Algert Global LLC purchased a new stake in Best Buy Co. (NYSE:BBY) during the third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund purchased 36,223 shares of the technology retailer’s stock, valued at approximately $1,383,000.
Several other hedge funds and other institutional investors have also modified their holdings of the company. Oregon Public Employees Retirement Fund boosted its position in shares of Best Buy by 70.8% in the third quarter. Oregon Public Employees Retirement Fund now owns 177,404 shares of the technology retailer’s stock valued at $6,773,000 after buying an additional 73,533 shares in the last quarter. BNP Paribas Arbitrage SA boosted its position in shares of Best Buy by 1.1% in the third quarter. BNP Paribas Arbitrage SA now owns 326,268 shares of the technology retailer’s stock valued at $12,457,000 after buying an additional 3,562 shares in the last quarter. Kentucky Retirement Systems Insurance Trust Fund acquired a new position in shares of Best Buy during the second quarter valued at $348,000. Kentucky Retirement Systems acquired a new position in shares of Best Buy during the second quarter valued at $734,000. Finally, Nomura Holdings Inc. boosted its position in shares of Best Buy by 103.9% in the second quarter. Nomura Holdings Inc. now owns 15,939 shares of the technology retailer’s stock valued at $487,000 after buying an additional 422,818 shares in the last quarter. Institutional investors and hedge funds own 87.63% of the company’s stock.
Best Buy Co. (NYSE:BBY) opened at 39.83 on Friday. The company’s 50 day moving average is $38.29 and its 200 day moving average is $33.58. The company has a market cap of $12.64 billion, a price-to-earnings ratio of 12.96 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 data on Tuesday, August 23rd. The technology retailer reported $0.57 earnings per share (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 firm earned $8.53 billion during the quarter, compared to analysts’ expectations of $8.40 billion. During the same period last year, the business earned $0.49 earnings per share. Best Buy’s revenue was up .1% compared to the same quarter last year. Equities research 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. Investors of record on Tuesday, September 13th were given a dividend of $0.28 per share. This represents a $1.12 annualized dividend and a yield of 2.81%. The ex-dividend date of this dividend was Friday, September 9th. Best Buy’s payout ratio is currently 36.48%.
A number of research analysts recently weighed in on BBY shares. Vetr cut shares of Best Buy from a “buy” rating to a “hold” rating and set a $41.40 target price on the stock. in a research note on Thursday. SunTrust Banks Inc. restated a “buy” rating on shares of Best Buy in a research note on Wednesday. Zacks Investment Research upgraded shares of Best Buy from a “hold” rating to a “buy” rating and set a $43.00 target price on the stock in a research note on Tuesday, October 4th. Barclays PLC restated a “buy” rating and set a $45.00 target price on shares of Best Buy in a research note on Wednesday, September 14th. Finally, Jefferies Group restated a “hold” rating on shares of Best Buy in a research note on Monday, September 12th. Three investment 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. Best Buy currently has a consensus rating of “Hold” and a consensus target price of $37.78.
In related news, VP Mathew Watson sold 1,030 shares of the firm’s stock in a transaction dated 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 document filed with the SEC, which is available through the SEC website. Corporate insiders own 1.21% of the company’s stock.
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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