Cullen Frost Bankers Inc. Buys Shares of 3,969 Best Buy Co., Inc. (BBY)

Cullen Frost Bankers Inc. bought a new stake in Best Buy Co., Inc. (NYSE:BBY) during the second quarter, Holdings Channel reports. The institutional investor bought 3,969 shares of the technology retailer’s stock, valued at approximately $228,000.

Other hedge funds also recently made changes to their positions in the company. Huntington National Bank boosted its position in shares of Best Buy Co. by 18.4% in the second quarter. Huntington National Bank now owns 2,050 shares of the technology retailer’s stock valued at $118,000 after buying an additional 318 shares in the last quarter. Tompkins Financial Corp acquired a new position in shares of Best Buy Co. during the first quarter valued at $134,000. Advisory Services Network LLC acquired a new position in shares of Best Buy Co. during the first quarter valued at $134,000. Heritage Trust Co acquired a new position in shares of Best Buy Co. during the first quarter valued at $137,000. Finally, TrimTabs Asset Management LLC boosted its position in shares of Best Buy Co. by 89.1% in the first quarter. TrimTabs Asset Management LLC now owns 2,819 shares of the technology retailer’s stock valued at $139,000 after buying an additional 1,328 shares in the last quarter. Hedge funds and other institutional investors own 94.06% of the company’s stock.

Shares of Best Buy Co., Inc. (BBY) opened at 61.07 on Thursday. Best Buy Co., Inc. has a 12-month low of $32.20 and a 12-month high of $62.36. The stock’s 50 day moving average price is $56.89 and its 200-day moving average price is $51.15. The firm has a market cap of $18.62 billion, a P/E ratio of 16.43 and a beta of 1.45. Best Buy Co. also was the recipient of some unusual options trading on Monday. Investors purchased 993 call options on the company. This represents an increase of approximately 163% compared to the average daily volume of 378 call options.

Best Buy Co. (NYSE:BBY) last announced its quarterly earnings data on Thursday, May 25th. The technology retailer reported $0.60 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.40 by $0.20. The firm had revenue of $8.53 billion during the quarter, compared to the consensus estimate of $8.28 billion. Best Buy Co. had a return on equity of 26.81% and a net margin of 3.01%. The business’s revenue for the quarter was up 1.0% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.44 EPS. On average, analysts predict that Best Buy Co., Inc. will post $3.89 earnings per share for the current fiscal year.

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Several equities analysts have recently weighed in on the stock. Jefferies Group LLC reaffirmed a “buy” rating and set a $60.00 price target on shares of Best Buy Co. in a research note on Thursday, July 6th. Oppenheimer Holdings, Inc. reaffirmed a “hold” rating on shares of Best Buy Co. in a research note on Thursday, May 25th. Wedbush reaffirmed an “underperform” rating and set a $29.00 price target on shares of Best Buy Co. in a research note on Monday, May 22nd. Loop Capital reaffirmed a “buy” rating and set a $72.00 price target (up from $64.00) on shares of Best Buy Co. in a research note on Monday, June 5th. Finally, Bank of America Corporation raised shares of Best Buy Co. from a “neutral” rating to a “buy” rating and raised their price target for the stock from $46.00 to $58.00 in a research note on Tuesday, April 25th. Four equities research analysts have rated the stock with a sell rating, three have issued a hold rating and twenty have issued a buy rating to the stock. The company presently has an average rating of “Buy” and an average price target of $56.76.

In other news, insider Asheesh Saksena sold 22,255 shares of the stock in a transaction on Friday, June 16th. The stock was sold at an average price of $55.66, for a total transaction of $1,238,713.30. Following the completion of the transaction, the insider now owns 82,440 shares in the company, valued at approximately $4,588,610.40. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, VP Mathew Watson sold 503 shares of the stock in a transaction on Friday, June 9th. The stock was sold at an average price of $59.00, for a total value of $29,677.00. Following the transaction, the vice president now owns 15,767 shares of the company’s stock, valued at approximately $930,253. The disclosure for this sale can be found here. Insiders have sold a total of 121,917 shares of company stock valued at $7,107,375 in the last quarter. 1.21% of the stock is owned by corporate insiders.

About Best Buy Co.

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 has operations in the United States, Canada and Mexico. The Company operates through two segments: Domestic and International.

Want to see what other hedge funds are holding BBY? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Best Buy Co., Inc. (NYSE:BBY).

Institutional Ownership by Quarter for Best Buy Co. (NYSE:BBY)

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