Hillsdale Investment Management Inc. increased its stake in shares of Best Buy Co Inc (NYSE:BBY) by 4.5% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 6,990 shares of the technology retailer’s stock after acquiring an additional 300 shares during the quarter. Hillsdale Investment Management Inc.’s holdings in Best Buy were worth $487,000 at the end of the most recent reporting period.
A number of other hedge funds also recently made changes to their positions in the stock. Xact Kapitalforvaltning AB boosted its stake in Best Buy by 43.6% during the first quarter. Xact Kapitalforvaltning AB now owns 61,207 shares of the technology retailer’s stock worth $4,349,000 after buying an additional 18,575 shares in the last quarter. First Hawaiian Bank boosted its stake in Best Buy by 12.6% during the second quarter. First Hawaiian Bank now owns 7,084 shares of the technology retailer’s stock worth $494,000 after buying an additional 792 shares in the last quarter. Stormborn Capital Management LLC acquired a new stake in Best Buy during the first quarter worth $3,553,000. Conning Inc. boosted its stake in Best Buy by 5,774.3% during the first quarter. Conning Inc. now owns 640,709 shares of the technology retailer’s stock worth $45,529,000 after buying an additional 629,802 shares in the last quarter. Finally, Allstate Corp acquired a new stake in shares of Best Buy in the 1st quarter valued at $377,000. 78.16% of the stock is currently owned by institutional investors and hedge funds.
BBY has been the topic of several recent analyst reports. Cleveland Research restated a “neutral” rating on shares of Best Buy in a research note on Tuesday, June 18th. Jefferies Financial Group upgraded shares of Best Buy from a “hold” rating to a “buy” rating and boosted their target price for the company from $72.00 to $88.00 in a research note on Wednesday, April 24th. Zacks Investment Research downgraded shares of Best Buy from a “buy” rating to a “hold” rating in a research note on Tuesday, April 30th. ValuEngine upgraded shares of Best Buy from a “sell” rating to a “hold” rating in a research note on Tuesday, August 13th. Finally, Wedbush set a $71.00 target price on shares of Best Buy and gave the company a “hold” rating in a research note on Friday, May 24th. Thirteen analysts have rated the stock with a hold rating and ten have issued a buy rating to the company’s stock. The company has an average rating of “Hold” and an average price target of $77.67.
In other Best Buy news, COO Rajendra M. Mohan sold 2,620 shares of the business’s stock in a transaction dated Tuesday, May 28th. The stock was sold at an average price of $65.95, for a total transaction of $172,789.00. Following the completion of the sale, the chief operating officer now directly owns 117,539 shares of the company’s stock, valued at approximately $7,751,697.05. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Hubert Joly sold 600,826 shares of the business’s stock in a transaction dated Friday, May 24th. The stock was sold at an average price of $64.42, for a total value of $38,705,210.92. The disclosure for this sale can be found here. In the last quarter, insiders have sold 1,991,971 shares of company stock worth $140,642,341. 0.95% of the stock is owned by corporate insiders.
NYSE BBY traded up $0.08 on Tuesday, hitting $66.35. 128,780 shares of the company were exchanged, compared to its average volume of 2,749,249. The firm has a 50 day moving average of $71.82 and a two-hundred day moving average of $68.78. The company has a market cap of $17.69 billion, a P/E ratio of 12.47, a P/E/G ratio of 1.30 and a beta of 1.06. The company has a current ratio of 1.12, a quick ratio of 0.39 and a debt-to-equity ratio of 1.00. Best Buy Co Inc has a 1-year low of $47.72 and a 1-year high of $84.37.
Best Buy (NYSE:BBY) last issued its quarterly earnings results on Thursday, May 23rd. The technology retailer reported $1.02 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.88 by $0.14. The business had revenue of $9.14 billion for the quarter, compared to the consensus estimate of $9.14 billion. Best Buy had a net margin of 3.54% and a return on equity of 47.91%. The firm’s quarterly revenue was up .4% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.82 EPS. Research analysts anticipate that Best Buy Co Inc will post 5.74 EPS for the current fiscal year.
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 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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