BlackRock Inc. Boosts Stake in Best Buy Co Inc (NYSE:BBY)

BlackRock Inc. lifted its position in shares of Best Buy Co Inc (NYSE:BBY) by 4.4% during the 2nd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 18,179,382 shares of the technology retailer’s stock after acquiring an additional 772,762 shares during the quarter. BlackRock Inc. owned 6.81% of Best Buy worth $1,267,648,000 as of its most recent SEC filing.

Other hedge funds have also recently bought and sold shares of the company. First Hawaiian Bank boosted its stake in shares of Best Buy by 12.6% during the 2nd quarter. First Hawaiian Bank now owns 7,084 shares of the technology retailer’s stock worth $494,000 after acquiring an additional 792 shares in the last quarter. Allianz Asset Management GmbH boosted its stake in shares of Best Buy by 15.2% during the 2nd quarter. Allianz Asset Management GmbH now owns 1,251,427 shares of the technology retailer’s stock worth $87,262,000 after acquiring an additional 165,350 shares in the last quarter. Candriam Luxembourg S.C.A. boosted its stake in shares of Best Buy by 93.1% during the 2nd quarter. Candriam Luxembourg S.C.A. now owns 100,371 shares of the technology retailer’s stock worth $6,968,000 after acquiring an additional 48,389 shares in the last quarter. Hammer Asset Management LLC purchased a new stake in shares of Best Buy during the 2nd quarter worth about $1,388,000. Finally, AGF Investments LLC boosted its stake in shares of Best Buy by 4.9% during the 2nd quarter. AGF Investments LLC now owns 22,139 shares of the technology retailer’s stock worth $1,544,000 after acquiring an additional 1,031 shares in the last quarter. 78.60% of the stock is currently owned by institutional investors and hedge funds.

Several equities research analysts have recently issued reports on BBY shares. Wolfe Research started coverage on shares of Best Buy in a research note on Tuesday, October 8th. They set a “buy” rating and a $82.00 target price on the stock. Morgan Stanley lowered their target price on shares of Best Buy from $77.00 to $70.00 and set an “equal weight” rating on the stock in a research note on Friday, August 30th. Jefferies Financial Group set a $80.00 target price on shares of Best Buy and gave the stock a “buy” rating in a research note on Tuesday, September 24th. Goldman Sachs Group began coverage on shares of Best Buy in a research note on Thursday, July 11th. They issued a “neutral” rating and a $73.00 price target on the stock. Finally, Loop Capital set a $90.00 price target on shares of Best Buy and gave the company a “buy” rating in a research note on Wednesday, September 18th. Eleven equities research analysts have rated the stock with a hold rating, nine have assigned a buy rating and one has assigned a strong buy rating to the stock. Best Buy has an average rating of “Buy” and a consensus target price of $78.56.

Shares of Best Buy stock opened at $75.05 on Thursday. The firm has a market capitalization of $19.72 billion, a PE ratio of 13.01, a P/E/G ratio of 1.65 and a beta of 1.14. Best Buy Co Inc has a twelve month low of $47.72 and a twelve month high of $78.53. The firm’s 50-day moving average price is $69.64 and its 200 day moving average price is $69.40. The company has a current ratio of 1.08, a quick ratio of 0.39 and a debt-to-equity ratio of 1.06.

Best Buy (NYSE:BBY) last issued its quarterly earnings results on Thursday, August 29th. The technology retailer reported $1.08 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.99 by $0.09. The firm had revenue of $9.54 billion for the quarter, compared to analyst estimates of $9.55 billion. Best Buy had a net margin of 3.52% and a return on equity of 48.56%. Best Buy’s quarterly revenue was up 1.7% compared to the same quarter last year. During the same period last year, the company posted $0.91 EPS. On average, sell-side analysts predict that Best Buy Co Inc will post 5.75 EPS for the current fiscal year.

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, October 10th. Shareholders of record on Thursday, September 19th were issued a $0.50 dividend. The ex-dividend date of this dividend was Wednesday, September 18th. This represents a $2.00 dividend on an annualized basis and a yield of 2.66%. Best Buy’s payout ratio is 37.59%.

In other Best Buy news, CAO Mathew Watson sold 1,000 shares of the stock in a transaction dated Friday, September 27th. The shares were sold at an average price of $68.03, for a total value of $68,030.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Hubert Joly sold 407,880 shares of the stock in a transaction dated Thursday, September 26th. The shares were sold at an average price of $66.97, for a total transaction of $27,315,723.60. The disclosure for this sale can be found here. In the last quarter, insiders sold 408,913 shares of company stock valued at $27,386,014. 0.95% of the stock is owned by insiders.

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.

Further Reading: Outstanding Shares, Buying and Selling Stocks

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

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