Commonwealth of Pennsylvania Public School Empls Retrmt SYS raised its stake in shares of Best Buy Co Inc (NYSE:BBY) by 7.2% during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 13,687 shares of the technology retailer’s stock after purchasing an additional 915 shares during the period. Commonwealth of Pennsylvania Public School Empls Retrmt SYS’s holdings in Best Buy were worth $973,000 at the end of the most recent quarter.
Several other large investors have also bought and sold shares of the company. Creative Planning grew its holdings in shares of Best Buy by 0.3% in the first quarter. Creative Planning now owns 56,749 shares of the technology retailer’s stock valued at $4,033,000 after purchasing an additional 168 shares in the last quarter. Alpha Omega Wealth Management LLC lifted its position in shares of Best Buy by 28.0% during the 1st quarter. Alpha Omega Wealth Management LLC now owns 768 shares of the technology retailer’s stock worth $55,000 after buying an additional 168 shares during the last quarter. Securian Asset Management Inc lifted its position in shares of Best Buy by 0.7% during the 1st quarter. Securian Asset Management Inc now owns 23,831 shares of the technology retailer’s stock worth $1,693,000 after buying an additional 174 shares during the last quarter. Smithfield Trust Co. lifted its position in shares of Best Buy by 5.7% during the 1st quarter. Smithfield Trust Co. now owns 3,202 shares of the technology retailer’s stock worth $228,000 after buying an additional 174 shares during the last quarter. Finally, Thrivent Financial for Lutherans lifted its position in shares of Best Buy by 1.8% during the 4th quarter. Thrivent Financial for Lutherans now owns 10,719 shares of the technology retailer’s stock worth $568,000 after buying an additional 189 shares during the last quarter. 78.71% of the stock is currently owned by hedge funds and other institutional investors.
BBY traded up $0.19 on Friday, hitting $66.03. The company had a trading volume of 1,845,222 shares, compared to its average volume of 3,239,078. Best Buy Co Inc has a 1-year low of $47.72 and a 1-year high of $84.37. The company has a debt-to-equity ratio of 1.00, a quick ratio of 0.39 and a current ratio of 1.12. The firm has a market cap of $17.58 billion, a P/E ratio of 12.41, a price-to-earnings-growth ratio of 1.28 and a beta of 1.05.
Best Buy (NYSE:BBY) last posted its earnings results on Thursday, May 23rd. The technology retailer reported $1.02 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.88 by $0.14. The firm had revenue of $9.14 billion during the quarter, compared to analyst estimates of $9.14 billion. Best Buy had a return on equity of 47.91% and a net margin of 3.54%. The company’s revenue for the quarter was up .4% on a year-over-year basis. During the same period in the previous year, the company earned $0.82 EPS. As a group, analysts anticipate that Best Buy Co Inc will post 5.73 earnings per share for the current fiscal year.
The business also recently declared a quarterly dividend, which will be paid on Friday, July 5th. Shareholders of record on Thursday, June 13th will be given a $0.50 dividend. This represents a $2.00 dividend on an annualized basis and a yield of 3.03%. The ex-dividend date is Wednesday, June 12th. Best Buy’s dividend payout ratio (DPR) is 37.59%.
Best Buy declared that its board has approved a share repurchase program on Wednesday, February 27th that allows the company to repurchase $3.00 billion in outstanding shares. This repurchase authorization allows the technology retailer to buy up to 18.5% of its shares through open market purchases. Shares repurchase programs are usually an indication that the company’s board believes its shares are undervalued.
Several analysts recently commented on the stock. Jefferies Financial Group upgraded shares of Best Buy from a “hold” rating to a “buy” rating and upped their price target for the company from $72.00 to $88.00 in a research report on Wednesday, April 24th. ValuEngine raised shares of Best Buy from a “sell” rating to a “hold” rating in a research note on Thursday, February 28th. Wells Fargo & Co raised shares of Best Buy to a “buy” rating in a research note on Thursday, February 28th. Citigroup boosted their price objective on shares of Best Buy from $72.00 to $77.00 and gave the company a “neutral” rating in a research note on Friday, March 1st. Finally, Wolfe Research raised shares of Best Buy from a “market perform” rating to a “buy” rating in a research note on Wednesday, March 6th. Eleven analysts have rated the stock with a hold rating and nine have issued a buy rating to the company’s stock. The stock has a consensus rating of “Hold” and an average target price of $77.81.
In other Best Buy news, insider Brian A. Tilzer sold 2,739 shares of the company’s stock in a transaction on Wednesday, May 8th. The stock was sold at an average price of $72.88, for a total value of $199,618.32. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, insider Rajendra M. Mohan sold 30,000 shares of the business’s stock in a transaction on Wednesday, April 17th. The stock was sold at an average price of $73.92, for a total value of $2,217,600.00. The disclosure for this sale can be found here. Insiders sold 814,973 shares of company stock worth $54,406,869 over the last quarter. Company insiders own 0.95% of the company’s stock.
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Best Buy Company 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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