Hsbc Holdings PLC Makes New $79.63 Million Investment in Best Buy Co., Inc. $BBY

Hsbc Holdings PLC purchased a new stake in shares of Best Buy Co., Inc. (NYSE:BBY) during the second quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm purchased 1,050,151 shares of the technology retailer’s stock, valued at approximately $79,627,000. Hsbc Holdings PLC owned 0.50% of Best Buy as of its most recent SEC filing.

Several other large investors have also made changes to their positions in the business. Tema ETFs LLC grew its position in shares of Best Buy by 6.5% during the second quarter. Tema ETFs LLC now owns 2,365 shares of the technology retailer’s stock worth $179,000 after purchasing an additional 145 shares in the last quarter. Krane Funds Advisors LLC raised its stake in Best Buy by 3.0% during the 4th quarter. Krane Funds Advisors LLC now owns 5,163 shares of the technology retailer’s stock valued at $346,000 after purchasing an additional 151 shares during the period. Applied Finance Capital Management LLC lifted its holdings in Best Buy by 3.8% in the 4th quarter. Applied Finance Capital Management LLC now owns 4,270 shares of the technology retailer’s stock worth $286,000 after purchasing an additional 157 shares in the last quarter. UMB Bank n.a. lifted its holdings in Best Buy by 6.2% in the 4th quarter. UMB Bank n.a. now owns 3,158 shares of the technology retailer’s stock worth $211,000 after purchasing an additional 185 shares in the last quarter. Finally, Arjuna Capital boosted its stake in Best Buy by 1.0% in the 4th quarter. Arjuna Capital now owns 20,673 shares of the technology retailer’s stock worth $1,384,000 after purchasing an additional 195 shares during the period. 80.96% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

BBY has been the subject of a number of research analyst reports. Wall Street Zen lowered shares of Best Buy from a “buy” rating to a “hold” rating in a report on Monday, July 20th. Citigroup boosted their target price on shares of Best Buy from $79.00 to $88.00 and gave the stock a “neutral” rating in a report on Thursday, August 13th. Morgan Stanley upped their target price on shares of Best Buy from $72.00 to $80.00 and gave the stock an “equal weight” rating in a research report on Friday, May 29th. Wells Fargo & Company raised their target price on shares of Best Buy from $65.00 to $85.00 and gave the company an “equal weight” rating in a research note on Tuesday, August 11th. Finally, Bank of America assumed coverage on shares of Best Buy in a report on Monday, August 3rd. They issued an “underperform” rating and a $80.00 price target on the stock. Six analysts have rated the stock with a Buy rating, fourteen have issued a Hold rating and two have issued a Sell rating to the stock. Based on data from MarketBeat.com, Best Buy has an average rating of “Hold” and an average target price of $83.10.

Insider Buying and Selling at Best Buy

In other Best Buy news, CAO Mathew Watson sold 1,784 shares of Best Buy stock in a transaction on Friday, May 29th. The shares were sold at an average price of $73.80, for a total value of $131,659.20. Following the completion of the transaction, the chief accounting officer directly owned 21,630 shares of the company’s stock, valued at $1,596,294. This trade represents a 7.62% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this link. Also, Chairman Richard M. Schulze sold 224,705 shares of Best Buy stock in a transaction on Friday, June 26th. The stock was sold at an average price of $78.10, for a total transaction of $17,549,460.50. Following the completion of the transaction, the chairman directly owned 10,430,936 shares of the company’s stock, valued at $814,656,101.60. The trade was a 2.11% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 1,002,134 shares of company stock worth $77,283,527 in the last 90 days. 0.50% of the stock is currently owned by company insiders.

Best Buy Stock Performance

NYSE BBY opened at $87.40 on Thursday. The company has a debt-to-equity ratio of 0.38, a current ratio of 1.12 and a quick ratio of 0.40. Best Buy Co., Inc. has a 1-year low of $55.10 and a 1-year high of $91.26. The business has a 50 day simple moving average of $82.84 and a two-hundred day simple moving average of $71.17. The stock has a market capitalization of $18.42 billion, a PE ratio of 16.19, a P/E/G ratio of 2.44 and a beta of 1.29.

Best Buy (NYSE:BBY) last issued its quarterly earnings data on Thursday, May 28th. The technology retailer reported $1.28 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.23 by $0.05. Best Buy had a return on equity of 48.70% and a net margin of 2.73%.The business had revenue of $8.94 billion for the quarter, compared to analysts’ expectations of $8.82 billion. During the same period in the prior year, the firm earned $1.15 EPS. The company’s revenue for the quarter was up 1.9% on a year-over-year basis. On average, research analysts predict that Best Buy Co., Inc. will post 6.6 EPS for the current fiscal year.

Best Buy Company Profile

Best Buy Co, Inc is a leading North American consumer electronics retailer that sells a broad range of products including computers, mobile phones, televisions and home theater systems, major appliances, smart-home devices, gaming hardware and software, wearables and related accessories. The company operates through a mix of large-format stores, smaller specialty locations and an e-commerce platform, offering national and private-brand merchandise from major consumer-technology manufacturers as well as third-party sellers.

Beyond product retailing, Best Buy provides a suite of services aimed at installation, repair and ongoing technical support.