ClariVest Asset Management LLC Acquires 3,953 Shares of Best Buy Co., Inc. (NYSE:BBY)

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ClariVest Asset Management LLC raised its holdings in shares of Best Buy Co., Inc. (NYSE:BBY) by 28,235.7% during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 3,967 shares of the technology retailer’s stock after acquiring an additional 3,953 shares during the period. ClariVest Asset Management LLC’s holdings in Best Buy were worth $442,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also modified their holdings of the company. Pacer Advisors Inc. lifted its position in Best Buy by 1,922.0% during the second quarter. Pacer Advisors Inc. now owns 70,708 shares of the technology retailer’s stock valued at $6,171,000 after buying an additional 67,211 shares during the period. Natixis Advisors L.P. lifted its position in Best Buy by 72.0% during the second quarter. Natixis Advisors L.P. now owns 53,545 shares of the technology retailer’s stock valued at $4,673,000 after buying an additional 22,408 shares during the period. DekaBank Deutsche Girozentrale lifted its position in Best Buy by 22.1% during the third quarter. DekaBank Deutsche Girozentrale now owns 57,557 shares of the technology retailer’s stock valued at $6,300,000 after buying an additional 10,413 shares during the period. Keybank National Association OH lifted its position in Best Buy by 29.0% during the third quarter. Keybank National Association OH now owns 8,741 shares of the technology retailer’s stock valued at $973,000 after buying an additional 1,964 shares during the period. Finally, Mission Wealth Management LP lifted its position in Best Buy by 1.6% during the third quarter. Mission Wealth Management LP now owns 6,239 shares of the technology retailer’s stock valued at $694,000 after buying an additional 99 shares during the period. Institutional investors and hedge funds own 74.24% of the company’s stock.

In other news, insider Todd G. Hartman sold 1,200 shares of the company’s stock in a transaction that occurred on Monday, September 21st. The stock was sold at an average price of $105.00, for a total transaction of $126,000.00. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, CAO Mathew Watson sold 5,677 shares of the company’s stock in a transaction that occurred on Thursday, August 27th. The stock was sold at an average price of $112.58, for a total value of $639,116.66. The disclosure for this sale can be found here. Insiders have sold a total of 764,547 shares of company stock worth $88,371,377 over the last ninety days. Insiders own 0.64% of the company’s stock.

Several research firms have recently issued reports on BBY. Exane BNP Paribas began coverage on Best Buy in a research report on Monday, October 5th. They issued an “outperform” rating and a $131.00 price target for the company. Piper Sandler boosted their price target on Best Buy from $112.00 to $127.00 and gave the company an “overweight” rating in a research note on Thursday, August 13th. BNP Paribas initiated coverage on Best Buy in a research note on Monday, October 5th. They set an “outperform” rating and a $131.00 price objective for the company. Raymond James reiterated a “buy” rating on shares of Best Buy in a research note on Tuesday, August 25th. Finally, Zacks Investment Research downgraded Best Buy from a “strong-buy” rating to a “hold” rating and set a $125.00 price objective for the company. in a research note on Monday, October 19th. One research analyst has rated the stock with a sell rating, eight have assigned a hold rating and sixteen have given a buy rating to the company’s stock. The stock currently has a consensus rating of “Buy” and an average target price of $107.09.

BBY stock opened at $119.14 on Friday. Best Buy Co., Inc. has a 1-year low of $48.10 and a 1-year high of $124.89. The company has a debt-to-equity ratio of 0.17, a current ratio of 1.06 and a quick ratio of 0.65. The company has a market capitalization of $30.84 billion, a price-to-earnings ratio of 19.22, a PEG ratio of 2.14 and a beta of 1.76. The business has a 50 day simple moving average of $116.54 and a two-hundred day simple moving average of $99.08.

Best Buy (NYSE:BBY) last issued its quarterly earnings data on Tuesday, August 25th. The technology retailer reported $1.71 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $1.09 by $0.62. The business had revenue of $9.91 billion for the quarter, compared to analysts’ expectations of $9.79 billion. Best Buy had a return on equity of 48.82% and a net margin of 3.75%. The company’s revenue for the quarter was up 3.9% on a year-over-year basis. During the same period in the prior year, the firm earned $1.08 EPS. Sell-side analysts anticipate that Best Buy Co., Inc. will post 7.16 EPS for the current fiscal year.

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

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