ING Groep NV cut its position in shares of Best Buy Co. (NYSE:BBY) by 57.7% during the second quarter, according to its most recent Form 13F filing with the SEC. The fund owned 38,254 shares of the technology retailer’s stock after selling 52,190 shares during the period. ING Groep NV’s holdings in Best Buy were worth $1,170,000 as of its most recent SEC filing.
A number of other large investors have also added to or reduced their stakes in the stock. Legacy Private Trust Co. boosted its position in shares of Best Buy by 1.4% in the second quarter. Legacy Private Trust Co. now owns 32,570 shares of the technology retailer’s stock valued at $997,000 after buying an additional 440 shares during the last quarter. Jensen Investment Management Inc. raised its stake in Best Buy by 3.6% in the second quarter. Jensen Investment Management Inc. now owns 12,720 shares of the technology retailer’s stock valued at $389,000 after buying an additional 440 shares during the period. Retirement Systems of Alabama raised its stake in Best Buy by 0.5% in the second quarter. Retirement Systems of Alabama now owns 143,741 shares of the technology retailer’s stock valued at $4,398,000 after buying an additional 742 shares during the period. DNB Asset Management AS raised its stake in Best Buy by 3.5% in the second quarter. DNB Asset Management AS now owns 26,288 shares of the technology retailer’s stock valued at $804,000 after buying an additional 900 shares during the period. Finally, LS Investment Advisors LLC raised its stake in Best Buy by 14.3% in the second quarter. LS Investment Advisors LLC now owns 10,736 shares of the technology retailer’s stock valued at $329,000 after buying an additional 1,342 shares during the period. Institutional investors own 87.63% of the company’s stock.
Best Buy Co. (NYSE:BBY) traded up 0.77% during midday trading on Thursday, reaching $38.18. The company’s stock had a trading volume of 3,664,466 shares. The company has a 50 day moving average price of $37.76 and a 200 day moving average price of $33.32. The firm has a market cap of $12.11 billion, a price-to-earnings ratio of 12.42 and a beta of 1.47. Best Buy Co. has a 1-year low of $25.31 and a 1-year high of $40.58.
Best Buy (NYSE:BBY) last released its quarterly earnings results on Tuesday, August 23rd. The technology retailer reported $0.57 earnings per share for the quarter, topping analysts’ consensus estimates of $0.43 by $0.14. The business had revenue of $8.53 billion for the quarter, compared to analysts’ expectations of $8.40 billion. Best Buy had a return on equity of 22.44% and a net margin of 2.62%. The company’s revenue was up .1% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $0.49 EPS. On average, equities research analysts expect that Best Buy Co. will post $3.05 EPS for the current year.
The company also recently declared a quarterly dividend, which was paid on Tuesday, October 4th. Investors of record on Tuesday, September 13th were issued a $0.28 dividend. This represents a $1.12 dividend on an annualized basis and a dividend yield of 2.93%. The ex-dividend date of this dividend was Friday, September 9th. Best Buy’s dividend payout ratio is currently 36.48%.
Several research firms recently commented on BBY. Deutsche Bank AG reaffirmed a “buy” rating and set a $32.00 target price on shares of Best Buy in a report on Tuesday, June 28th. Vetr raised Best Buy from a “buy” rating to a “strong-buy” rating and set a $33.39 target price on the stock in a report on Monday, June 13th. Longbow Research began coverage on Best Buy in a report on Thursday, June 16th. They set a “neutral” rating on the stock. Raymond James Financial Inc. raised their target price on Best Buy from $38.00 to $45.00 and gave the stock a “buy” rating in a report on Wednesday, August 24th. Finally, Barclays PLC reaffirmed a “buy” rating and set a $45.00 target price on shares of Best Buy in a report on Thursday, June 23rd. Three analysts have rated the stock with a sell rating, eleven have given a hold rating and eleven have given a buy rating to the company. The stock currently has an average rating of “Hold” and a consensus price target of $37.69.
In related news, VP Mathew Watson sold 1,030 shares of the company’s stock in a transaction that occurred 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 in the company, valued at approximately $744,658.20. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. 1.21% of the stock is owned by corporate insiders.
Best Buy Company Profile
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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