Bailard Inc. acquired a new position in Best Buy Co Inc (NYSE:BBY) in the third quarter, according to the company in its most recent filing with the SEC. The firm acquired 12,457 shares of the technology retailer’s stock, valued at approximately $989,000.
Several other hedge funds have also recently made changes to their positions in BBY. LFA Lugano Financial Advisors SA bought a new stake in shares of Best Buy in the 2nd quarter worth approximately $174,000. People s United Financial Inc. bought a new stake in shares of Best Buy in the 3rd quarter worth approximately $222,000. Checchi Capital Advisers LLC bought a new stake in shares of Best Buy in the 3rd quarter worth approximately $234,000. Chemical Bank bought a new stake in shares of Best Buy in the 3rd quarter worth approximately $265,000. Finally, Sawtooth Solutions LLC bought a new stake in shares of Best Buy in the 3rd quarter worth approximately $267,000. Institutional investors own 84.22% of the company’s stock.
In related news, SVP Mathew Watson sold 2,131 shares of the firm’s stock in a transaction on Wednesday, September 12th. The stock was sold at an average price of $77.88, for a total transaction of $165,962.28. Following the completion of the sale, the senior vice president now directly owns 18,131 shares of the company’s stock, valued at approximately $1,412,042.28. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CFO Corie S. Barry sold 6,783 shares of the firm’s stock in a transaction on Friday, October 19th. The shares were sold at an average price of $72.80, for a total value of $493,802.40. Following the sale, the chief financial officer now directly owns 80,961 shares of the company’s stock, valued at $5,893,960.80. The disclosure for this sale can be found here. Over the last three months, insiders sold 11,929 shares of company stock valued at $896,005. 0.75% of the stock is currently owned by insiders.
A number of brokerages have commented on BBY. Zacks Investment Research downgraded Best Buy from a “buy” rating to a “hold” rating in a research report on Thursday, August 23rd. Jefferies Financial Group began coverage on Best Buy in a research report on Tuesday, August 21st. They issued a “hold” rating and a $79.00 price objective for the company. Wedbush set a $65.00 price objective on Best Buy and gave the stock a “sell” rating in a research report on Thursday, August 23rd. JPMorgan Chase & Co. raised their price objective on Best Buy from $76.00 to $79.00 and gave the stock a “neutral” rating in a research report on Wednesday, August 29th. Finally, Telsey Advisory Group raised their price objective on Best Buy from $76.00 to $80.00 and gave the stock a “market perform” rating in a research report on Wednesday, August 29th. Thirteen analysts have rated the stock with a hold rating and four have assigned a buy rating to the company. The company currently has a consensus rating of “Hold” and a consensus target price of $77.06.
Shares of BBY opened at $62.28 on Friday. Best Buy Co Inc has a 1 year low of $60.07 and a 1 year high of $84.37. The company has a quick ratio of 0.28, a current ratio of 1.10 and a debt-to-equity ratio of 0.42. The company has a market capitalization of $16.90 billion, a PE ratio of 14.09, a P/E/G ratio of 1.04 and a beta of 1.02.
Best Buy (NYSE:BBY) last issued its earnings results on Tuesday, November 20th. The technology retailer reported $0.93 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.85 by $0.08. Best Buy had a return on equity of 44.41% and a net margin of 2.52%. The business had revenue of $9.59 billion during the quarter, compared to analysts’ expectations of $9.56 billion. During the same period in the prior year, the firm posted $0.78 EPS. Best Buy’s quarterly revenue was up 2.9% compared to the same quarter last year. As a group, equities research analysts expect that Best Buy Co Inc will post 5.19 earnings per share for the current year.
The business also recently announced a quarterly dividend, which will be paid on Monday, December 31st. Stockholders of record on Tuesday, December 11th will be issued a $0.45 dividend. The ex-dividend date of this dividend is Monday, December 10th. This represents a $1.80 dividend on an annualized basis and a dividend yield of 2.89%. Best Buy’s payout ratio is presently 40.72%.
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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 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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