Robeco Institutional Asset Management B.V. decreased its position in shares of Best Buy Co Inc (NYSE:BBY) by 7.8% in the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 1,035,528 shares of the technology retailer’s stock after selling 87,889 shares during the period. Robeco Institutional Asset Management B.V. owned approximately 0.39% of Best Buy worth $73,584,000 at the end of the most recent reporting period.
A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the stock. State of Alaska Department of Revenue raised its stake in shares of Best Buy by 4.5% during the fourth quarter. State of Alaska Department of Revenue now owns 53,270 shares of the technology retailer’s stock valued at $2,819,000 after acquiring an additional 2,294 shares in the last quarter. PGGM Investments purchased a new position in Best Buy during the fourth quarter valued at approximately $40,447,000. QUANTRES ASSET MANAGEMENT Ltd purchased a new position in Best Buy during the fourth quarter valued at approximately $1,441,000. Clean Yield Group purchased a new position in Best Buy during the fourth quarter valued at approximately $42,000. Finally, HRT Financial LLC purchased a new position in Best Buy in the fourth quarter worth $1,105,000. Institutional investors own 78.58% of the company’s stock.
In related news, CEO Hubert Joly sold 600,826 shares of the company’s stock in a transaction dated Friday, May 24th. The shares were sold at an average price of $64.42, for a total transaction of $38,705,210.92. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, SVP Mathew Watson sold 380 shares of the company’s stock in a transaction dated Wednesday, March 13th. The shares were sold at an average price of $68.79, for a total transaction of $26,140.20. Following the sale, the senior vice president now directly owns 20,206 shares of the company’s stock, valued at approximately $1,389,970.74. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 2,044,845 shares of company stock valued at $138,870,298. Insiders own 0.95% of the company’s stock.
Shares of BBY traded down $0.86 during mid-day trading on Wednesday, hitting $64.54. 3,522,860 shares of the company were exchanged, compared to its average volume of 3,301,015. Best Buy Co Inc has a 1-year low of $47.72 and a 1-year high of $84.37. The company has a quick ratio of 0.39, a current ratio of 1.12 and a debt-to-equity ratio of 1.00. The company has a market cap of $17.28 billion, a PE ratio of 12.13, a price-to-earnings-growth ratio of 1.31 and a beta of 0.94.
Best Buy (NYSE:BBY) last released its quarterly earnings results on Thursday, May 23rd. The technology retailer reported $1.02 earnings per share for the quarter, topping the consensus estimate of $0.88 by $0.14. Best Buy had a net margin of 3.54% and a return on equity of 47.91%. The firm had revenue of $9.14 billion during the quarter, compared to the consensus estimate of $9.14 billion. During the same quarter in the prior year, the firm earned $0.82 EPS. The company’s revenue for the quarter was up .4% on a year-over-year basis. As a group, sell-side analysts expect that Best Buy Co Inc will post 5.73 earnings per share for the current year.
Best Buy announced that its board has authorized a stock repurchase plan on Wednesday, February 27th that permits the company to repurchase $3.00 billion in shares. This repurchase authorization permits the technology retailer to reacquire up to 18.5% of its shares through open market purchases. Shares repurchase plans are generally an indication that the company’s board of directors believes its stock is undervalued.
The business also recently declared a quarterly dividend, which will be paid on Friday, July 5th. Investors of record on Thursday, June 13th will be given a dividend of $0.50 per share. The ex-dividend date is Wednesday, June 12th. This represents a $2.00 annualized dividend and a dividend yield of 3.10%. Best Buy’s dividend payout ratio (DPR) is presently 37.59%.
Several equities analysts have issued reports on the stock. Wedbush set a $71.00 price target on shares of Best Buy and gave the stock a “hold” rating in a report on Friday, May 24th. Zacks Investment Research lowered shares of Best Buy from a “buy” rating to a “hold” rating in a report on Tuesday, April 30th. Jefferies Financial Group raised shares of Best Buy from a “hold” rating to a “buy” rating and boosted their price objective for the company from $72.00 to $88.00 in a report on Wednesday, April 24th. Oppenheimer lowered shares of Best Buy from a “buy” rating to a “market perform” rating in a report on Monday, March 25th. Finally, Evercore ISI started coverage on shares of Best Buy in a report on Wednesday, March 20th. They set an “in-line” rating and a $75.00 price objective on the stock. Eleven analysts have rated the stock with a hold rating and nine have issued a buy rating to the company. Best Buy currently has a consensus rating of “Hold” and an average price target of $77.81.
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Best Buy Profile
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.
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