Advisor Partners LLC Acquires 990 Shares of Best Buy Co Inc (NYSE:BBY)

Advisor Partners LLC boosted its holdings in Best Buy Co Inc (NYSE:BBY) by 14.8% in the 3rd quarter, HoldingsChannel.com reports. The firm owned 7,699 shares of the technology retailer’s stock after purchasing an additional 990 shares during the period. Advisor Partners LLC’s holdings in Best Buy were worth $531,000 at the end of the most recent quarter.

A number of other institutional investors have also bought and sold shares of BBY. First Trust Advisors LP lifted its stake in Best Buy by 4.8% in the first quarter. First Trust Advisors LP now owns 444,031 shares of the technology retailer’s stock worth $31,553,000 after purchasing an additional 20,277 shares during the last quarter. DNB Asset Management AS lifted its stake in Best Buy by 41.1% in the second quarter. DNB Asset Management AS now owns 65,353 shares of the technology retailer’s stock worth $4,557,000 after purchasing an additional 19,043 shares during the last quarter. First National Bank of Mount Dora Trust Investment Services lifted its stake in Best Buy by 16.6% in the second quarter. First National Bank of Mount Dora Trust Investment Services now owns 21,663 shares of the technology retailer’s stock worth $1,511,000 after purchasing an additional 3,091 shares during the last quarter. WINTON GROUP Ltd lifted its stake in Best Buy by 16.2% in the second quarter. WINTON GROUP Ltd now owns 308,199 shares of the technology retailer’s stock worth $21,491,000 after purchasing an additional 42,890 shares during the last quarter. Finally, Empirical Finance LLC lifted its stake in Best Buy by 0.8% in the second quarter. Empirical Finance LLC now owns 36,727 shares of the technology retailer’s stock worth $2,561,000 after purchasing an additional 293 shares during the last quarter. 78.49% of the stock is owned by institutional investors and hedge funds.

In related news, Director Hubert Joly sold 407,880 shares of the business’s stock in a transaction dated Thursday, September 26th. The shares were sold at an average price of $66.97, for a total transaction of $27,315,723.60. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, major shareholder Richard M. Schulze sold 430,600 shares of the business’s stock in a transaction dated Monday, July 22nd. The shares were sold at an average price of $75.26, for a total transaction of $32,406,956.00. Following the transaction, the insider now owns 1,732,500 shares in the company, valued at approximately $130,387,950. The disclosure for this sale can be found here. Insiders have sold 839,513 shares of company stock worth $59,792,970 in the last quarter. 0.95% of the stock is owned by corporate insiders.

BBY stock opened at $70.52 on Friday. Best Buy Co Inc has a 12-month low of $47.72 and a 12-month high of $78.53. The company has a current ratio of 1.08, a quick ratio of 0.39 and a debt-to-equity ratio of 1.06. The firm’s 50-day moving average price is $67.03 and its two-hundred day moving average price is $69.47. The stock has a market capitalization of $18.42 billion, a price-to-earnings ratio of 13.26, a PEG ratio of 1.55 and a beta of 1.14.

Best Buy (NYSE:BBY) last announced its quarterly earnings results on Thursday, August 29th. The technology retailer reported $1.08 earnings per share (EPS) for the quarter, beating the 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 for the quarter, compared to analysts’ expectations of $9.55 billion. During the same quarter in the previous year, the company earned $0.91 earnings per share. Best Buy’s quarterly revenue was up 1.7% on a year-over-year basis. Equities analysts predict that Best Buy Co Inc will post 5.7 EPS for the current year.

The business also recently declared a quarterly dividend, which was paid on Thursday, October 10th. Investors of record on Thursday, September 19th were given a dividend of $0.50 per share. This represents a $2.00 annualized dividend and a dividend yield of 2.84%. The ex-dividend date of this dividend was Wednesday, September 18th. Best Buy’s dividend payout ratio is currently 37.59%.

BBY has been the topic of a number of analyst reports. Wolfe Research initiated coverage on shares of Best Buy in a research report on Tuesday, October 8th. They issued a “buy” rating and a $82.00 price objective on the stock. Raymond James initiated coverage on shares of Best Buy in a research report on Monday, October 7th. They issued a “strong-buy” rating and a $100.00 price objective on the stock. Goldman Sachs Group initiated coverage on shares of Best Buy in a research report on Thursday, July 11th. They issued a “neutral” rating and a $73.00 price objective on the stock. Guggenheim initiated coverage on shares of Best Buy in a research report on Monday, July 8th. They issued a “buy” rating and a $80.00 price objective on the stock. Finally, Morgan Stanley decreased their price objective on shares of Best Buy from $77.00 to $70.00 and set an “equal weight” rating on the stock in a research report on Friday, August 30th. Eleven analysts have rated the stock with a hold rating, nine have issued a buy rating and one has issued a strong buy rating to the company. The company has an average rating of “Buy” and a consensus price target of $78.56.

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.

Further Reading: Mutual Funds

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

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