Synovus Financial Corp raised its position in Best Buy Co Inc (NYSE:BBY) by 16,510.3% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 4,817 shares of the technology retailer’s stock after purchasing an additional 4,788 shares during the quarter. Synovus Financial Corp’s holdings in Best Buy were worth $332,000 as of its most recent SEC filing.
Other large investors have also recently bought and sold shares of the company. First Hawaiian Bank raised its stake in shares of Best Buy by 12.6% in the 2nd quarter. First Hawaiian Bank now owns 7,084 shares of the technology retailer’s stock valued at $494,000 after acquiring an additional 792 shares during the period. Allianz Asset Management GmbH raised its stake in shares of Best Buy by 15.2% in the 2nd quarter. Allianz Asset Management GmbH now owns 1,251,427 shares of the technology retailer’s stock valued at $87,262,000 after acquiring an additional 165,350 shares during the period. Candriam Luxembourg S.C.A. raised its stake in shares of Best Buy by 93.1% in the 2nd quarter. Candriam Luxembourg S.C.A. now owns 100,371 shares of the technology retailer’s stock valued at $6,968,000 after acquiring an additional 48,389 shares during the period. BlackRock Inc. raised its stake in shares of Best Buy by 4.4% in the 2nd quarter. BlackRock Inc. now owns 18,179,382 shares of the technology retailer’s stock valued at $1,267,648,000 after acquiring an additional 772,762 shares during the period. Finally, Hammer Asset Management LLC purchased a new stake in shares of Best Buy in the 2nd quarter valued at approximately $1,388,000. Institutional investors own 78.60% of the company’s stock.
In other Best Buy news, CAO Mathew Watson sold 1,000 shares of the stock in a transaction that occurred on Friday, September 27th. The shares were sold at an average price of $68.03, for a total value of $68,030.00. The sale was disclosed in a filing with the SEC, which is available through this link. Also, Director Hubert Joly sold 407,880 shares of the stock in a transaction that occurred on Thursday, September 26th. The shares were sold at an average price of $66.97, for a total transaction of $27,315,723.60. The disclosure for this sale can be found here. Over the last three months, insiders sold 408,913 shares of company stock worth $27,386,014. Insiders own 0.95% of the company’s stock.
Best Buy (NYSE:BBY) last announced its earnings results on Thursday, August 29th. The technology retailer reported $1.08 earnings per share for the quarter, topping the consensus estimate of $0.99 by $0.09. Best Buy had a net margin of 3.52% and a return on equity of 48.56%. The firm had revenue of $9.54 billion for the quarter, compared to the consensus estimate of $9.55 billion. During the same period in the prior year, the firm earned $0.91 EPS. The firm’s revenue for the quarter was up 1.7% on a year-over-year basis. As a group, research analysts expect that Best Buy Co Inc will post 5.75 EPS for the current fiscal year.
BBY has been the topic of a number of research analyst reports. Jefferies Financial Group set a $80.00 price target on shares of Best Buy and gave the company a “buy” rating in a research note on Tuesday, September 24th. Wedbush reissued a “buy” rating and issued a $63.00 price target on shares of Best Buy in a research note on Thursday, August 29th. Nomura initiated coverage on shares of Best Buy in a research note on Friday. They issued a “neutral” rating and a $73.00 price target on the stock. Zacks Investment Research downgraded shares of Best Buy from a “hold” rating to a “sell” rating and set a $79.00 price target on the stock. in a research note on Thursday. Finally, Loop Capital set a $90.00 price target on shares of Best Buy and gave the company a “buy” rating in a research note on Wednesday, September 18th. One analyst has rated the stock with a sell rating, eleven have given a hold rating, nine have assigned a buy rating and one has assigned a strong buy rating to the stock. The company presently has a consensus rating of “Hold” and a consensus target price of $78.28.
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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