FTB Advisors Inc. lowered its stake in shares of Best Buy Co., Inc. (NYSE:BBY) by 8.7% during the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 103,146 shares of the technology retailer’s stock after selling 9,787 shares during the quarter. FTB Advisors Inc.’s holdings in Best Buy were worth $5,885,000 at the end of the most recent reporting period.
A number of other large investors also recently modified their holdings of BBY. Renaissance Technologies LLC lifted its stake in Best Buy by 762.4% during the second quarter. Renaissance Technologies LLC now owns 3,528,900 shares of the technology retailer’s stock worth $202,312,000 after purchasing an additional 3,119,700 shares during the last quarter. Bank of New York Mellon Corp lifted its stake in shares of Best Buy by 27.5% in the 3rd quarter. Bank of New York Mellon Corp now owns 4,015,020 shares of the technology retailer’s stock valued at $228,696,000 after acquiring an additional 866,787 shares during the last quarter. Parametric Portfolio Associates LLC lifted its stake in shares of Best Buy by 125.4% in the 2nd quarter. Parametric Portfolio Associates LLC now owns 1,387,812 shares of the technology retailer’s stock valued at $79,563,000 after acquiring an additional 772,200 shares during the last quarter. APG Asset Management N.V. lifted its stake in shares of Best Buy by 27.6% in the 3rd quarter. APG Asset Management N.V. now owns 3,340,288 shares of the technology retailer’s stock valued at $190,263,000 after acquiring an additional 723,500 shares during the last quarter. Finally, 1060 Capital LLC bought a new position in shares of Best Buy in the 3rd quarter valued at $35,849,000. 86.50% of the stock is currently owned by institutional investors and hedge funds.
Shares of Best Buy Co., Inc. (NYSE:BBY) opened at $57.00 on Friday. The company has a current ratio of 1.25, a quick ratio of 0.52 and a debt-to-equity ratio of 0.19. Best Buy Co., Inc. has a 1-year low of $41.67 and a 1-year high of $63.32. The firm has a market capitalization of $17,053.54, a PE ratio of 14.18, a price-to-earnings-growth ratio of 1.18 and a beta of 1.42.
Best Buy (NYSE:BBY) last issued its quarterly earnings results on Thursday, November 16th. The technology retailer reported $0.78 earnings per share for the quarter, hitting the Zacks’ consensus estimate of $0.78. Best Buy had a return on equity of 28.46% and a net margin of 3.09%. The firm had revenue of $9.32 billion during the quarter, compared to the consensus estimate of $9.36 billion. During the same period last year, the business posted $0.60 EPS. The business’s revenue was up 4.2% compared to the same quarter last year. sell-side analysts predict that Best Buy Co., Inc. will post 4.04 earnings per share for the current year.
The firm also recently declared a quarterly dividend, which will be paid on Thursday, December 28th. Shareholders of record on Thursday, December 7th will be issued a dividend of $0.34 per share. The ex-dividend date is Wednesday, December 6th. This represents a $1.36 dividend on an annualized basis and a yield of 2.39%. Best Buy’s payout ratio is currently 34.34%.
A number of research analysts have recently commented on BBY shares. Barclays PLC reiterated a “buy” rating and issued a $65.00 price target on shares of Best Buy in a research note on Monday, August 28th. KeyCorp reiterated a “hold” rating on shares of Best Buy in a research note on Friday, November 10th. Zacks Investment Research upgraded Best Buy from a “hold” rating to a “buy” rating and set a $66.00 price target for the company in a research note on Tuesday, October 10th. Deutsche Bank AG set a $56.00 price target on Best Buy and gave the company a “hold” rating in a research note on Friday, November 17th. Finally, BidaskClub upgraded Best Buy from a “hold” rating to a “buy” rating in a research note on Wednesday, August 2nd. Three analysts have rated the stock with a sell rating, six have given a hold rating, fourteen have given a buy rating and one has issued a strong buy rating to the company. Best Buy currently has an average rating of “Buy” and an average target price of $58.86.
In other news, insider Shari L. Ballard sold 9,778 shares of the firm’s stock in a transaction dated Tuesday, September 5th. The stock was sold at an average price of $54.68, for a total value of $534,661.04. Following the completion of the sale, the insider now directly owns 84,613 shares in the company, valued at approximately $4,626,638.84. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Also, CFO Corie S. Barry sold 3,426 shares of the firm’s stock in a transaction dated Tuesday, September 5th. The shares were sold at an average price of $54.68, for a total value of $187,333.68. Following the completion of the sale, the chief financial officer now owns 57,903 shares of the company’s stock, valued at $3,166,136.04. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 230,052 shares of company stock valued at $12,716,604. 1.21% of the stock is currently owned by company insiders.
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Best Buy Company Profile
Best Buy Co, Inc is a provider of technology products, services and solutions. The Company offers products and services to the customers visiting its stores, engaging with Geek Squad agents, or using its Websites or mobile applications. It has operations in the United States, Canada and Mexico. The Company operates through two segments: Domestic and International.
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