Eqis Capital Management Inc. lowered its stake in shares of Best Buy Co Inc (NYSE:BBY) by 71.0% during the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 11,205 shares of the technology retailer’s stock after selling 27,430 shares during the period. Eqis Capital Management Inc.’s holdings in Best Buy were worth $796,000 as of its most recent SEC filing.
Several other institutional investors and hedge funds also recently bought and sold shares of BBY. Bank of New York Mellon Corp boosted its stake in Best Buy by 10.0% in the 3rd quarter. Bank of New York Mellon Corp now owns 6,519,666 shares of the technology retailer’s stock worth $517,400,000 after buying an additional 591,086 shares during the last quarter. State of Alaska Department of Revenue boosted its stake in Best Buy by 4.5% in the 4th quarter. State of Alaska Department of Revenue now owns 53,270 shares of the technology retailer’s stock worth $2,819,000 after buying an additional 2,294 shares during the last quarter. PGGM Investments acquired a new stake in Best Buy in the 4th quarter worth about $40,447,000. QUANTRES ASSET MANAGEMENT Ltd acquired a new stake in Best Buy in the 4th quarter worth about $1,441,000. Finally, Clean Yield Group acquired a new stake in Best Buy in the 4th quarter worth about $42,000. 84.10% of the stock is currently owned by institutional investors and hedge funds.
A number of analysts have issued reports on BBY shares. Deutsche Bank reissued a “buy” rating on shares of Best Buy in a research note on Friday, January 11th. ValuEngine raised Best Buy from a “sell” rating to a “hold” rating in a research note on Monday, March 11th. Wolfe Research raised Best Buy from a “market perform” rating to a “buy” rating in a research note on Wednesday, March 6th. Oppenheimer raised Best Buy from a “market perform” rating to an “outperform” rating and set a $86.00 price target on the stock in a research note on Friday, March 22nd. Finally, Morgan Stanley raised their price target on Best Buy from $65.00 to $77.00 and gave the stock an “equal weight” rating in a research note on Thursday, February 28th. One equities research analyst has rated the stock with a sell rating, eleven have given a hold rating and eight have given a buy rating to the stock. Best Buy currently has a consensus rating of “Hold” and a consensus price target of $76.82.
NYSE BBY opened at $73.64 on Monday. The stock has a market capitalization of $19.72 billion, a PE ratio of 13.84, a PEG ratio of 1.48 and a beta of 0.94. Best Buy Co Inc has a 1-year low of $47.72 and a 1-year high of $84.37. The company has a current ratio of 1.18, a quick ratio of 0.46 and a debt-to-equity ratio of 0.40.
Best Buy (NYSE:BBY) last released its quarterly earnings data on Wednesday, February 27th. The technology retailer reported $2.72 earnings per share for the quarter, beating the consensus estimate of $2.57 by $0.15. The business had revenue of $14.80 billion for the quarter, compared to analyst estimates of $14.69 billion. Best Buy had a return on equity of 46.33% and a net margin of 3.41%. The company’s revenue was down 3.7% compared to the same quarter last year. During the same period in the previous year, the company posted $2.42 EPS. Sell-side analysts expect that Best Buy Co Inc will post 5.64 EPS for the current fiscal year.
The company also recently disclosed a quarterly dividend, which was paid on Wednesday, April 10th. Stockholders of record on Wednesday, March 20th were paid a $0.50 dividend. This is a positive change from Best Buy’s previous quarterly dividend of $0.45. This represents a $2.00 annualized dividend and a dividend yield of 2.72%. The ex-dividend date was Tuesday, March 19th. Best Buy’s payout ratio is currently 37.59%.
Best Buy announced that its Board of Directors has approved a stock repurchase plan on Wednesday, February 27th that authorizes the company to buyback $3.00 billion in outstanding shares. This buyback authorization authorizes the technology retailer to purchase up to 18.5% of its stock through open market purchases. Stock buyback plans are generally an indication that the company’s board believes its stock is undervalued.
In related news, SVP Mathew Watson sold 380 shares of the firm’s stock in a transaction dated Wednesday, March 13th. The stock was sold at an average price of $68.79, for a total transaction of $26,140.20. Following the sale, the senior vice president now directly owns 20,206 shares in the company, valued at approximately $1,389,970.74. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Also, General Counsel Keith J. Nelsen sold 24,374 shares of the firm’s stock in a transaction dated Friday, March 15th. The shares were sold at an average price of $68.55, for a total value of $1,670,837.70. Following the sale, the general counsel now owns 110,445 shares in the company, valued at $7,571,004.75. The disclosure for this sale can be found here. Insiders sold a total of 1,440,995 shares of company stock worth $99,946,348 over the last ninety days. Corporate insiders own 0.75% of the company’s stock.
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Best Buy Company Profile
Best Buy Co, Inc operates as a retailer of technology products, services, and solutions in the United States, Canada, and Mexico. The company operates in two segments, Domestic and International. Its stores provide consumer electronics, including digital imaging, health and fitness, home automation, home theater, and portable audio products; computing and mobile phones, such as computing and peripherals, networking products, tablets, smart watches, and e-readers, as well as mobile phones comprising related mobile network carrier commissions; and entertainment products, including drones, movies, music, and technology toys, as well as gaming hardware and software, and virtual reality and other software products.
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