Meag Munich Ergo Kapitalanlagegesellschaft MBH Decreases Stake in Best Buy Co., Inc. (BBY)

Meag Munich Ergo Kapitalanlagegesellschaft MBH lowered its stake in Best Buy Co., Inc. (NYSE:BBY) by 13.9% during the second quarter, Holdings Channel reports. The institutional investor owned 231,046 shares of the technology retailer’s stock after selling 37,426 shares during the period. Meag Munich Ergo Kapitalanlagegesellschaft MBH’s holdings in Best Buy Co. were worth $13,205,000 as of its most recent filing with the SEC.

A number of other institutional investors have also recently modified their holdings of the company. Cleararc Capital Inc. boosted its position in shares of Best Buy Co. by 0.3% in the first quarter. Cleararc Capital Inc. now owns 6,644 shares of the technology retailer’s stock valued at $327,000 after buying an additional 18 shares in the last quarter. CENTRAL TRUST Co boosted its position in shares of Best Buy Co. by 1.9% in the second quarter. CENTRAL TRUST Co now owns 5,310 shares of the technology retailer’s stock valued at $304,000 after buying an additional 100 shares in the last quarter. Janney Montgomery Scott LLC boosted its position in shares of Best Buy Co. by 0.6% in the first quarter. Janney Montgomery Scott LLC now owns 17,173 shares of the technology retailer’s stock valued at $844,000 after buying an additional 106 shares in the last quarter. Mn Services Vermogensbeheer B.V. boosted its position in shares of Best Buy Co. by 2.4% in the first quarter. Mn Services Vermogensbeheer B.V. now owns 7,538 shares of the technology retailer’s stock valued at $346,000 after buying an additional 175 shares in the last quarter. Finally, Intrust Bank NA boosted its position in shares of Best Buy Co. by 4.5% in the first quarter. Intrust Bank NA now owns 4,998 shares of the technology retailer’s stock valued at $246,000 after buying an additional 216 shares in the last quarter. 94.17% of the stock is owned by hedge funds and other institutional investors.

Best Buy Co., Inc. (NYSE BBY) traded up 0.976% on Tuesday, hitting $55.335. The company had a trading volume of 1,597,860 shares. The stock has a market cap of $16.88 billion, a P/E ratio of 14.887 and a beta of 1.45. Best Buy Co., Inc. has a 12-month low of $32.02 and a 12-month high of $61.95. The firm’s 50 day moving average price is $56.40 and its 200 day moving average price is $49.94. Best Buy Co. also saw some unusual options trading on Monday. Stock investors purchased 993 call options on the stock. This is an increase of 163% compared to the typical daily volume of 378 call options.

Best Buy Co. (NYSE:BBY) last issued its quarterly earnings results on Thursday, May 25th. The technology retailer reported $0.60 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.40 by $0.20. The company had revenue of $8.53 billion for 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 firm’s revenue was up 1.0% compared to the same quarter last year. During the same period last year, the business posted $0.44 earnings per share. Equities analysts predict that Best Buy Co., Inc. will post $3.89 earnings per share for the current fiscal year.

The firm also recently declared a quarterly dividend, which was paid on Thursday, July 6th. Stockholders of record on Thursday, June 15th were given a $0.34 dividend. This represents a $1.36 annualized dividend and a dividend yield of 2.48%. The ex-dividend date was Tuesday, June 13th. Best Buy Co.’s dividend payout ratio is currently 36.46%.

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Several brokerages recently issued reports on BBY. Sanford C. Bernstein reaffirmed a “sell” rating on shares of Best Buy Co. in a report on Saturday, April 8th. UBS AG reissued a “buy” rating and issued a $51.00 price target (up from $47.00) on shares of Best Buy Co. in a report on Wednesday, May 24th. ValuEngine cut Best Buy Co. from a “buy” rating to a “hold” rating in a report on Friday, May 26th. Loop Capital raised Best Buy Co. from a “sell” rating to a “hold” rating and cut their price target for the stock from $37.00 to $35.00 in a report on Monday, May 15th. Finally, Bank of America Corporation raised Best Buy Co. from a “neutral” rating to a “buy” rating and boosted their price target for the stock from $46.00 to $58.00 in a report on Tuesday, April 25th. Four equities research analysts have rated the stock with a sell rating, three have given a hold rating and twenty have assigned a buy rating to the company. The company currently has a consensus rating of “Buy” and an average target price of $56.76.

In other news, insider Asheesh Saksena sold 18,706 shares of the firm’s stock in a transaction dated Wednesday, June 14th. The stock was sold at an average price of $57.08, for a total value of $1,067,738.48. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, General Counsel Keith J. Nelsen sold 55,153 shares of the firm’s stock in a transaction dated Wednesday, May 31st. The shares were sold at an average price of $59.01, for a total value of $3,254,578.53. Following the completion of the sale, the general counsel now directly owns 89,306 shares in the company, valued at $5,269,947.06. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 121,917 shares of company stock worth $7,107,375. 0.84% of the stock is currently owned by company insiders.

Best Buy Co. 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 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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