Worldquant Millennium Advisors LLC grew its stake in Best Buy Co Inc (NYSE:BBY) by 261.7% in the second quarter, Holdings Channel.com reports. The institutional investor owned 449,636 shares of the technology retailer’s stock after buying an additional 325,338 shares during the quarter. Worldquant Millennium Advisors LLC’s holdings in Best Buy were worth $31,353,000 at the end of the most recent reporting period.
A number of other hedge funds also recently added to or reduced their stakes in BBY. Invesco Ltd. grew its stake in Best Buy by 289.7% in the 2nd quarter. Invesco Ltd. now owns 4,918,106 shares of the technology retailer’s stock worth $342,938,000 after buying an additional 3,656,220 shares in the last quarter. Nuveen Asset Management LLC grew its stake in Best Buy by 3,218.5% in the 2nd quarter. Nuveen Asset Management LLC now owns 3,259,002 shares of the technology retailer’s stock worth $227,250,000 after buying an additional 3,160,794 shares in the last quarter. AQR Capital Management LLC grew its stake in Best Buy by 40.6% in the 2nd quarter. AQR Capital Management LLC now owns 4,797,656 shares of the technology retailer’s stock worth $330,991,000 after buying an additional 1,385,457 shares in the last quarter. Vanguard Group Inc. grew its stake in Best Buy by 3.7% in the 2nd quarter. Vanguard Group Inc. now owns 27,605,353 shares of the technology retailer’s stock worth $1,924,922,000 after buying an additional 993,608 shares in the last quarter. Finally, BlackRock Inc. grew its stake in Best Buy by 4.4% in the 2nd quarter. BlackRock Inc. now owns 18,179,382 shares of the technology retailer’s stock worth $1,267,648,000 after buying an additional 772,762 shares in the last quarter. 78.12% of the stock is owned by institutional investors and hedge funds.
A number of research firms have commented on BBY. Guggenheim began coverage on shares of Best Buy in a research note on Monday, July 8th. They issued a “buy” rating and a $80.00 price target for the company. ValuEngine raised shares of Best Buy from a “sell” rating to a “hold” rating in a research note on Tuesday, August 13th. Bank of America set a $75.00 price target on shares of Best Buy and gave the stock a “hold” rating in a research note on Monday, August 26th. Cleveland Research reissued a “neutral” rating on shares of Best Buy in a research note on Tuesday, June 18th. Finally, Loop Capital set a $90.00 price target on shares of Best Buy and gave the stock a “buy” rating in a research note on Wednesday, September 18th. Eleven research analysts have rated the stock with a hold rating and ten have assigned a buy rating to the company’s stock. The company has an average rating of “Hold” and a consensus target price of $77.94.
Best Buy (NYSE:BBY) last announced its quarterly earnings data on Thursday, August 29th. The technology retailer reported $1.08 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.99 by $0.09. Best Buy had a net margin of 3.52% and a return on equity of 48.56%. The company had revenue of $9.54 billion during the quarter, compared to analysts’ expectations of $9.55 billion. During the same quarter in the prior year, the company earned $0.91 EPS. The firm’s revenue was up 1.7% on a year-over-year basis. On average, equities research analysts anticipate that Best Buy Co Inc will post 5.75 EPS for the current year.
The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, October 10th. Stockholders of record on Thursday, September 19th will be paid a $0.50 dividend. The ex-dividend date of this dividend is Wednesday, September 18th. This represents a $2.00 dividend on an annualized basis and a dividend yield of 2.95%. Best Buy’s dividend payout ratio (DPR) is 37.59%.
In other Best Buy news, Director Victor Kathy J. Higgins sold 10,000 shares of the stock in a transaction on Monday, July 1st. The shares were sold at an average price of $72.50, for a total transaction of $725,000.00. Following the completion of the sale, the director now owns 54,126 shares of the company’s stock, valued at approximately $3,924,135. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, Director Lisa Caputo sold 2,500 shares of the stock in a transaction on Monday, July 15th. The shares were sold at an average price of $75.20, for a total transaction of $188,000.00. Following the sale, the director now directly owns 45,936 shares of the company’s stock, valued at approximately $3,454,387.20. The disclosure for this sale can be found here. Insiders sold a total of 1,381,448 shares of company stock valued at $101,304,357 in the last ninety days. 0.95% of the stock is owned by corporate insiders.
About Best Buy
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 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, movies, music, and toys, as well as gaming hardware and software, and virtual reality and other software products.
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