Wedge Capital Management L L P NC acquired a new stake in Best Buy Co Inc (NYSE:BBY) during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 389,234 shares of the technology retailer’s stock, valued at approximately $34,175,000.
Other institutional investors and hedge funds also recently modified their holdings of the company. Invesco Ltd. lifted its holdings in Best Buy by 289.7% during the 2nd quarter. Invesco Ltd. now owns 4,918,106 shares of the technology retailer’s stock worth $342,938,000 after purchasing an additional 3,656,220 shares during the last quarter. Nuveen Asset Management LLC grew its holdings in Best Buy by 3,218.5% in the 2nd quarter. Nuveen Asset Management LLC now owns 3,259,002 shares of the technology retailer’s stock valued at $227,250,000 after buying an additional 3,160,794 shares in the last quarter. Boston Partners increased its position in Best Buy by 11,888,653.3% during the 3rd quarter. Boston Partners now owns 1,783,313 shares of the technology retailer’s stock worth $123,099,000 after buying an additional 1,783,298 shares during the period. AQR Capital Management LLC increased its position in Best Buy by 40.6% during the 2nd quarter. AQR Capital Management LLC now owns 4,797,656 shares of the technology retailer’s stock worth $330,991,000 after buying an additional 1,385,457 shares during the period. Finally, Vanguard Group Inc. lifted its holdings in shares of Best Buy by 3.7% during the second quarter. Vanguard Group Inc. now owns 27,605,353 shares of the technology retailer’s stock worth $1,924,922,000 after buying an additional 993,608 shares in the last quarter. 77.68% of the stock is currently owned by institutional investors.
In other Best Buy news, insider Todd G. Hartman sold 2,000 shares of the business’s stock in a transaction that occurred on Wednesday, November 27th. The shares were sold at an average price of $80.91, for a total transaction of $161,820.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, Director Lisa Caputo sold 10,000 shares of the business’s stock in a transaction that occurred on Friday, November 29th. The shares were sold at an average price of $80.86, for a total transaction of $808,600.00. Following the transaction, the director now owns 53,480 shares of the company’s stock, valued at $4,324,392.80. The disclosure for this sale can be found here. Insiders have sold a total of 2,105,051 shares of company stock worth $169,112,718 in the last quarter. 0.95% of the stock is currently owned by company insiders.
Best Buy (NYSE:BBY) last announced its quarterly earnings data on Tuesday, November 26th. The technology retailer reported $1.13 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.03 by $0.10. Best Buy had a net margin of 3.54% and a return on equity of 49.43%. The firm had revenue of $9.76 billion for the quarter, compared to the consensus estimate of $9.71 billion. During the same period in the prior year, the company posted $0.93 earnings per share. The business’s revenue for the quarter was up 2.1% on a year-over-year basis. On average, analysts anticipate that Best Buy Co Inc will post 5.94 EPS for the current fiscal year.
The company also recently declared a quarterly dividend, which was paid on Tuesday, January 7th. Stockholders of record on Tuesday, December 17th were issued a dividend of $0.50 per share. This represents a $2.00 dividend on an annualized basis and a dividend yield of 2.25%. The ex-dividend date of this dividend was Monday, December 16th. Best Buy’s dividend payout ratio (DPR) is presently 37.59%.
A number of brokerages have recently issued reports on BBY. ValuEngine cut shares of Best Buy from a “hold” rating to a “sell” rating in a research report on Monday, November 11th. Zacks Investment Research lowered shares of Best Buy from a “hold” rating to a “sell” rating and set a $79.00 price target on the stock. in a research report on Thursday, November 7th. Barclays upgraded shares of Best Buy to a “buy” rating and lifted their price objective for the stock from $75.00 to $90.00 in a research note on Wednesday, November 27th. Royal Bank of Canada upgraded shares of Best Buy to a “buy” rating and lifted their price objective for the stock from $74.00 to $86.00 in a research note on Wednesday, November 27th. Finally, Morgan Stanley boosted their price objective on shares of Best Buy from $70.00 to $77.00 and gave the company an “equal weight” rating in a report on Wednesday, November 27th. Two investment analysts have rated the stock with a sell rating, ten have given a hold rating and ten have issued a buy rating to the company. The company presently has an average rating of “Hold” and an average target price of $84.63.
Best Buy 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 Computing and Mobile Phones, such as computing and peripherals, e-readers, networking products, tablets, and wearables, as well as mobile phones comprising related mobile network carrier commissions; consumer electronics, including digital imaging, health and fitness, home theater, portable audio, and smart home products; and entertainment products consisting of drones, movies, music, and toys, as well as gaming hardware and software, and virtual reality and other software products.
Further Reading: What is a Buy-Side Analyst?
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