Eqis Capital Management Inc. Has $417,000 Stake in Best Buy Co Inc (NYSE:BBY)

Eqis Capital Management Inc. trimmed its position in Best Buy Co Inc (NYSE:BBY) by 10.7% in the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 6,051 shares of the technology retailer’s stock after selling 723 shares during the quarter. Eqis Capital Management Inc.’s holdings in Best Buy were worth $417,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently modified their holdings of the stock. Vanguard Group Inc. raised its stake in shares of Best Buy by 3.7% in the second quarter. Vanguard Group Inc. now owns 27,605,353 shares of the technology retailer’s stock valued at $1,924,922,000 after purchasing an additional 993,608 shares in the last quarter. BlackRock Inc. raised its stake in shares of Best Buy by 4.4% in the second quarter. BlackRock Inc. now owns 18,179,382 shares of the technology retailer’s stock valued at $1,267,648,000 after purchasing an additional 772,762 shares in the last quarter. Invesco Ltd. raised its stake in shares of Best Buy by 289.7% in the second quarter. Invesco Ltd. now owns 4,918,106 shares of the technology retailer’s stock valued at $342,938,000 after purchasing an additional 3,656,220 shares in the last quarter. AQR Capital Management LLC raised its stake in shares of Best Buy by 40.6% in the second quarter. AQR Capital Management LLC now owns 4,797,656 shares of the technology retailer’s stock valued at $330,991,000 after purchasing an additional 1,385,457 shares in the last quarter. Finally, Northern Trust Corp raised its stake in shares of Best Buy by 5.1% in the second quarter. Northern Trust Corp now owns 3,839,801 shares of the technology retailer’s stock valued at $267,750,000 after purchasing an additional 187,894 shares in the last quarter. Institutional investors and hedge funds own 78.59% of the company’s stock.

Shares of BBY stock opened at $77.09 on Friday. The stock’s fifty day moving average is $71.09 and its 200-day moving average is $69.51. The company has a debt-to-equity ratio of 1.06, a quick ratio of 0.39 and a current ratio of 1.08. The stock has a market capitalization of $19.77 billion, a PE ratio of 14.49, a PEG ratio of 1.65 and a beta of 1.14. Best Buy Co Inc has a 52 week low of $47.72 and a 52 week high of $78.53.

Best Buy (NYSE:BBY) last announced its earnings results on Thursday, August 29th. The technology retailer reported $1.08 EPS for the quarter, topping the consensus estimate of $0.99 by $0.09. The company had revenue of $9.54 billion for the quarter, compared to analysts’ expectations of $9.55 billion. Best Buy had a return on equity of 48.56% and a net margin of 3.52%. The business’s revenue for the quarter was up 1.7% on a year-over-year basis. During the same quarter in the prior year, the business earned $0.91 earnings per share. As a group, analysts forecast that Best Buy Co Inc will post 5.75 earnings per share for the current fiscal year.

In other news, Director Hubert Joly sold 407,880 shares of the company’s stock in a transaction on Thursday, September 26th. The stock was sold at an average price of $66.97, for a total transaction of $27,315,723.60. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, CAO Mathew Watson sold 1,000 shares of the company’s stock in a transaction on Friday, September 27th. The shares were sold at an average price of $68.03, for a total value of $68,030.00. The disclosure for this sale can be found here. Insiders have sold 408,913 shares of company stock worth $27,386,014 in the last 90 days. Company insiders own 0.95% of the company’s stock.

A number of brokerages have weighed in on BBY. Wolfe Research began coverage on Best Buy in a research report on Tuesday, October 8th. They issued a “buy” rating and a $82.00 price target on the stock. Wedbush reiterated a “buy” rating and issued a $63.00 price target on shares of Best Buy in a research report on Thursday, August 29th. Nomura began coverage on Best Buy in a research report on Friday, November 8th. They issued a “neutral” rating and a $73.00 price target on the stock. Jefferies Financial Group set a $80.00 price target on Best Buy and gave the company a “buy” rating in a research report on Tuesday, September 24th. Finally, Telsey Advisory Group upped their price target on Best Buy from $70.00 to $75.00 and gave the company a “market perform” rating in a research report on Thursday, September 26th. Two investment analysts have rated the stock with a sell rating, ten have assigned a hold rating, nine have given a buy rating and one has issued a strong buy rating to the company’s stock. The company currently has a consensus rating of “Hold” and a consensus price target of $78.28.

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 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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