BlueCrest Capital Management Ltd trimmed its position in shares of Best Buy Co Inc (NYSE:BBY) by 86.7% in the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 17,194 shares of the technology retailer’s stock after selling 112,260 shares during the quarter. BlueCrest Capital Management Ltd’s holdings in Best Buy were worth $1,177,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
Several other institutional investors have also recently made changes to their positions in BBY. Fieldpoint Private Securities LLC acquired a new stake in shares of Best Buy during the 3rd quarter valued at about $139,000. Mitsubishi UFJ Securities Holdings Co. Ltd. lifted its holdings in shares of Best Buy by 232.8% during the 4th quarter. Mitsubishi UFJ Securities Holdings Co. Ltd. now owns 2,030 shares of the technology retailer’s stock valued at $139,000 after buying an additional 1,420 shares during the last quarter. Squar Milner Financial Services LLC acquired a new stake in shares of Best Buy during the 4th quarter valued at about $201,000. Harbour Capital Advisors LLC acquired a new stake in shares of Best Buy during the 4th quarter valued at about $205,000. Finally, Tower Research Capital LLC TRC lifted its holdings in shares of Best Buy by 53,583.3% during the 4th quarter. Tower Research Capital LLC TRC now owns 3,221 shares of the technology retailer’s stock valued at $220,000 after buying an additional 3,215 shares during the last quarter. Institutional investors and hedge funds own 85.73% of the company’s stock.
Several brokerages have recently issued reports on BBY. Credit Suisse Group reiterated a “hold” rating and set a $74.00 price target (up from $60.00) on shares of Best Buy in a report on Monday, March 5th. Wedbush reiterated an “underperform” rating and set a $48.00 price target (up from $45.00) on shares of Best Buy in a report on Monday, March 5th. Telsey Advisory Group reiterated a “market perform” rating and set a $76.00 price target (up from $74.00) on shares of Best Buy in a report on Friday, March 2nd. Morgan Stanley reiterated an “equal weight” rating and set a $74.00 price target (up from $66.00) on shares of Best Buy in a report on Friday, March 2nd. Finally, Jefferies Group restated a “buy” rating and issued a $74.00 target price (up from $60.00) on shares of Best Buy in a report on Tuesday, February 27th. Four equities research analysts have rated the stock with a sell rating, nine have given a hold rating, eight have assigned a buy rating and two have 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 $69.25.
Best Buy (NYSE:BBY) last issued its quarterly earnings results on Thursday, March 1st. The technology retailer reported $2.42 EPS for the quarter, topping analysts’ consensus estimates of $2.05 by $0.37. Best Buy had a return on equity of 32.68% and a net margin of 2.37%. The company had revenue of $15.36 billion during the quarter, compared to analyst estimates of $14.52 billion. During the same period in the previous year, the company earned $1.93 earnings per share. The company’s quarterly revenue was up 14.0% compared to the same quarter last year. equities research analysts anticipate that Best Buy Co Inc will post 4.97 EPS for the current year.
The firm also recently declared a quarterly dividend, which will be paid on Thursday, April 12th. Stockholders of record on Thursday, March 22nd will be issued a dividend of $0.45 per share. The ex-dividend date of this dividend is Wednesday, March 21st. This is a positive change from Best Buy’s previous quarterly dividend of $0.34. This represents a $1.80 dividend on an annualized basis and a dividend yield of 2.50%. Best Buy’s payout ratio is 32.15%.
In other news, major shareholder Richard M. Schulze sold 200,000 shares of the company’s stock in a transaction that occurred on Wednesday, December 13th. The stock was sold at an average price of $64.14, for a total transaction of $12,828,000.00. Following the completion of the transaction, the insider now directly owns 1,732,500 shares in the company, valued at $111,122,550. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, SVP Mathew Watson sold 990 shares of the business’s stock in a transaction that occurred on Tuesday, March 6th. The shares were sold at an average price of $77.21, for a total value of $76,437.90. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 549,674 shares of company stock valued at $36,256,646. Corporate insiders own 0.84% of the company’s stock.
About Best Buy
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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