Silver Heights Capital Management Inc. lessened its holdings in Best Buy Co., Inc. (NYSE:BBY) by 0.0% in the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 242,400 shares of the technology retailer’s stock after selling 50 shares during the period. Best Buy Co. comprises approximately 10.7% of Silver Heights Capital Management Inc.’s portfolio, making the stock its 5th biggest position. Silver Heights Capital Management Inc. owned about 0.08% of Best Buy Co. worth $13,897,000 at the end of the most recent quarter.
Several other institutional investors have also modified their holdings of the company. Northwestern Mutual Wealth Management Co. boosted its position in shares of Best Buy Co. by 6.2% in the second 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 during the period. Alliancebernstein L.P. boosted its position in shares of Best Buy Co. by 2.4% in the second quarter. Alliancebernstein L.P. now owns 615,666 shares of the technology retailer’s stock worth $35,296,000 after buying an additional 14,236 shares during the period. Aberdeen Asset Management PLC UK boosted its position in shares of Best Buy Co. by 3.0% in the second quarter. Aberdeen Asset Management PLC UK now owns 961,224 shares of the technology retailer’s stock worth $55,107,000 after buying an additional 28,305 shares during the period. Systematic Financial Management LP acquired a new stake in shares of Best Buy Co. in the second quarter worth $1,250,000. Finally, Franklin Resources Inc. boosted its position in shares of Best Buy Co. by 57.2% in the second quarter. Franklin Resources Inc. now owns 101,649 shares of the technology retailer’s stock worth $5,827,000 after buying an additional 36,978 shares during the period. 86.46% of the stock is owned by institutional investors and hedge funds.
Several analysts have recently commented on the company. Jefferies Group LLC reaffirmed a “buy” rating and issued a $60.00 target price on shares of Best Buy Co. in a research report on Thursday, July 6th. Loop Capital reissued a “buy” rating and set a $72.00 price objective on shares of Best Buy Co. in a research report on Wednesday, August 16th. Oppenheimer Holdings, Inc. reissued a “hold” rating on shares of Best Buy Co. in a research report on Tuesday, August 29th. Royal Bank Of Canada lifted their price objective on Best Buy Co. from $60.00 to $61.00 and gave the company a “sector perform” rating in a research report on Wednesday, August 30th. Finally, Wedbush reissued an “underperform” rating and set a $29.00 price objective on shares of Best Buy Co. in a research report on Monday, May 22nd. Three investment analysts have rated the stock with a sell rating, four have issued a hold rating, seventeen have issued a buy rating and one has issued a strong buy rating to the stock. The company currently has a consensus rating of “Buy” and a consensus target price of $58.92.
Best Buy Co., Inc. (BBY) traded up 0.3353% during midday trading on Monday, reaching $55.6861. The company’s stock had a trading volume of 561,040 shares. Best Buy Co., Inc. has a 52 week low of $36.51 and a 52 week high of $63.32. The firm has a 50 day moving average price of $58.60 and a 200-day moving average price of $53.33. The firm has a market cap of $16.93 billion, a P/E ratio of 14.7357 and a beta of 1.48.
Best Buy Co. (NYSE:BBY) last released its quarterly earnings results on Tuesday, August 29th. The technology retailer reported $0.69 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.63 by $0.06. The firm had revenue of $8.94 billion for the quarter, compared to analysts’ expectations of $8.67 billion. Best Buy Co. had a net margin of 3.00% and a return on equity of 27.41%. The business’s revenue was up 4.8% on a year-over-year basis. During the same period in the prior year, the firm earned $0.57 EPS. On average, analysts forecast that Best Buy Co., Inc. will post $4.05 earnings per share for the current fiscal year.
The business also recently declared a quarterly dividend, which will be paid on Tuesday, October 10th. Shareholders of record on Tuesday, September 19th will be issued a $0.34 dividend. The ex-dividend date is Monday, September 18th. This represents a $1.36 annualized dividend and a yield of 2.45%. Best Buy Co.’s dividend payout ratio is currently 35.88%.
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In other Best Buy Co. news, insider Shari L. Ballard sold 9,778 shares of the stock in a transaction dated Tuesday, September 5th. The shares were sold at an average price of $54.68, for a total value of $534,661.04. Following the transaction, the insider now directly owns 84,613 shares of the company’s stock, valued at approximately $4,626,638.84. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, CEO Hubert Joly sold 14,734 shares of the stock in a transaction dated Monday, August 21st. The shares were sold at an average price of $59.92, for a total transaction of $882,861.28. Following the completion of the transaction, the chief executive officer now directly owns 540,694 shares in the company, valued at $32,398,384.48. The disclosure for this sale can be found here. Over the last three months, insiders sold 193,289 shares of company stock worth $10,742,957. Insiders own 0.84% of the company’s stock.
Best Buy Co. 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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