Meeder Asset Management Inc. lifted its holdings in Best Buy Co Inc (NYSE:BBY) by 74.0% in the second quarter, HoldingsChannel.com reports. The institutional investor owned 35,760 shares of the technology retailer’s stock after purchasing an additional 15,211 shares during the quarter. Meeder Asset Management Inc.’s holdings in Best Buy were worth $2,494,000 at the end of the most recent reporting period.
Other institutional investors have also added to or reduced their stakes in the company. TRUE Private Wealth Advisors bought a new position in shares of Best Buy in the second quarter valued at about $27,000. Oppenheimer Asset Management Inc. bought a new stake in Best Buy during the 1st quarter worth about $34,000. Braun Bostich & Associates Inc. bought a new stake in Best Buy during the 1st quarter worth about $40,000. NEXT Financial Group Inc raised its holdings in Best Buy by 67.2% during the 2nd quarter. NEXT Financial Group Inc now owns 667 shares of the technology retailer’s stock worth $47,000 after purchasing an additional 268 shares during the last quarter. Finally, Joseph P. Lucia & Associates LLC bought a new stake in Best Buy during the 2nd quarter worth about $47,000. 78.16% of the stock is owned by institutional investors and hedge funds.
Shares of Best Buy stock traded up $0.50 during trading on Tuesday, hitting $66.76. 31,989 shares of the company were exchanged, compared to its average volume of 2,749,249. The firm has a market capitalization of $17.69 billion, a P/E ratio of 12.48, a price-to-earnings-growth ratio of 1.30 and a beta of 1.06. Best Buy Co Inc has a 1-year low of $47.72 and a 1-year high of $84.37. The firm’s fifty day moving average price is $71.82 and its 200 day moving average price is $68.78. The company has a debt-to-equity ratio of 1.00, a current ratio of 1.12 and a quick ratio of 0.39.
Best Buy (NYSE:BBY) last posted its 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 return on equity of 47.91% and a net margin of 3.54%. The company’s revenue for the quarter was up .4% compared to the same quarter last year. During the same period in the previous year, the company earned $0.82 EPS. As a group, equities research analysts anticipate that Best Buy Co Inc will post 5.74 earnings per share for the current year.
In other news, CEO Hubert Joly sold 600,826 shares of the business’s stock in a transaction dated Friday, May 24th. The stock was sold at an average price of $64.42, for a total transaction of $38,705,210.92. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, major shareholder Richard M. Schulze sold 430,600 shares of the business’s stock in a transaction dated 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 transaction, the insider now owns 1,732,500 shares of the company’s stock, valued at $130,387,950. The disclosure for this sale can be found here. Insiders have sold a total of 1,991,971 shares of company stock valued at $140,642,341 over the last 90 days. Corporate insiders own 0.95% of the company’s stock.
BBY has been the subject of several recent research reports. Jefferies Financial Group raised Best Buy from a “hold” rating to a “buy” rating and boosted their price objective for the stock from $72.00 to $88.00 in a report on Wednesday, April 24th. Telsey Advisory Group reissued a “market perform” rating on shares of Best Buy in a report on Thursday, July 25th. Goldman Sachs Group initiated coverage on Best Buy in a report on Thursday, July 11th. They set a “neutral” rating and a $73.00 price objective for the company. Cleveland Research reissued a “neutral” rating on shares of Best Buy in a report on Tuesday, June 18th. Finally, Wedbush set a $71.00 price objective on Best Buy and gave the stock a “hold” rating in a report on Friday, May 24th. Thirteen equities research analysts have rated the stock with a hold rating and ten have given a buy rating to the company. The stock presently has an average rating of “Hold” and an average target price of $77.67.
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 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.
Further Reading: Hold Rating
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