Los Angeles Capital Management & Equity Research Inc. purchased a new stake in Best Buy Co. (NYSE:BBY) during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 14,520 shares of the technology retailer’s stock, valued at approximately $444,000.
Other hedge funds and other institutional investors have also recently made changes to their positions in the company. NorthRock Partners LLC raised 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 valued at $303,000 after buying an additional 2,554 shares during the last quarter. LS Investment Advisors LLC raised 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 valued at $329,000 after buying an additional 1,342 shares during the last quarter. Lucus Advisors LLC purchased a new position in shares of Best Buy during the second quarter valued at about $344,000. Fox Run Management L.L.C. purchased a new position in shares of Best Buy during the second quarter valued at about $352,000. Finally, Jensen Investment Management Inc. raised its position in shares of 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 last quarter. Institutional investors and hedge funds own 87.63% of the company’s stock.
Shares of Best Buy Co. (NYSE:BBY) traded down 1.25% during midday trading on Friday, reaching $37.99. The company’s stock had a trading volume of 3,930,193 shares. The company’s 50-day moving average price is $36.79 and its 200-day moving average price is $33.02. Best Buy Co. has a 12 month low of $25.31 and a 12 month high of $40.58. The company has a market cap of $12.05 billion, a PE ratio of 12.36 and a beta of 1.44.
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 Thomson Reuters’ consensus estimate of $0.43 by $0.14. Best Buy had a net margin of 2.62% and a return on equity of 22.44%. The business earned $8.53 billion during the quarter, compared to the consensus estimate of $8.40 billion. During the same period in the previous year, the firm posted $0.49 earnings per share. The business’s revenue for the quarter was up .1% compared to the same quarter last year. On average, equities analysts anticipate that Best Buy Co. will post $3.05 EPS for the current fiscal year.
The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, October 4th. Stockholders of record on Tuesday, September 13th will be paid a dividend of $0.28 per share. The ex-dividend date is Friday, September 9th. This represents a $1.12 annualized dividend and a dividend yield of 2.95%. Best Buy’s payout ratio is currently 36.48%.
BBY has been the topic of several recent research reports. Vetr lowered Best Buy from a “strong-buy” rating to a “buy” rating and set a $32.42 price target on the stock. in a report on Wednesday, June 15th. Piper Jaffray Cos. reissued a “buy” rating and issued a $31.00 price objective on shares of Best Buy in a research note on Thursday, June 23rd. Barclays PLC reissued a “buy” rating and issued a $45.00 price objective on shares of Best Buy in a research note on Thursday, June 23rd. Bank of America Corp. reissued a “buy” rating on shares of Best Buy in a research note on Thursday, June 23rd. Finally, Deutsche Bank AG reissued a “buy” rating and issued a $32.00 price objective on shares of Best Buy in a research note on Tuesday, June 28th. Three research analysts have rated the stock with a sell rating, twelve have given a hold rating and ten have assigned a buy rating to the company’s stock. The company has an average rating of “Hold” and an average price target of $37.27.
In other news, VP Mathew Watson sold 1,030 shares of Best Buy stock in a transaction on Thursday, August 25th. The shares were sold at an average price of $39.45, for a total transaction of $40,633.50. Following the completion of the sale, the vice president now directly owns 18,876 shares in the company, valued at $744,658.20. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Insiders own 1.21% of the company’s stock.
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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