Tredje AP fonden trimmed its position in shares of Best Buy Co., Inc. (NYSE:BBY) by 21.8% in the third quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 34,920 shares of the technology retailer’s stock after selling 9,750 shares during the period. Tredje AP fonden’s holdings in Best Buy were worth $2,001,000 at the end of the most recent quarter.
Other institutional investors have also recently bought and sold shares of the company. FNY Managed Accounts LLC raised its position in shares of Best Buy by 18,281.8% during the 2nd quarter. FNY Managed Accounts LLC now owns 2,000 shares of the technology retailer’s stock worth $114,000 after buying an additional 2,011 shares in the last quarter. Northwestern Mutual Wealth Management Co. raised its position in shares of Best Buy by 6.2% during the 2nd quarter. Northwestern Mutual Wealth Management Co. now owns 2,774 shares of the technology retailer’s stock worth $159,000 after buying an additional 163 shares in the last quarter. Smithfield Trust Co. bought a new stake in shares of Best Buy during the 3rd quarter worth about $178,000. Keybank National Association OH bought a new stake in shares of Best Buy during the 2nd quarter worth about $200,000. Finally, Pax World Management LLC bought a new stake in shares of Best Buy during the 2nd quarter worth about $225,000. 86.50% of the stock is owned by hedge funds and other institutional investors.
In other news, major shareholder Richard M. Schulze sold 1,000,000 shares of the business’s stock in a transaction that occurred on Wednesday, November 29th. The shares were sold at an average price of $58.80, for a total transaction of $58,800,000.00. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Also, insider Shari L. Ballard sold 40,018 shares of the business’s stock in a transaction that occurred on Tuesday, November 21st. The shares were sold at an average price of $56.18, for a total transaction of $2,248,211.24. Following the sale, the insider now owns 99,304 shares in the company, valued at approximately $5,578,898.72. The disclosure for this sale can be found here. Insiders have sold 2,098,184 shares of company stock worth $124,544,562 in the last 90 days. 1.21% of the stock is owned by company insiders.
Best Buy (NYSE:BBY) last released its quarterly earnings results on Thursday, November 16th. The technology retailer reported $0.78 earnings per share (EPS) for the quarter, meeting the Zacks’ consensus estimate of $0.78. Best Buy had a net margin of 3.09% and a return on equity of 28.46%. The business had revenue of $9.32 billion for the quarter, compared to analyst estimates of $9.36 billion. During the same quarter in the previous year, the business earned $0.60 earnings per share. The firm’s revenue was up 4.2% compared to the same quarter last year. analysts predict that Best Buy Co., Inc. will post 4.03 earnings per share for the current fiscal year.
The company also recently declared a quarterly dividend, which will be paid on Thursday, December 28th. Stockholders of record on Thursday, December 7th will be issued a dividend of $0.34 per share. The ex-dividend date of this dividend is Wednesday, December 6th. This represents a $1.36 dividend on an annualized basis and a dividend yield of 2.23%. Best Buy’s dividend payout ratio is currently 34.34%.
A number of analysts have commented on the stock. UBS restated a “buy” rating and set a $57.00 price target (down from $60.00) on shares of Best Buy in a research report on Wednesday, September 20th. Piper Jaffray Companies restated a “buy” rating and set a $68.00 price target on shares of Best Buy in a research report on Thursday, September 21st. Jefferies Group restated a “hold” rating and set a $60.00 price target on shares of Best Buy in a research report on Wednesday, August 9th. Loop Capital restated a “buy” rating and set a $72.00 price target on shares of Best Buy in a research report on Wednesday, September 20th. Finally, Telsey Advisory Group dropped their target price on shares of Best Buy from $66.00 to $62.00 and set an “outperform” rating on the stock in a report on Wednesday, September 20th. Four research analysts have rated the stock with a sell rating, six have assigned a hold rating, thirteen have assigned a buy rating and one has issued a strong buy rating to the stock. Best Buy presently has an average rating of “Hold” and a consensus target price of $58.81.
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Best Buy Company Profile
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.
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