Diversified Trust Co lifted its position in Best Buy Co., Inc. (NYSE:BBY) by 23.6% during the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 3,620 shares of the technology retailer’s stock after acquiring an additional 692 shares during the period. Diversified Trust Co’s holdings in Best Buy were worth $403,000 as of its most recent SEC filing.
Other institutional investors have also recently added to or reduced their stakes in the company. Public Employees Retirement Association of Colorado boosted its holdings in shares of Best Buy by 1.0% during the first quarter. Public Employees Retirement Association of Colorado now owns 33,875 shares of the technology retailer’s stock worth $1,931,000 after purchasing an additional 340 shares during the period. Federated Hermes Inc. boosted its holdings in shares of Best Buy by 71.2% during the first quarter. Federated Hermes Inc. now owns 4,125 shares of the technology retailer’s stock worth $235,000 after purchasing an additional 1,715 shares during the period. CIBC World Markets Inc. boosted its holdings in shares of Best Buy by 13.3% during the first quarter. CIBC World Markets Inc. now owns 41,919 shares of the technology retailer’s stock worth $2,389,000 after purchasing an additional 4,925 shares during the period. Schroder Investment Management Group lifted its stake in Best Buy by 136.7% in the first quarter. Schroder Investment Management Group now owns 182,938 shares of the technology retailer’s stock valued at $11,005,000 after acquiring an additional 105,656 shares during the last quarter. Finally, FinTrust Capital Advisors LLC bought a new position in shares of Best Buy in the first quarter valued at approximately $28,000. 78.92% of the stock is currently owned by institutional investors and hedge funds.
In related news, CAO Mathew Watson sold 5,677 shares of the stock in a transaction that occurred on Thursday, August 27th. The stock was sold at an average price of $112.58, for a total transaction of $639,116.66. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, major shareholder Richard M. Schulze sold 436,199 shares of the stock in a transaction that occurred on Friday, October 9th. The stock was sold at an average price of $116.30, for a total value of $50,729,943.70. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 773,547 shares of company stock valued at $89,257,157. 0.64% of the stock is currently owned by company insiders.
Best Buy (NYSE:BBY) last released its earnings results on Tuesday, August 25th. The technology retailer reported $1.71 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.09 by $0.62. The company had revenue of $9.91 billion for the quarter, compared to the consensus estimate of $9.79 billion. Best Buy had a net margin of 3.75% and a return on equity of 48.82%. The company’s revenue was up 3.9% compared to the same quarter last year. During the same period in the prior year, the company posted $1.08 EPS. On average, equities analysts expect that Best Buy Co., Inc. will post 7.12 earnings per share for the current year.
The business also recently declared a quarterly dividend, which was paid on Tuesday, October 6th. Stockholders of record on Tuesday, September 15th were paid a $0.55 dividend. The ex-dividend date of this dividend was Monday, September 14th. This represents a $2.20 dividend on an annualized basis and a dividend yield of 1.84%. Best Buy’s dividend payout ratio (DPR) is presently 36.24%.
BBY has been the topic of a number of research reports. Raymond James reaffirmed a “buy” rating on shares of Best Buy in a research report on Tuesday, August 25th. BNP Paribas began coverage on shares of Best Buy in a report on Monday, October 5th. They issued an “outperform” rating and a $131.00 price target on the stock. Wells Fargo & Company boosted their price target on shares of Best Buy from $80.00 to $92.00 and gave the company an “equal weight” rating in a report on Wednesday, July 22nd. Goldman Sachs Group raised shares of Best Buy to a “buy” rating in a report on Wednesday, August 26th. Finally, DA Davidson raised shares of Best Buy to a “buy” rating in a report on Wednesday, August 26th. One investment analyst has rated the stock with a sell rating, six have given a hold rating and eighteen have assigned a buy rating to the company’s stock. Best Buy currently has a consensus rating of “Buy” and an average price target of $104.09.
Best Buy Company Profile
Best Buy Co, Inc retails technology products 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, peripherals, movies, music, and toys, as well as gaming hardware and software, and virtual reality and other software products.
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