Private Advisor Group LLC lowered its holdings in shares of Best Buy Co Inc (NYSE:BBY) by 73.1% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 4,491 shares of the technology retailer’s stock after selling 12,208 shares during the period. Private Advisor Group LLC’s holdings in Best Buy were worth $238,000 at the end of the most recent reporting period.
Other institutional investors and hedge funds have also made changes to their positions in the company. GAM Holding AG raised its position in shares of Best Buy by 187.2% in the fourth quarter. GAM Holding AG now owns 37,909 shares of the technology retailer’s stock valued at $2,008,000 after buying an additional 24,710 shares during the last quarter. Campbell & CO Investment Adviser LLC acquired a new position in shares of Best Buy in the fourth quarter valued at approximately $319,000. Robeco Institutional Asset Management B.V. raised its position in shares of Best Buy by 6.9% in the fourth quarter. Robeco Institutional Asset Management B.V. now owns 1,123,417 shares of the technology retailer’s stock valued at $59,249,000 after buying an additional 72,456 shares during the last quarter. Summit Global Investments increased its position in Best Buy by 4,409.9% during the fourth quarter. Summit Global Investments now owns 120,459 shares of the technology retailer’s stock worth $6,379,000 after purchasing an additional 117,788 shares during the last quarter. Finally, Pearl River Capital LLC acquired a new position in Best Buy during the fourth quarter worth approximately $34,000. Institutional investors own 82.76% of the company’s stock.
Several brokerages recently commented on BBY. Zacks Investment Research raised shares of Best Buy from a “sell” rating to a “hold” rating in a research report on Wednesday, November 21st. Piper Jaffray Companies dropped their price target on shares of Best Buy from $87.00 to $81.00 and set a “buy” rating for the company in a research report on Wednesday, November 21st. ValuEngine raised shares of Best Buy from a “sell” rating to a “hold” rating in a research report on Thursday, February 28th. Credit Suisse Group raised shares of Best Buy from a “neutral” rating to a “buy” rating and upped their price target for the stock from $70.00 to $78.00 in a research report on Thursday, February 28th. Finally, Morgan Stanley upped their price target on shares of Best Buy from $65.00 to $77.00 and gave the stock an “equal weight” rating in a research report on Thursday, February 28th. One analyst has rated the stock with a sell rating, nine have assigned a hold rating and eight have issued a buy rating to the company. The company presently has an average rating of “Hold” and a consensus price target of $76.33.
BBY opened at $68.85 on Friday. The company has a quick ratio of 0.46, a current ratio of 1.18 and a debt-to-equity ratio of 0.40. Best Buy Co Inc has a 52-week low of $47.72 and a 52-week high of $84.37. The company has a market cap of $18.52 billion, a price-to-earnings ratio of 12.94, a price-to-earnings-growth ratio of 1.11 and a beta of 0.94.
Best Buy (NYSE:BBY) last released its quarterly earnings data on Wednesday, February 27th. The technology retailer reported $2.72 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.57 by $0.15. Best Buy had a net margin of 3.41% and a return on equity of 46.33%. The company had revenue of $14.80 billion during the quarter, compared to the consensus estimate of $14.69 billion. During the same period in the previous year, the firm earned $2.42 earnings per share. Best Buy’s revenue for the quarter was down 3.7% on a year-over-year basis. On average, research analysts predict that Best Buy Co Inc will post 5.62 earnings per share for the current fiscal year.
The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, April 10th. Shareholders of record on Wednesday, March 20th will be paid a dividend of $0.50 per share. This is an increase from Best Buy’s previous quarterly dividend of $0.45. This represents a $2.00 annualized dividend and a yield of 2.90%. The ex-dividend date is Tuesday, March 19th. Best Buy’s payout ratio is currently 33.83%.
Best Buy announced that its board has initiated a stock repurchase program on Wednesday, February 27th that allows the company to buyback $3.00 billion in shares. This buyback authorization allows the technology retailer to purchase up to 18.5% of its stock through open market purchases. Stock buyback programs are typically an indication that the company’s leadership believes its shares are undervalued.
In other Best Buy news, major shareholder Richard M. Schulze sold 492,000 shares of the business’s stock in a transaction that occurred on Friday, March 1st. The shares were sold at an average price of $68.50, for a total transaction of $33,702,000.00. Following the completion of the sale, the insider now directly owns 1,732,500 shares in the company, valued at $118,676,250. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, CAO Mathew Watson sold 1,000 shares of the business’s stock in a transaction that occurred on Thursday, February 28th. The stock was sold at an average price of $69.99, for a total transaction of $69,990.00. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 1,001,380 shares of company stock valued at $68,772,378. 0.75% of the stock is owned by insiders.
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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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