Northern Trust Corp lifted its stake in shares of Best Buy Co Inc (NYSE:BBY) by 3.4% during the first quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 3,840,174 shares of the technology retailer’s stock after acquiring an additional 125,125 shares during the period. Northern Trust Corp owned 1.36% of Best Buy worth $268,774,000 at the end of the most recent reporting period.
Other institutional investors also recently added to or reduced their stakes in the company. New Mexico Educational Retirement Board raised its holdings in Best Buy by 3.7% during the fourth quarter. New Mexico Educational Retirement Board now owns 25,521 shares of the technology retailer’s stock worth $1,747,000 after buying an additional 900 shares during the last quarter. Hanseatic Management Services Inc. raised its holdings in Best Buy by 31.6% during the first quarter. Hanseatic Management Services Inc. now owns 3,984 shares of the technology retailer’s stock worth $279,000 after buying an additional 957 shares during the last quarter. Spectrum Management Group Inc. raised its holdings in Best Buy by 4.1% during the first quarter. Spectrum Management Group Inc. now owns 25,215 shares of the technology retailer’s stock worth $1,765,000 after buying an additional 985 shares during the last quarter. Ibex Wealth Advisors raised its holdings in Best Buy by 2.0% during the fourth quarter. Ibex Wealth Advisors now owns 51,165 shares of the technology retailer’s stock worth $3,565,000 after buying an additional 997 shares during the last quarter. Finally, FDx Advisors Inc. raised its holdings in Best Buy by 10.0% during the fourth quarter. FDx Advisors Inc. now owns 12,096 shares of the technology retailer’s stock worth $828,000 after buying an additional 1,099 shares during the last quarter. Institutional investors own 87.95% of the company’s stock.
Several research analysts have weighed in on the stock. ValuEngine downgraded shares of Best Buy from a “buy” rating to a “hold” rating in a report on Saturday. Loop Capital set a $85.00 price objective on shares of Best Buy and gave the stock a “buy” rating in a report on Thursday. Wells Fargo & Co set a $77.00 price objective on shares of Best Buy and gave the stock a “hold” rating in a report on Thursday. Wedbush restated a “sell” rating and set a $48.00 price objective on shares of Best Buy in a report on Monday, May 21st. Finally, Zacks Investment Research upgraded shares of Best Buy from a “hold” rating to a “buy” rating and set a $87.00 price objective on the stock in a report on Monday, May 14th. Three investment analysts have rated the stock with a sell rating, eleven have given a hold rating, eight have given a buy rating and one has assigned a strong buy rating to the company. The company has an average rating of “Hold” and a consensus price target of $71.50.
Shares of BBY stock opened at $68.45 on Friday. The stock has a market capitalization of $19.99 billion, a PE ratio of 15.49, a PEG ratio of 1.00 and a beta of 0.91. The company has a debt-to-equity ratio of 0.23, a current ratio of 1.27 and a quick ratio of 0.59. Best Buy Co Inc has a one year low of $51.61 and a one year high of $79.90.
Best Buy (NYSE:BBY) last announced its earnings results on Thursday, May 24th. The technology retailer reported $0.82 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.74 by $0.08. The company had revenue of $9.11 billion during the quarter, compared to the consensus estimate of $8.75 billion. Best Buy had a net margin of 2.39% and a return on equity of 36.16%. The firm’s revenue for the quarter was up 6.8% on a year-over-year basis. During the same quarter in the prior year, the company posted $0.60 earnings per share. equities research analysts anticipate that Best Buy Co Inc will post 4.96 earnings per share for the current fiscal year.
The business also recently declared a quarterly dividend, which will be paid on Thursday, July 5th. Investors of record on Thursday, June 14th will be given a dividend of $0.45 per share. This represents a $1.80 annualized dividend and a yield of 2.63%. Best Buy’s payout ratio is currently 40.72%.
In related news, insider Patricia H. Walker sold 8,854 shares of the stock in a transaction dated Tuesday, April 24th. The shares were sold at an average price of $73.63, for a total transaction of $651,920.02. Following the completion of the transaction, the insider now owns 26,698 shares in the company, valued at $1,965,773.74. The transaction was disclosed in a document filed with the SEC, which is available through this link. Also, CEO Hubert Joly sold 9,591 shares of the stock in a transaction dated Tuesday, March 13th. The shares were sold at an average price of $72.45, for a total transaction of $694,867.95. Following the transaction, the chief executive officer now owns 728,564 shares of the company’s stock, valued at approximately $52,784,461.80. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 365,915 shares of company stock valued at $25,672,749. 0.75% of the stock is owned by company insiders.
About Best Buy
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 consumer electronics, including digital imaging, health and fitness, home automation, home theater, and portable audio products; computing and mobile phones, such as computing and peripherals, networking products, tablets, smart watches, and e-readers, as well as mobile phones comprising related mobile network carrier commissions; and entertainment products, including drones, movies, music, and technology toys, as well as gaming hardware and software, and virtual reality and other software products.
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