Eqis Capital Management Inc. grew its stake in Best Buy Co., Inc. (NYSE:BBY) by 10.3% during the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 4,530 shares of the technology retailer’s stock after acquiring an additional 424 shares during the quarter. Eqis Capital Management Inc.’s holdings in Best Buy were worth $504,000 at the end of the most recent quarter.
Several other large investors also recently made changes to their positions in BBY. Vanguard Group Inc. increased its holdings in shares of Best Buy by 6.0% in the 2nd quarter. Vanguard Group Inc. now owns 29,346,566 shares of the technology retailer’s stock valued at $2,561,075,000 after acquiring an additional 1,662,640 shares during the period. Charles Schwab Investment Management Inc. increased its holdings in shares of Best Buy by 46.5% in the 2nd quarter. Charles Schwab Investment Management Inc. now owns 3,172,487 shares of the technology retailer’s stock valued at $276,863,000 after acquiring an additional 1,007,028 shares during the period. Two Sigma Advisers LP increased its holdings in shares of Best Buy by 116.3% in the 2nd quarter. Two Sigma Advisers LP now owns 1,539,099 shares of the technology retailer’s stock valued at $134,317,000 after acquiring an additional 827,499 shares during the period. AQR Capital Management LLC grew its stake in Best Buy by 15.7% during the 2nd quarter. AQR Capital Management LLC now owns 4,680,402 shares of the technology retailer’s stock worth $406,540,000 after buying an additional 636,272 shares during the last quarter. Finally, Acadian Asset Management LLC grew its stake in Best Buy by 3,013.1% during the 3rd quarter. Acadian Asset Management LLC now owns 484,422 shares of the technology retailer’s stock worth $53,914,000 after buying an additional 468,861 shares during the last quarter. Institutional investors and hedge funds own 74.24% of the company’s stock.
BBY has been the topic of several research analyst reports. Guggenheim upgraded Best Buy to a “buy” rating in a research note on Wednesday, August 26th. Loop Capital upgraded Best Buy to a “buy” rating in a research note on Wednesday, August 26th. Telsey Advisory Group boosted their target price on Best Buy from $120.00 to $135.00 and gave the stock an “outperform” rating in a research note on Wednesday, August 26th. The Goldman Sachs Group upgraded Best Buy to a “buy” rating in a research note on Wednesday, August 26th. Finally, Barclays upgraded Best Buy to a “buy” rating in a research note on Wednesday, August 26th. One investment analyst has rated the stock with a sell rating, eight have given a hold rating and sixteen have assigned a buy rating to the stock. The company currently has a consensus rating of “Buy” and an average target price of $107.09.
In other news, CAO Mathew Watson sold 5,677 shares of the business’s stock in a transaction dated Thursday, August 27th. The stock was sold at an average price of $112.58, for a total value of $639,116.66. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Matthew M. Furman sold 5,511 shares of the business’s stock in a transaction dated Friday, August 28th. The shares were sold at an average price of $110.94, for a total value of $611,390.34. The disclosure for this sale can be found here. In the last three months, insiders sold 764,547 shares of company stock valued at $88,371,377. Insiders own 0.64% of the company’s stock.
Shares of BBY stock opened at $119.14 on Friday. The stock has a market cap of $30.84 billion, a PE ratio of 19.22, a price-to-earnings-growth ratio of 2.14 and a beta of 1.76. The business has a 50-day simple moving average of $116.54 and a 200-day simple moving average of $99.08. The company has a quick ratio of 0.65, a current ratio of 1.06 and a debt-to-equity ratio of 0.17. Best Buy Co., Inc. has a 52-week low of $48.10 and a 52-week high of $124.89.
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, beating the Thomson Reuters’ consensus estimate of $1.09 by $0.62. The business had revenue of $9.91 billion during 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 quarter in the previous year, the firm posted $1.08 EPS. Sell-side analysts anticipate that Best Buy Co., Inc. will post 7.16 earnings per share for the current fiscal year.
About Best Buy
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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