Chevy Chase Trust Holdings Inc. lessened its stake in Best Buy Co Inc (NYSE:BBY) by 3.8% in the 2nd quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 207,762 shares of the technology retailer’s stock after selling 8,133 shares during the quarter. Chevy Chase Trust Holdings Inc. owned approximately 0.07% of Best Buy worth $15,495,000 at the end of the most recent reporting period.
A number of other hedge funds and other institutional investors also recently modified their holdings of the stock. Northern Trust Corp increased its holdings in Best Buy by 3.4% in the 1st quarter. Northern Trust Corp now owns 3,840,174 shares of the technology retailer’s stock worth $268,774,000 after acquiring an additional 125,125 shares in the last quarter. OppenheimerFunds Inc. increased its holdings in Best Buy by 448.0% in the 1st quarter. OppenheimerFunds Inc. now owns 2,893,720 shares of the technology retailer’s stock worth $202,532,000 after acquiring an additional 2,365,675 shares in the last quarter. LSV Asset Management increased its holdings in Best Buy by 1.9% in the 1st quarter. LSV Asset Management now owns 2,391,393 shares of the technology retailer’s stock worth $167,373,000 after acquiring an additional 43,500 shares in the last quarter. Amundi Pioneer Asset Management Inc. increased its holdings in Best Buy by 7.1% in the 1st quarter. Amundi Pioneer Asset Management Inc. now owns 1,357,774 shares of the technology retailer’s stock worth $95,031,000 after acquiring an additional 89,462 shares in the last quarter. Finally, Robeco Institutional Asset Management B.V. increased its holdings in Best Buy by 8.8% in the 1st quarter. Robeco Institutional Asset Management B.V. now owns 1,001,568 shares of the technology retailer’s stock worth $70,179,000 after acquiring an additional 80,619 shares in the last quarter. 87.63% of the stock is owned by institutional investors.
Shares of BBY opened at $78.68 on Friday. Best Buy Co Inc has a 52-week low of $51.61 and a 52-week high of $79.90. The company has a debt-to-equity ratio of 0.23, a quick ratio of 0.56 and a current ratio of 1.27. The firm has a market cap of $21.59 billion, a price-to-earnings ratio of 16.41, a price-to-earnings-growth ratio of 1.38 and a beta of 0.79.
Best Buy (NYSE:BBY) last announced its earnings results on Thursday, May 24th. The technology retailer reported $0.82 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.74 by $0.08. The company had revenue of $9.11 billion for the quarter, compared to analysts’ expectations of $8.75 billion. Best Buy had a net margin of 2.39% and a return on equity of 36.16%. The firm’s quarterly revenue was up 6.8% on a year-over-year basis. During the same quarter in the previous year, the company posted $0.60 EPS. analysts forecast that Best Buy Co Inc will post 5 earnings per share for the current fiscal year.
Several equities research analysts recently commented on BBY shares. Wells Fargo & Co initiated coverage on shares of Best Buy in a report on Monday, April 23rd. They issued a “market perform” rating and a $77.00 price target for the company. Zacks Investment Research raised shares of Best Buy from a “hold” rating to a “buy” rating and set a $87.00 target price on the stock in a research note on Monday, May 14th. Wedbush reaffirmed a “sell” rating and set a $48.00 target price on shares of Best Buy in a research note on Monday, May 21st. Loop Capital set a $85.00 target price on shares of Best Buy and gave the stock a “buy” rating in a research note on Thursday, May 24th. Finally, ValuEngine cut shares of Best Buy from a “buy” rating to a “hold” rating in a research note on Saturday, May 26th. Two equities research analysts have rated the stock with a sell rating, ten have issued a hold rating, seven have issued a buy rating and two have assigned a strong buy rating to the stock. The stock currently has a consensus rating of “Hold” and an average price target of $74.33.
In other news, SVP Mathew Watson sold 457 shares of the business’s stock in a transaction dated Monday, June 11th. The shares were sold at an average price of $72.54, for a total transaction of $33,150.78. Following the transaction, the senior vice president now owns 20,241 shares of the company’s stock, valued at approximately $1,468,282.14. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. Also, insider Rajendra M. Mohan sold 2,617 shares of the business’s stock in a transaction dated Friday, May 25th. The shares were sold at an average price of $70.98, for a total transaction of $185,754.66. Following the transaction, the insider now directly owns 97,897 shares in the company, valued at approximately $6,948,729.06. The disclosure for this sale can be found here. In the last three months, insiders have sold 23,145 shares of company stock worth $1,692,585. Corporate insiders own 0.75% of the company’s stock.
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 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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