New Mexico Educational Retirement Board cut its holdings in Best Buy Co Inc (NYSE:BBY) by 5.8% in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 19,521 shares of the technology retailer’s stock after selling 1,200 shares during the quarter. New Mexico Educational Retirement Board’s holdings in Best Buy were worth $1,387,000 as of its most recent SEC filing.
A number of other large investors have also added to or reduced their stakes in BBY. Bank of New York Mellon Corp lifted its stake in Best Buy by 10.0% in the third quarter. Bank of New York Mellon Corp now owns 6,519,666 shares of the technology retailer’s stock worth $517,400,000 after acquiring an additional 591,086 shares during the period. Martingale Asset Management L P purchased a new stake in shares of Best Buy during the third quarter valued at about $4,072,000. LPL Financial LLC lifted its position in shares of Best Buy by 38.3% during the third quarter. LPL Financial LLC now owns 36,865 shares of the technology retailer’s stock valued at $2,926,000 after buying an additional 10,206 shares during the last quarter. Advisors Asset Management Inc. lifted its position in shares of Best Buy by 5.8% during the third quarter. Advisors Asset Management Inc. now owns 53,272 shares of the technology retailer’s stock valued at $4,228,000 after buying an additional 2,901 shares during the last quarter. Finally, Mackenzie Financial Corp lifted its position in shares of Best Buy by 12.7% during the third quarter. Mackenzie Financial Corp now owns 64,727 shares of the technology retailer’s stock valued at $5,137,000 after buying an additional 7,300 shares during the last quarter. 84.10% of the stock is owned by institutional investors.
In related news, major shareholder Richard M. Schulze sold 492,000 shares of the stock in a transaction that occurred on Friday, March 1st. The shares were sold at an average price of $68.50, for a total value of $33,702,000.00. Following the completion of the transaction, the insider now directly owns 1,732,500 shares of the company’s stock, valued at approximately $118,676,250. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CAO Mathew Watson sold 1,000 shares of the 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. Insiders sold a total of 1,440,995 shares of company stock valued at $99,946,348 over the last ninety days. 0.75% of the stock is currently owned by insiders.
Best Buy (NYSE:BBY) last announced its quarterly earnings data on Wednesday, February 27th. The technology retailer reported $2.72 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $2.57 by $0.15. The firm had revenue of $14.80 billion during the quarter, compared to analyst estimates of $14.69 billion. Best Buy had a net margin of 3.41% and a return on equity of 46.33%. Best Buy’s revenue was down 3.7% on a year-over-year basis. During the same period last year, the firm posted $2.42 EPS. Analysts expect that Best Buy Co Inc will post 5.64 EPS for the current fiscal year.
Best Buy declared that its Board of Directors has authorized a stock buyback program on Wednesday, February 27th that allows the company to repurchase $3.00 billion in outstanding shares. This repurchase authorization allows the technology retailer to buy up to 18.5% of its stock through open market purchases. Stock repurchase programs are generally an indication that the company’s management believes its shares are undervalued.
The business also recently disclosed a quarterly dividend, which was paid on Wednesday, April 10th. Investors of record on Wednesday, March 20th were given a $0.50 dividend. This is a positive change from Best Buy’s previous quarterly dividend of $0.45. This represents a $2.00 annualized dividend and a dividend yield of 2.72%. The ex-dividend date was Tuesday, March 19th. Best Buy’s dividend payout ratio (DPR) is presently 37.59%.
Several analysts have commented on the stock. Evercore ISI assumed coverage on shares of Best Buy in a research report on Wednesday, March 20th. They set an “in-line” rating and a $75.00 price target for the company. Wedbush reissued a “neutral” rating and set a $65.00 price target on shares of Best Buy in a research report on Friday, February 22nd. Bank of America raised shares of Best Buy from an “underperform” rating to a “neutral” rating and set a $50.00 price target for the company in a research report on Wednesday, February 27th. Zacks Investment Research lowered shares of Best Buy from a “hold” rating to a “sell” rating in a research report on Wednesday, January 23rd. Finally, Citigroup increased their price target on shares of Best Buy from $72.00 to $77.00 and gave the company a “neutral” rating in a research report on Friday, March 1st. One analyst has rated the stock with a sell rating, eleven have given a hold rating and eight have given a buy rating to the stock. The stock presently has a consensus rating of “Hold” and an average price target of $76.82.
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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 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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