Candriam Luxembourg S.C.A. grew its holdings in shares of Best Buy Co Inc (NYSE:BBY) by 13.2% during the 4th quarter, according to its most recent Form 13F filing with the SEC. The firm owned 31,436 shares of the technology retailer’s stock after buying an additional 3,670 shares during the period. Candriam Luxembourg S.C.A.’s holdings in Best Buy were worth $1,665,000 as of its most recent SEC filing.
Several other institutional investors and hedge funds have also bought and sold shares of the company. Bank of New York Mellon Corp increased its stake in shares of Best Buy by 10.0% during the third quarter. Bank of New York Mellon Corp now owns 6,519,666 shares of the technology retailer’s stock valued at $517,400,000 after buying an additional 591,086 shares during the period. Northern Trust Corp increased its stake in shares of Best Buy by 13.3% during the fourth quarter. Northern Trust Corp now owns 4,061,338 shares of the technology retailer’s stock valued at $215,088,000 after buying an additional 478,177 shares during the period. OppenheimerFunds Inc. increased its stake in shares of Best Buy by 10.1% during the third quarter. OppenheimerFunds Inc. now owns 3,851,524 shares of the technology retailer’s stock valued at $305,657,000 after buying an additional 353,522 shares during the period. LSV Asset Management increased its stake in shares of Best Buy by 7.8% during the fourth quarter. LSV Asset Management now owns 3,481,562 shares of the technology retailer’s stock valued at $184,383,000 after buying an additional 250,769 shares during the period. Finally, Oregon Public Employees Retirement Fund increased its stake in shares of Best Buy by 3,134.7% during the fourth quarter. Oregon Public Employees Retirement Fund now owns 3,280,289 shares of the technology retailer’s stock valued at $62,000 after buying an additional 3,178,881 shares during the period. 83.68% of the stock is currently owned by hedge funds and other institutional investors.
In other Best Buy news, SVP Mathew Watson sold 1,990 shares of the business’s stock in a transaction on Friday, March 15th. The stock was sold at an average price of $68.58, for a total value of $136,474.20. Following the sale, the senior vice president now directly owns 18,711 shares of the company’s stock, valued at $1,283,200.38. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, major shareholder Richard M. Schulze sold 25,443 shares of the business’s stock in a transaction on Monday, March 4th. The stock was sold at an average price of $68.22, for a total value of $1,735,721.46. Following the completion of the transaction, the insider now owns 1,732,500 shares of the company’s stock, valued at approximately $118,191,150. The disclosure for this sale can be found here. Insiders sold 1,239,284 shares of company stock worth $85,077,082 over the last three months. Corporate insiders own 0.75% of the company’s stock.
Best Buy (NYSE:BBY) last released its earnings results on Wednesday, February 27th. The technology retailer reported $2.72 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $2.57 by $0.15. Best Buy had a return on equity of 46.33% and a net margin of 3.41%. The business had revenue of $14.80 billion for the quarter, compared to the consensus estimate of $14.69 billion. During the same period in the previous year, the company posted $2.42 earnings per share. The company’s revenue for the quarter was down 3.7% compared to the same quarter last year. On average, research analysts predict that Best Buy Co Inc will post 5.62 EPS for the current year.
Best Buy declared that its board has authorized a stock buyback program on Wednesday, February 27th that allows the company to repurchase $3.00 billion in shares. This repurchase authorization allows the technology retailer to buy up to 18.5% of its stock through open market purchases. Stock repurchase programs are usually a sign that the company’s board of directors believes its shares are undervalued.
The business also recently announced a quarterly dividend, which will be paid on Wednesday, April 10th. Shareholders of record on Wednesday, March 20th will be issued a $0.50 dividend. This represents a $2.00 annualized dividend and a yield of 2.82%. This is an increase from Best Buy’s previous quarterly dividend of $0.45. The ex-dividend date is Tuesday, March 19th. Best Buy’s payout ratio is 37.59%.
Several equities research analysts recently weighed in on the company. Wedbush restated a “neutral” rating and set a $65.00 price target on shares of Best Buy in a research report on Friday, February 22nd. Evercore ISI assumed coverage on Best Buy in a research report on Wednesday, March 20th. They set an “in-line” rating and a $75.00 price target on the stock. Bank of America upgraded Best Buy from an “underperform” rating to a “neutral” rating and set a $50.00 price target on the stock in a research report on Wednesday, February 27th. Zacks Investment Research lowered Best Buy from a “hold” rating to a “sell” rating in a research report on Wednesday, January 23rd. Finally, Citigroup lifted their price target on Best Buy from $72.00 to $77.00 and gave the company a “neutral” rating in a research report on Friday, March 1st. One research analyst has rated the stock with a sell rating, eleven have given a hold rating and eight have given a buy rating to the company’s stock. Best Buy currently has an average rating of “Hold” and an average target price of $76.82.
TRADEMARK VIOLATION WARNING: This story was originally reported by Markets Daily and is the property of of Markets Daily. If you are viewing this story on another domain, it was illegally copied and republished in violation of United States and international copyright & trademark law. The legal version of this story can be accessed at https://www.themarketsdaily.com/2019/03/26/best-buy-co-inc-bby-shares-bought-by-candriam-luxembourg-s-c-a.html.
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 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.
Featured Story: What is the Current Ratio?
Want to see what other hedge funds are holding BBY? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Best Buy Co Inc (NYSE:BBY).
Receive News & Ratings for Best Buy Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Best Buy and related companies with MarketBeat.com's FREE daily email newsletter.