Louisiana State Employees Retirement System decreased its position in Best Buy Co. (NYSE:BBY) by 1.6% during the second quarter, Holdings Channel reports. The fund owned 18,500 shares of the technology retailer’s stock after selling 300 shares during the period. Louisiana State Employees Retirement System’s holdings in Best Buy were worth $566,000 at the end of the most recent reporting period.
Other hedge funds have also recently added to or reduced their stakes in the company. NorthRock Partners LLC increased its position in shares of Best Buy by 38.3% in the first quarter. NorthRock Partners LLC now owns 9,229 shares of the technology retailer’s stock worth $303,000 after buying an additional 2,554 shares during the period. LS Investment Advisors LLC increased its position in shares of Best Buy by 14.3% in the second quarter. LS Investment Advisors LLC now owns 10,736 shares of the technology retailer’s stock worth $329,000 after buying an additional 1,342 shares during the period. Fox Run Management L.L.C. acquired a new position in shares of Best Buy during the second quarter worth about $352,000. Nikko Asset Management Americas Inc. acquired a new position in shares of Best Buy during the second quarter worth about $500,000. Finally, Rafferty Asset Management LLC increased its position in shares of Best Buy by 80.9% in the first quarter. Rafferty Asset Management LLC now owns 15,529 shares of the technology retailer’s stock worth $504,000 after buying an additional 6,947 shares during the period. Hedge funds and other institutional investors own 87.66% of the company’s stock.
Shares of Best Buy Co. (NYSE:BBY) traded up 0.41% during mid-day trading on Monday, reaching $39.47. The company’s stock had a trading volume of 5,257,416 shares. The company has a market capitalization of $12.52 billion, a PE ratio of 12.84 and a beta of 1.47. Best Buy Co. has a 52-week low of $25.31 and a 52-week high of $40.58. The firm’s 50 day moving average is $38.28 and its 200-day moving average is $33.71.
Best Buy (NYSE:BBY) last posted its quarterly earnings data on Tuesday, August 23rd. The technology retailer reported $0.57 EPS for the quarter, topping the Zacks’ consensus estimate of $0.43 by $0.14. Best Buy had a return on equity of 22.44% and a net margin of 2.62%. The company had revenue of $8.53 billion for the quarter, compared to the consensus estimate of $8.40 billion. During the same quarter in the previous year, the business earned $0.49 EPS. The company’s quarterly revenue was up .1% compared to the same quarter last year. Analysts forecast that Best Buy Co. will post $3.05 EPS for the current year.
The company also recently disclosed a quarterly dividend, which was paid on Tuesday, October 4th. Stockholders of record on Tuesday, September 13th were paid a $0.28 dividend. This represents a $1.12 dividend on an annualized basis and a dividend yield of 2.84%. The ex-dividend date was Friday, September 9th. Best Buy’s dividend payout ratio is presently 36.48%.
A number of equities analysts recently issued reports on BBY shares. Vetr raised Best Buy from a “hold” rating to a “buy” rating and set a $39.59 price target for the company in a report on Thursday, September 8th. Zacks Investment Research downgraded Best Buy from a “buy” rating to a “sell” rating in a report on Tuesday, July 26th. Barclays PLC reissued a “buy” rating and issued a $45.00 price objective on shares of Best Buy in a report on Tuesday, August 23rd. Bank of America Corp. reissued a “sell” rating and issued a $29.00 price objective on shares of Best Buy in a report on Wednesday, August 24th. Finally, Morgan Stanley reissued a “buy” rating and issued a $28.00 price objective on shares of Best Buy in a report on Wednesday, July 6th. Three research analysts have rated the stock with a sell rating, eleven have given a hold rating and eleven have issued a buy rating to the stock. The stock has a consensus rating of “Hold” and an average price target of $37.78.
In other news, VP Mathew Watson sold 1,030 shares of the business’s stock in a transaction on Thursday, August 25th. The stock was sold at an average price of $39.45, for a total value of $40,633.50. Following the sale, the vice president now owns 18,876 shares of the company’s stock, valued at approximately $744,658.20. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. 1.21% of the stock is owned by insiders.
About Best Buy
Best Buy Co, Inc is a provider of technology products, services and solutions. The Company offers products and services to the customers visiting its stores, engaging with Geek Squad agents or using its Websites or mobile applications. It operates through two segments: Domestic and International. The Domestic segment consists of the operations in all states, districts and territories of the United States, under various brand names, including Best Buy, bestbuy.com, Best Buy Mobile, Best Buy Direct, Best Buy Express, Geek Squad, Magnolia Home Theater, and Pacific Kitchen and Home.
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