average target price of $77.67.
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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