Achmea Investment Management B.V. decreased its stake in Best Buy Co Inc (NYSE:BBY) by 15.3% in the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 84,214 shares of the technology retailer’s stock after selling 15,213 shares during the period. Achmea Investment Management B.V.’s holdings in Best Buy were worth $6,681,000 at the end of the most recent reporting period.
A number of other large investors have also modified their holdings of BBY. MERIAN GLOBAL INVESTORS UK Ltd boosted its stake in Best Buy by 647.0% during the 3rd quarter. MERIAN GLOBAL INVESTORS UK Ltd now owns 2,843,269 shares of the technology retailer’s stock worth $225,641,000 after purchasing an additional 2,462,655 shares during the period. Swedbank acquired a new stake in Best Buy during the 3rd quarter worth $174,994,000. Marshall Wace LLP boosted its stake in Best Buy by 454.5% during the 2nd quarter. Marshall Wace LLP now owns 1,287,293 shares of the technology retailer’s stock worth $96,006,000 after purchasing an additional 1,055,122 shares during the period. Janus Henderson Group PLC boosted its stake in Best Buy by 84.4% during the 2nd quarter. Janus Henderson Group PLC now owns 2,102,292 shares of the technology retailer’s stock worth $156,794,000 after purchasing an additional 962,231 shares during the period. Finally, LSV Asset Management boosted its stake in Best Buy by 31.1% during the 2nd quarter. LSV Asset Management now owns 3,134,306 shares of the technology retailer’s stock worth $233,756,000 after purchasing an additional 742,913 shares during the period. Hedge funds and other institutional investors own 85.32% of the company’s stock.
Shares of Best Buy stock opened at $67.79 on Friday. The firm has a market cap of $19.68 billion, a price-to-earnings ratio of 15.34, a PEG ratio of 1.11 and a beta of 1.01. The company has a quick ratio of 0.52, a current ratio of 1.21 and a debt-to-equity ratio of 0.25. Best Buy Co Inc has a one year low of $52.92 and a one year high of $84.37.
Best Buy (NYSE:BBY) last announced its quarterly earnings data on Tuesday, August 28th. The technology retailer reported $0.91 EPS for the quarter, topping the Zacks’ consensus estimate of $0.83 by $0.08. The company had revenue of $9.38 billion during the quarter, compared to the consensus estimate of $9.25 billion. Best Buy had a net margin of 2.44% and a return on equity of 40.28%. Best Buy’s quarterly revenue was up 4.6% on a year-over-year basis. During the same quarter in the prior year, the firm earned $0.69 EPS. On average, equities research analysts forecast that Best Buy Co Inc will post 5.11 earnings per share for the current year.
BBY has been the subject of a number of recent research reports. Zacks Investment Research upgraded shares of Best Buy from a “hold” rating to a “strong-buy” rating and set a $88.00 price target for the company in a research note on Tuesday, July 24th. Morgan Stanley increased their price target on shares of Best Buy from $74.00 to $78.00 and gave the stock an “equal weight” rating in a research note on Wednesday, August 29th. Telsey Advisory Group increased their price target on shares of Best Buy from $76.00 to $80.00 and gave the stock a “market perform” rating in a research note on Wednesday, August 29th. JPMorgan Chase & Co. increased their price target on shares of Best Buy from $76.00 to $79.00 and gave the stock a “neutral” rating in a research note on Wednesday, August 29th. Finally, Raymond James increased their price target on shares of Best Buy from $87.00 to $90.00 and gave the stock a “buy” rating in a research note on Wednesday, August 29th. Two equities research analysts have rated the stock with a sell rating, thirteen have assigned a hold rating and five have assigned a buy rating to the stock. Best Buy has a consensus rating of “Hold” and an average target price of $80.63.
In other news, CFO Corie S. Barry sold 2,982 shares of the stock in a transaction dated Tuesday, October 2nd. The shares were sold at an average price of $78.35, for a total value of $233,639.70. Following the completion of the transaction, the chief financial officer now owns 72,838 shares in the company, valued at approximately $5,706,857.30. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, General Counsel Keith J. Nelsen sold 33,473 shares of the stock in a transaction dated Tuesday, September 4th. The shares were sold at an average price of $80.38, for a total transaction of $2,690,559.74. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 76,711 shares of company stock valued at $6,081,426. 0.75% of the stock is owned by insiders.
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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.
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