Martingale Asset Management L P reduced its position in shares of Best Buy Co Inc (NYSE:BBY) by 60.8% during the first quarter, according to its most recent filing with the SEC. The firm owned 79,989 shares of the technology retailer’s stock after selling 124,107 shares during the period. Martingale Asset Management L P’s holdings in Best Buy Co were worth $3,932,000 as of its most recent SEC filing.
Other hedge funds and other institutional investors have also recently made changes to their positions in the company. Two Sigma Securities LLC boosted its position in shares of Best Buy Co by 69.5% in the third quarter. Two Sigma Securities LLC now owns 31,532 shares of the technology retailer’s stock worth $1,204,000 after buying an additional 12,927 shares during the period. Aristotle Fund L.P. boosted its stake in Best Buy Co by 19.5% in the third quarter. Aristotle Fund L.P. now owns 141,000 shares of the technology retailer’s stock worth $5,383,000 after buying an additional 23,000 shares during the last quarter. United Services Automobile Association boosted its stake in Best Buy Co by 49.6% in the third quarter. United Services Automobile Association now owns 131,523 shares of the technology retailer’s stock worth $5,022,000 after buying an additional 43,579 shares during the last quarter. Weiss Asset Management LP bought a new stake in Best Buy Co during the third quarter worth $238,000. Finally, Dynamic Capital Management Ltd boosted its stake in Best Buy Co by 1,406.4% in the third quarter. Dynamic Capital Management Ltd now owns 357,335 shares of the technology retailer’s stock worth $13,643,000 after buying an additional 333,614 shares during the last quarter. 86.57% of the stock is currently owned by institutional investors and hedge funds.
Shares of Best Buy Co Inc (NYSE:BBY) traded down 3.10% during midday trading on Friday, hitting $59.35. 11,460,981 shares of the stock were exchanged. Best Buy Co Inc has a 12 month low of $28.76 and a 12 month high of $61.95. The stock has a market cap of $18.35 billion, a P/E ratio of 15.60 and a beta of 1.59. The firm has a 50 day moving average of $50.95 and a 200-day moving average of $46.40. Best Buy Co also saw unusually large options trading activity on Wednesday. Stock investors purchased 632 call options on the stock. This represents an increase of 177% compared to the average volume of 228 call options.
Best Buy Co (NYSE:BBY) last released its quarterly earnings results on Thursday, May 25th. The technology retailer reported $0.60 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.40 by $0.20. The business had revenue of $8.53 billion during the quarter, compared to analyst estimates of $8.28 billion. Best Buy Co had a net margin of 2.78% and a return on equity of 24.18%. The company’s quarterly revenue was up 1.0% on a year-over-year basis. During the same period in the prior year, the firm posted $0.44 earnings per share. Equities research analysts anticipate that Best Buy Co Inc will post $3.77 EPS for the current year.
The firm also recently declared a quarterly dividend, which will be paid on Thursday, July 6th. Shareholders of record on Thursday, June 15th will be given a dividend of $0.34 per share. This represents a $1.36 dividend on an annualized basis and a yield of 2.22%. Best Buy Co’s dividend payout ratio is presently 33.73%.
A number of analysts have weighed in on the stock. Royal Bank of Canada boosted their target price on shares of Best Buy Co from $42.00 to $46.00 and gave the stock a “sector perform” rating in a research note on Thursday, March 2nd. Oppenheimer Holdings Inc. reissued a “hold” rating on shares of Best Buy Co in a research note on Thursday. Sanford C. Bernstein started coverage on shares of Best Buy Co in a research note on Monday, February 6th. They issued an “underperform” rating and a $34.00 price objective on the stock. Zacks Investment Research cut shares of Best Buy Co from a “strong-buy” rating to a “sell” rating in a research note on Thursday, February 2nd. Finally, Piper Jaffray Companies raised shares of Best Buy Co from a “neutral” rating to an “overweight” rating and boosted their price objective for the stock from $44.85 to $55.00 in a research note on Monday, March 27th. Four research analysts have rated the stock with a sell rating, six have given a hold rating and fifteen have given a buy rating to the company’s stock. Best Buy Co currently has a consensus rating of “Hold” and a consensus price target of $45.97.
In other Best Buy Co news, VP Mathew Watson sold 758 shares of the firm’s stock in a transaction that occurred on Tuesday, May 23rd. The shares were sold at an average price of $51.82, for a total transaction of $39,279.56. Following the completion of the transaction, the vice president now directly owns 19,172 shares of the company’s stock, valued at approximately $993,493.04. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, insider Patricia H. Walker sold 7,447 shares of the firm’s stock in a transaction that occurred on Monday, April 24th. The stock was sold at an average price of $51.02, for a total transaction of $379,945.94. Following the transaction, the insider now directly owns 34,096 shares of the company’s stock, valued at $1,739,577.92. The disclosure for this sale can be found here. Insiders have sold a total of 415,787 shares of company stock valued at $19,856,989 over the last three months. 1.21% of the stock is currently owned by 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.
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