Arrow Investment Advisors LLC Trims Stake in Best Buy Co., Inc. (BBY)

Arrow Investment Advisors LLC cut its position in Best Buy Co., Inc. (NYSE:BBY) by 31.2% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 19,071 shares of the technology retailer’s stock after selling 8,642 shares during the period. Best Buy Co. accounts for approximately 0.3% of Arrow Investment Advisors LLC’s investment portfolio, making the stock its 24th biggest holding. Arrow Investment Advisors LLC’s holdings in Best Buy Co. were worth $1,093,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently modified their holdings of BBY. Norinchukin Bank The grew its stake in shares of Best Buy Co. by 0.7% in the 1st quarter. Norinchukin Bank The now owns 54,938 shares of the technology retailer’s stock valued at $2,700,000 after buying an additional 377 shares during the period. TrimTabs Asset Management LLC grew its stake in shares of Best Buy Co. by 89.1% in the 1st quarter. TrimTabs Asset Management LLC now owns 2,819 shares of the technology retailer’s stock valued at $139,000 after buying an additional 1,328 shares during the period. Quantitative Investment Management LLC grew its stake in shares of Best Buy Co. by 485.7% in the 1st quarter. Quantitative Investment Management LLC now owns 432,800 shares of the technology retailer’s stock valued at $21,272,000 after buying an additional 358,900 shares during the period. Assetmark Inc. grew its stake in shares of Best Buy Co. by 4.9% in the 1st quarter. Assetmark Inc. now owns 17,155 shares of the technology retailer’s stock valued at $843,000 after buying an additional 805 shares during the period. Finally, Trexquant Investment LP grew its stake in shares of Best Buy Co. by 37.1% in the 1st quarter. Trexquant Investment LP now owns 61,000 shares of the technology retailer’s stock valued at $2,998,000 after buying an additional 16,500 shares during the period. Institutional investors own 88.11% of the company’s stock.

In related news, General Counsel Keith J. Nelsen sold 2,433 shares of the firm’s stock in a transaction that occurred on Monday, August 21st. The shares were sold at an average price of $59.92, for a total value of $145,785.36. Following the sale, the general counsel now owns 66,873 shares in the company, valued at $4,007,030.16. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Shari L. Ballard sold 2,246 shares of the firm’s stock in a transaction that occurred on Monday, August 21st. The stock was sold at an average price of $59.92, for a total transaction of $134,580.32. The disclosure for this sale can be found here. Insiders sold 152,328 shares of company stock worth $8,436,505 in the last 90 days. 0.84% of the stock is currently owned by corporate insiders.

Several analysts have recently commented on the company. Oppenheimer Holdings, Inc. restated a “hold” rating on shares of Best Buy Co. in a research note on Tuesday, August 29th. BidaskClub upgraded Best Buy Co. from a “buy” rating to a “strong-buy” rating in a research note on Thursday, August 24th. Barclays PLC reiterated a “buy” rating and set a $65.00 price target on shares of Best Buy Co. in a research note on Monday, August 28th. Piper Jaffray Companies reiterated a “buy” rating and set a $70.00 price target on shares of Best Buy Co. in a research note on Wednesday, August 23rd. Finally, ValuEngine downgraded Best Buy Co. from a “buy” rating to a “hold” rating in a research note on Friday, May 26th. Three research analysts have rated the stock with a sell rating, four have given a hold rating, seventeen have given a buy rating and one has issued a strong buy rating to the stock. The stock has a consensus rating of “Buy” and an average target price of $58.92.

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Best Buy Co., Inc. (NYSE BBY) traded down 1.41% during midday trading on Monday, hitting $57.45. 1,299,119 shares of the company were exchanged. The stock has a market capitalization of $17.19 billion, a price-to-earnings ratio of 15.20 and a beta of 1.48. The stock has a 50 day moving average of $58.80 and a 200-day moving average of $53.65. Best Buy Co., Inc. has a 1-year low of $37.10 and a 1-year high of $63.32.

Best Buy Co. (NYSE:BBY) last issued its earnings results on Tuesday, August 29th. The technology retailer reported $0.69 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.63 by $0.06. Best Buy Co. had a net margin of 3.00% and a return on equity of 27.41%. The company had revenue of $8.94 billion for the quarter, compared to analysts’ expectations of $8.67 billion. During the same quarter last year, the company posted $0.57 earnings per share. The firm’s quarterly revenue was up 4.8% on a year-over-year basis. Equities analysts expect that Best Buy Co., Inc. will post $4.05 earnings per share for the current year.

The business also recently announced a quarterly dividend, which will be paid on Tuesday, October 10th. Investors of record on Tuesday, September 19th will be issued a $0.34 dividend. This represents a $1.36 annualized dividend and a yield of 2.32%. The ex-dividend date of this dividend is Monday, September 18th. Best Buy Co.’s dividend payout ratio is currently 35.88%.

About Best Buy Co.

Best Buy Co, Inc is a provider of technology products, services and solutions. The Company offers products and services to the customers visiting its stores, engaging with Geek Squad agents, or using its Websites or mobile applications. It has operations in the United States, Canada and Mexico. The Company operates through two segments: Domestic and International.

Institutional Ownership by Quarter for Best Buy Co. (NYSE:BBY)

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