OMERS ADMINISTRATION Corp Purchases New Shares in Best Buy Co., Inc. $BBY

OMERS ADMINISTRATION Corp purchased a new position in shares of Best Buy Co., Inc. (NYSE:BBY) during the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund purchased 26,357 shares of the technology retailer’s stock, valued at approximately $2,000,000.

A number of other institutional investors have also recently added to or reduced their stakes in BBY. BlackRock Inc. purchased a new position in Best Buy in the 2nd quarter valued at about $1,932,812,000. AQR Capital Management LLC increased its position in shares of Best Buy by 99.8% during the third quarter. AQR Capital Management LLC now owns 6,997,871 shares of the technology retailer’s stock worth $525,120,000 after acquiring an additional 3,496,254 shares during the last quarter. Norges Bank acquired a new position in shares of Best Buy in the fourth quarter worth about $174,685,000. Schroder Investment Management Group lifted its stake in shares of Best Buy by 378.8% in the fourth quarter. Schroder Investment Management Group now owns 3,096,015 shares of the technology retailer’s stock worth $207,216,000 after acquiring an additional 2,449,342 shares in the last quarter. Finally, Bank of New York Mellon Corp purchased a new position in Best Buy in the second quarter valued at about $174,893,000. Institutional investors and hedge funds own 80.96% of the company’s stock.

Best Buy Price Performance

BBY opened at $87.40 on Thursday. The company has a quick ratio of 0.40, a current ratio of 1.12 and a debt-to-equity ratio of 0.38. The company’s 50-day moving average price is $82.84 and its 200 day moving average price is $71.17. Best Buy Co., Inc. has a fifty-two week low of $55.10 and a fifty-two week high of $91.26. The firm has a market cap of $18.42 billion, a price-to-earnings ratio of 16.19, a price-to-earnings-growth ratio of 2.44 and a beta of 1.29.

Best Buy (NYSE:BBY) last issued its earnings results on Thursday, May 28th. The technology retailer reported $1.28 EPS for the quarter, beating analysts’ consensus estimates of $1.23 by $0.05. The company had revenue of $8.94 billion during the quarter, compared to the consensus estimate of $8.82 billion. Best Buy had a return on equity of 48.70% and a net margin of 2.73%.Best Buy’s quarterly revenue was up 1.9% compared to the same quarter last year. During the same period in the previous year, the firm posted $1.15 earnings per share. As a group, sell-side analysts expect that Best Buy Co., Inc. will post 6.6 earnings per share for the current year.

Insider Activity at Best Buy

In related news, CAO Mathew Watson sold 1,784 shares of the company’s stock in a transaction on Friday, May 29th. The stock was sold at an average price of $73.80, for a total transaction of $131,659.20. Following the completion of the transaction, the chief accounting officer directly owned 21,630 shares in the company, valued at $1,596,294. This represents a 7.62% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Chairman Richard M. Schulze sold 224,705 shares of the firm’s stock in a transaction on Friday, June 26th. The shares were sold at an average price of $78.10, for a total value of $17,549,460.50. Following the completion of the sale, the chairman owned 10,430,936 shares in the company, valued at $814,656,101.60. The trade was a 2.11% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last three months, insiders sold 1,002,134 shares of company stock worth $77,283,527. Company insiders own 0.50% of the company’s stock.

Analyst Upgrades and Downgrades

BBY has been the subject of a number of recent analyst reports. Morgan Stanley raised their price objective on Best Buy from $72.00 to $80.00 and gave the company an “equal weight” rating in a research note on Friday, May 29th. Guggenheim reiterated a “buy” rating and set a $90.00 target price on shares of Best Buy in a research note on Friday, May 29th. Daiwa Securities Group lifted their price target on shares of Best Buy from $68.00 to $77.00 and gave the stock a “neutral” rating in a research note on Tuesday, June 2nd. Wall Street Zen cut shares of Best Buy from a “buy” rating to a “hold” rating in a report on Monday, July 20th. Finally, Citigroup increased their price objective on shares of Best Buy from $79.00 to $88.00 and gave the company a “neutral” rating in a research note on Thursday, August 13th. Six analysts have rated the stock with a Buy rating, fourteen have assigned a Hold rating and two have issued a Sell rating to the company. According to MarketBeat, Best Buy presently has an average rating of “Hold” and a consensus target price of $83.10.

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.