National Asset Management Inc. purchased a new stake in Best Buy Co., Inc. (NYSE:BBY) during the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund purchased 5,346 shares of the technology retailer’s stock, valued at approximately $595,000.
A number of other institutional investors have also made changes to their positions in the business. Victory Capital Management Inc. increased its holdings in Best Buy by 1.7% in the 3rd quarter. Victory Capital Management Inc. now owns 667,624 shares of the technology retailer’s stock valued at $74,300,000 after buying an additional 11,461 shares during the period. HNP Capital LLC boosted its stake in shares of Best Buy by 15.3% in the 3rd quarter. HNP Capital LLC now owns 9,577 shares of the technology retailer’s stock valued at $1,179,000 after purchasing an additional 1,274 shares in the last quarter. O Brien Greene & Co. Inc boosted its stake in shares of Best Buy by 0.4% in the 3rd quarter. O Brien Greene & Co. Inc now owns 56,700 shares of the technology retailer’s stock valued at $6,310,000 after purchasing an additional 200 shares in the last quarter. AMF Pensionsforsakring AB acquired a new stake in shares of Best Buy in the 3rd quarter valued at $15,061,000. Finally, Todd Asset Management LLC boosted its stake in shares of Best Buy by 22.6% in the 3rd quarter. Todd Asset Management LLC now owns 379,400 shares of the technology retailer’s stock valued at $42,223,000 after purchasing an additional 69,839 shares in the last quarter. 74.24% of the stock is currently owned by hedge funds and other institutional investors.
In related news, major shareholder Richard M. Schulze sold 436,199 shares of the stock in a transaction that occurred on Friday, October 9th. The stock was sold at an average price of $116.30, for a total transaction of $50,729,943.70. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, major shareholder Richard M. Schulze sold 250,826 shares of the stock in a transaction that occurred on Wednesday, October 7th. The stock was sold at an average price of $115.27, for a total value of $28,912,713.02. The disclosure for this sale can be found here. Over the last three months, insiders have sold 764,547 shares of company stock valued at $88,371,377. 0.64% of the stock is owned by company insiders.
Best Buy (NYSE:BBY) last released its earnings results on Tuesday, August 25th. The technology retailer reported $1.71 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.09 by $0.62. The company had revenue of $9.91 billion for the quarter, compared to the consensus estimate of $9.79 billion. Best Buy had a net margin of 3.75% and a return on equity of 48.82%. The company’s revenue was up 3.9% compared to the same quarter last year. During the same period in the prior year, the company posted $1.08 EPS. Research analysts forecast that Best Buy Co., Inc. will post 7.16 EPS for the current year.
Several equities research analysts have recently commented on BBY shares. Barclays upgraded shares of Best Buy to a “buy” rating in a research note on Wednesday, August 26th. Piper Sandler boosted their target price on shares of Best Buy from $112.00 to $127.00 and gave the company an “overweight” rating in a research note on Thursday, August 13th. Exane BNP Paribas started coverage on shares of Best Buy in a research note on Monday, October 5th. They issued an “outperform” rating and a $131.00 target price on the stock. ValuEngine downgraded shares of Best Buy from a “hold” rating to a “sell” rating in a research note on Tuesday, November 10th. Finally, Oppenheimer downgraded shares of Best Buy from an “outperform” rating to a “market perform” rating and upped their price target for the stock from $120.00 to $125.00 in a research report on Friday, October 23rd. One equities research analyst has rated the stock with a sell rating, eight have assigned a hold rating and sixteen have issued a buy rating to the stock. The company has a consensus rating of “Buy” and an average 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.
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