UBS Asset Management Americas Inc. lifted its holdings in shares of Best Buy Co Inc (NYSE:BBY) by 5.6% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 1,848,133 shares of the technology retailer’s stock after buying an additional 98,393 shares during the quarter. UBS Asset Management Americas Inc. owned approximately 0.69% of Best Buy worth $128,870,000 as of its most recent SEC filing.
Several other hedge funds have also made changes to their positions in BBY. Virtus ETF Advisers LLC acquired a new position in shares of Best Buy during the 2nd quarter worth approximately $25,000. TRUE Private Wealth Advisors acquired a new position in shares of Best Buy during the 2nd quarter worth approximately $27,000. Advisors Preferred LLC acquired a new position in shares of Best Buy during the 2nd quarter worth approximately $27,000. Oppenheimer Asset Management Inc. increased its position in shares of Best Buy by 34.6% during the second quarter. Oppenheimer Asset Management Inc. now owns 653 shares of the technology retailer’s stock worth $46,000 after purchasing an additional 168 shares in the last quarter. Finally, Joseph P. Lucia & Associates LLC purchased a new stake in shares of Best Buy during the second quarter worth approximately $47,000. 78.12% of the stock is owned by institutional investors and hedge funds.
Several analysts recently commented on the company. ValuEngine upgraded Best Buy from a “sell” rating to a “hold” rating in a research report on Tuesday, August 13th. Morgan Stanley dropped their price target on Best Buy from $77.00 to $70.00 and set an “equal weight” rating for the company in a research report on Friday, August 30th. Bank of America set a $75.00 price target on Best Buy and gave the stock a “hold” rating in a research report on Monday, August 26th. Guggenheim assumed coverage on Best Buy in a research report on Monday, July 8th. They set a “buy” rating and a $80.00 price target for the company. Finally, Cleveland Research reiterated a “neutral” rating on shares of Best Buy in a research report on Tuesday, June 18th. Eleven analysts have rated the stock with a hold rating and ten have issued a buy rating to the stock. Best Buy currently has a consensus rating of “Hold” and an average price target of $77.94.
Best Buy (NYSE:BBY) last released its quarterly earnings results on Thursday, August 29th. The technology retailer reported $1.08 earnings per share for the quarter, topping analysts’ consensus estimates of $0.99 by $0.09. The business had revenue of $9.54 billion during the quarter, compared to analysts’ expectations of $9.55 billion. Best Buy had a return on equity of 48.56% and a net margin of 3.52%. The company’s revenue was up 1.7% compared to the same quarter last year. During the same period in the prior year, the business posted $0.91 EPS. As a group, equities analysts predict that Best Buy Co Inc will post 5.76 earnings per share for the current fiscal year.
The firm also recently declared a quarterly dividend, which will be paid on Thursday, October 10th. Stockholders of record on Thursday, September 19th will be issued a dividend of $0.50 per share. This represents a $2.00 dividend on an annualized basis and a dividend yield of 2.96%. The ex-dividend date is Wednesday, September 18th. Best Buy’s dividend payout ratio is presently 37.59%.
In other news, major shareholder Richard M. Schulze sold 430,600 shares of the stock in a transaction on Monday, July 22nd. The stock was sold at an average price of $75.26, for a total transaction of $32,406,956.00. Following the completion of the transaction, the insider now directly owns 1,732,500 shares in the company, valued at approximately $130,387,950. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, major shareholder Richard M. Schulze sold 418,812 shares of the stock in a transaction on Tuesday, July 9th. The stock was sold at an average price of $72.06, for a total value of $30,179,592.72. Following the transaction, the insider now owns 1,732,500 shares of the company’s stock, valued at $124,843,950. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 1,381,448 shares of company stock valued at $101,304,357. Company insiders own 0.95% of the company’s stock.
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 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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