Wright Investors Service Inc. Boosts Stake in Best Buy Co Inc (NYSE:BBY)

Wright Investors Service Inc. boosted its stake in Best Buy Co Inc (NYSE:BBY) by 1.0% during the second quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 41,841 shares of the technology retailer’s stock after buying an additional 433 shares during the quarter. Best Buy makes up about 1.1% of Wright Investors Service Inc.’s holdings, making the stock its 24th biggest position. Wright Investors Service Inc.’s holdings in Best Buy were worth $2,917,000 as of its most recent filing with the SEC.

Other hedge funds also recently bought and sold shares of the company. TRUE Private Wealth Advisors purchased a new stake in Best Buy in the 2nd quarter valued at approximately $27,000. Oppenheimer Asset Management Inc. purchased a new stake in Best Buy in the 1st quarter valued at approximately $34,000. Braun Bostich & Associates Inc. purchased a new stake in Best Buy in the 1st quarter valued at approximately $40,000. Joseph P. Lucia & Associates LLC purchased a new position in shares of Best Buy during the 2nd quarter worth $47,000. Finally, NEXT Financial Group Inc lifted its stake in shares of Best Buy by 67.2% during the 2nd quarter. NEXT Financial Group Inc now owns 667 shares of the technology retailer’s stock worth $47,000 after purchasing an additional 268 shares during the period. 78.76% of the stock is currently owned by hedge funds and other institutional investors.

In related news, major shareholder Richard M. Schulze sold 51,265 shares of the stock in a transaction on Friday, July 19th. The stock was sold at an average price of $75.01, for a total value of $3,845,387.65. Following the completion of the sale, the insider now directly owns 1,732,500 shares in the company, valued at approximately $129,954,825. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, CEO Hubert Joly sold 600,826 shares of the stock in a transaction on Friday, May 24th. The shares were sold at an average price of $64.42, for a total value of $38,705,210.92. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 1,991,971 shares of company stock valued at $140,642,341. Insiders own 0.95% of the company’s stock.

A number of research analysts have weighed in on BBY shares. ValuEngine raised Best Buy from a “sell” rating to a “hold” rating in a research note on Tuesday. Zacks Investment Research lowered Best Buy from a “buy” rating to a “hold” rating in a research note on Tuesday, April 30th. Cleveland Research reissued a “neutral” rating on shares of Best Buy in a research note on Tuesday, June 18th. Jefferies Financial Group raised Best Buy from a “hold” rating to a “buy” rating and increased their price target for the stock from $72.00 to $88.00 in a research note on Wednesday, April 24th. Finally, Wedbush set a $71.00 price target on Best Buy and gave the stock a “hold” rating in a research note on Friday, May 24th. Thirteen equities research analysts have rated the stock with a hold rating and ten have issued a buy rating to the stock. Best Buy presently has an average rating of “Hold” and an average price target of $77.67.

Shares of BBY stock traded down $3.04 on Thursday, reaching $63.93. 149,919 shares of the stock were exchanged, compared to its average volume of 2,392,741. The stock has a market cap of $17.89 billion, a PE ratio of 12.00, a P/E/G ratio of 1.33 and a beta of 1.06. The company has a current ratio of 1.12, a quick ratio of 0.39 and a debt-to-equity ratio of 1.00. The stock’s 50 day moving average price is $72.21. Best Buy Co Inc has a 1-year low of $47.72 and a 1-year high of $84.37.

Best Buy (NYSE:BBY) last released its quarterly earnings data on Thursday, May 23rd. The technology retailer reported $1.02 EPS for the quarter, topping analysts’ consensus estimates of $0.88 by $0.14. The business had revenue of $9.14 billion during the quarter, compared to the consensus estimate of $9.14 billion. Best Buy had a return on equity of 47.91% and a net margin of 3.54%. The business’s revenue for the quarter was up .4% on a year-over-year basis. During the same period in the prior year, the firm posted $0.82 EPS. As a group, equities analysts forecast that Best Buy Co Inc will post 5.74 EPS for the current fiscal year.

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

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