ClariVest Asset Management LLC Grows Stock Position in Best Buy Co., Inc. (NYSE:BBY)

ClariVest Asset Management LLC raised its holdings in Best Buy Co., Inc. (NYSE:BBY) by 28,235.7% in the third quarter, HoldingsChannel reports. The institutional investor owned 3,967 shares of the technology retailer’s stock after acquiring an additional 3,953 shares during the quarter. ClariVest Asset Management LLC’s holdings in Best Buy were worth $442,000 as of its most recent SEC filing.

A number of other institutional investors have also added to or reduced their stakes in the business. GW Henssler & Associates Ltd. raised its stake in Best Buy by 2.8% in the third quarter. GW Henssler & Associates Ltd. now owns 3,316 shares of the technology retailer’s stock valued at $369,000 after buying an additional 90 shares during the last quarter. Mission Wealth Management LP raised its stake in Best Buy by 1.6% in the third quarter. Mission Wealth Management LP now owns 6,239 shares of the technology retailer’s stock valued at $694,000 after buying an additional 99 shares during the last quarter. Danda Trouve Investment Management Inc. raised its stake in shares of Best Buy by 33.3% in the third quarter. Danda Trouve Investment Management Inc. now owns 400 shares of the technology retailer’s stock worth $45,000 after purchasing an additional 100 shares during the last quarter. Parallel Advisors LLC raised its stake in shares of Best Buy by 7.2% in the third quarter. Parallel Advisors LLC now owns 1,537 shares of the technology retailer’s stock worth $171,000 after purchasing an additional 103 shares during the last quarter. Finally, Avitas Wealth Management LLC raised its stake in shares of Best Buy by 0.5% in the third quarter. Avitas Wealth Management LLC now owns 23,876 shares of the technology retailer’s stock worth $2,657,000 after purchasing an additional 111 shares during the last quarter. Institutional investors own 74.24% of the company’s stock.

In related news, CAO Mathew Watson sold 5,677 shares of Best Buy stock in a transaction that occurred on Thursday, August 27th. The stock was sold at an average price of $112.58, for a total transaction of $639,116.66. The sale was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, major shareholder Richard M. Schulze sold 436,199 shares of Best Buy stock in a transaction that occurred on Friday, October 9th. The stock was sold at an average price of $116.30, for a total value of $50,729,943.70. The disclosure for this sale can be found here. In the last quarter, insiders have sold 764,547 shares of company stock worth $88,371,377. 0.64% of the stock is currently owned by company insiders.

Shares of Best Buy stock opened at $119.14 on Friday. Best Buy Co., Inc. has a one year low of $48.10 and a one year high of $124.89. The company has a market cap of $30.84 billion, a price-to-earnings ratio of 19.22, a PEG ratio of 2.14 and a beta of 1.76. The company has a debt-to-equity ratio of 0.17, a quick ratio of 0.65 and a current ratio of 1.06. The business’s 50 day moving average price is $116.54 and its 200 day moving average price is $99.08.

Best Buy (NYSE:BBY) last announced its quarterly earnings data on Tuesday, August 25th. The technology retailer reported $1.71 EPS for the quarter, topping the Zacks’ consensus estimate of $1.09 by $0.62. Best Buy had a return on equity of 48.82% and a net margin of 3.75%. The firm had revenue of $9.91 billion for the quarter, compared to the consensus estimate of $9.79 billion. During the same quarter last year, the business posted $1.08 earnings per share. The firm’s revenue was up 3.9% compared to the same quarter last year. On average, analysts predict that Best Buy Co., Inc. will post 7.16 EPS for the current fiscal year.

Several brokerages have recently issued reports on BBY. Raymond James restated a “buy” rating on shares of Best Buy in a research note on Tuesday, August 25th. Wedbush restated an “outperform” rating and issued a $130.00 price objective on shares of Best Buy in a research note on Monday, November 2nd. Cleveland Research upgraded Best Buy from a “neutral” rating to a “buy” rating in a research note on Tuesday, September 29th. Zacks Investment Research cut Best Buy from a “strong-buy” rating to a “hold” rating and set a $125.00 price target for the company. in a research report on Monday, October 19th. Finally, Exane BNP Paribas assumed coverage on Best Buy in a research report on Monday, October 5th. They set an “outperform” rating and a $131.00 price target for the company. One research analyst has rated the stock with a sell rating, eight have assigned a hold rating and sixteen have assigned a buy rating to the company’s stock. The company currently has a consensus rating of “Buy” and a consensus target price of $107.09.

Best Buy Company Profile

Best Buy Co, Inc retails technology products 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, peripherals, movies, music, and toys, as well as gaming hardware and software, and virtual reality and other software products.

See Also: Buy-Side Analysts

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Institutional Ownership by Quarter for Best Buy (NYSE:BBY)

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