Hammer Asset Management LLC Takes Position in Best Buy Co Inc (NYSE:BBY)

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Hammer Asset Management LLC acquired a new stake in Best Buy Co Inc (NYSE:BBY) in the 2nd quarter, Holdings Channel.com reports. The fund acquired 19,911 shares of the technology retailer’s stock, valued at approximately $1,388,000.

Other institutional investors have also recently added to or reduced their stakes in the company. Teacher Retirement System of Texas boosted its holdings in Best Buy by 88.2% in the second quarter. Teacher Retirement System of Texas now owns 467,211 shares of the technology retailer’s stock valued at $32,579,000 after acquiring an additional 219,000 shares during the last quarter. National Asset Management Inc. bought a new position in shares of Best Buy during the 2nd quarter worth approximately $277,000. Parallel Advisors LLC boosted its holdings in shares of Best Buy by 33.1% during the 2nd quarter. Parallel Advisors LLC now owns 904 shares of the technology retailer’s stock worth $63,000 after buying an additional 225 shares in the last quarter. CIBC Asset Management Inc boosted its holdings in shares of Best Buy by 5.2% during the 2nd quarter. CIBC Asset Management Inc now owns 30,204 shares of the technology retailer’s stock worth $2,106,000 after buying an additional 1,486 shares in the last quarter. Finally, Meeder Asset Management Inc. boosted its holdings in shares of Best Buy by 74.0% during the 2nd quarter. Meeder Asset Management Inc. now owns 35,760 shares of the technology retailer’s stock worth $2,494,000 after buying an additional 15,211 shares in the last quarter. 78.16% of the stock is owned by institutional investors.

A number of research firms have issued reports on BBY. Jefferies Financial Group upgraded Best Buy from a “hold” rating to a “buy” rating and increased their price target for the stock from $72.00 to $88.00 in a report on Wednesday, April 24th. Cleveland Research restated a “neutral” rating on shares of Best Buy in a report on Tuesday, June 18th. ValuEngine upgraded Best Buy from a “sell” rating to a “hold” rating in a report on Tuesday, August 13th. Wedbush set a $71.00 price target on Best Buy and gave the stock a “hold” rating in a report on Friday, May 24th. Finally, Telsey Advisory Group restated a “market perform” rating on shares of Best Buy in a report on Thursday, July 25th. Thirteen equities research analysts have rated the stock with a hold rating and ten have given a buy rating to the company. The company presently has an average rating of “Hold” and a consensus price target of $77.67.

In related news, Director Victor Kathy J. Higgins sold 10,000 shares of the stock in a transaction on Monday, July 1st. The stock was sold at an average price of $72.50, for a total value of $725,000.00. Following the completion of the sale, the director now directly owns 54,126 shares of the company’s stock, valued at approximately $3,924,135. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, insider Kathleen Scarlett sold 2,694 shares of the stock in a transaction on Tuesday, June 4th. The shares were sold at an average price of $64.33, for a total value of $173,305.02. Following the completion of the sale, the insider now directly owns 30,044 shares of the company’s stock, valued at $1,932,730.52. The disclosure for this sale can be found here. Over the last quarter, insiders sold 1,991,686 shares of company stock worth $140,623,220. 0.95% of the stock is owned by company insiders.

Shares of BBY traded up $0.39 during trading hours on Thursday, reaching $68.25. The stock had a trading volume of 102,843 shares, compared to its average volume of 2,673,411. Best Buy Co Inc has a 12 month low of $47.72 and a 12 month high of $84.37. The firm has a 50-day simple moving average of $71.63 and a 200 day simple moving average of $68.86. The company has a current ratio of 1.12, a quick ratio of 0.39 and a debt-to-equity ratio of 1.00. The company has a market capitalization of $17.69 billion, a price-to-earnings ratio of 12.84, a P/E/G ratio of 1.31 and a beta of 1.06.

Best Buy (NYSE:BBY) last issued its earnings results on Thursday, May 23rd. The technology retailer reported $1.02 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.88 by $0.14. Best Buy had a return on equity of 47.91% and a net margin of 3.54%. The company had revenue of $9.14 billion for the quarter, compared to analysts’ expectations of $9.14 billion. During the same period last year, the business earned $0.82 EPS. Best Buy’s quarterly revenue was up .4% compared to the same quarter last year. On average, equities analysts forecast that Best Buy Co Inc will post 5.74 EPS for the current year.

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.

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Want to see what other hedge funds are holding BBY? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Best Buy Co Inc (NYSE:BBY).

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

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