American International Group Inc. reduced its holdings in Best Buy Co Inc (NYSE:BBY) by 11.1% in the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 99,052 shares of the technology retailer’s stock after selling 12,345 shares during the quarter. American International Group Inc.’s holdings in Best Buy were worth $7,861,000 at the end of the most recent quarter.
Other institutional investors and hedge funds have also bought and sold shares of the company. LFA Lugano Financial Advisors SA acquired a new stake in shares of Best Buy in the 2nd quarter valued at approximately $174,000. Checchi Capital Advisers LLC acquired a new stake in shares of Best Buy in the 3rd quarter valued at approximately $234,000. Chemical Bank acquired a new stake in shares of Best Buy in the 3rd quarter valued at approximately $265,000. Sawtooth Solutions LLC acquired a new stake in shares of Best Buy in the 3rd quarter valued at approximately $267,000. Finally, Oppenheimer & Co. Inc. acquired a new stake in shares of Best Buy in the 2nd quarter valued at approximately $280,000. 84.91% of the stock is owned by institutional investors and hedge funds.
Several analysts have recently commented on BBY shares. Jefferies Financial Group started coverage on Best Buy in a report on Tuesday, August 21st. They issued a “hold” rating and a $79.00 price target for the company. Wedbush set a $65.00 price target on Best Buy and gave the company a “sell” rating in a report on Thursday, August 23rd. Zacks Investment Research cut Best Buy from a “buy” rating to a “hold” rating in a report on Thursday, August 23rd. Wells Fargo & Co reissued a “hold” rating and issued a $78.00 price target on shares of Best Buy in a report on Tuesday, August 28th. Finally, Telsey Advisory Group raised their price target on Best Buy from $76.00 to $80.00 and gave the company a “market perform” rating in a report on Wednesday, August 29th. One investment analyst has rated the stock with a sell rating, thirteen have given a hold rating and four have issued a buy rating to the company’s stock. The stock presently has an average rating of “Hold” and a consensus target price of $77.06.
Shares of BBY stock opened at $64.59 on Monday. The firm has a market cap of $17.53 billion, a P/E ratio of 14.61, a PEG ratio of 1.08 and a beta of 1.01. Best Buy Co Inc has a 1 year low of $57.51 and a 1 year high of $84.37. The company has a quick ratio of 0.28, a current ratio of 1.10 and a debt-to-equity ratio of 0.42.
Best Buy (NYSE:BBY) last issued its quarterly earnings data on Tuesday, November 20th. The technology retailer reported $0.93 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.85 by $0.08. The firm had revenue of $9.59 billion during the quarter, compared to analysts’ expectations of $9.56 billion. Best Buy had a return on equity of 44.41% and a net margin of 2.52%. Best Buy’s revenue was up 2.9% on a year-over-year basis. During the same period in the previous year, the firm posted $0.78 earnings per share. As a group, research analysts predict that Best Buy Co Inc will post 5.19 earnings per share for the current year.
The company also recently disclosed a quarterly dividend, which will be paid on Monday, December 31st. Investors of record on Tuesday, December 11th will be issued a dividend of $0.45 per share. The ex-dividend date is Monday, December 10th. This represents a $1.80 annualized dividend and a yield of 2.79%. Best Buy’s dividend payout ratio is presently 40.72%.
In other news, CFO Corie S. Barry sold 2,982 shares of the business’s stock in a transaction on Tuesday, October 2nd. The stock was 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 directly owns 72,838 shares of the company’s stock, valued at $5,706,857.30. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, General Counsel Keith J. Nelsen sold 33,473 shares of the business’s stock in a transaction on Tuesday, September 4th. The stock was sold at an average price of $80.38, for a total value of $2,690,559.74. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 71,711 shares of company stock valued at $5,693,126. 0.75% of the stock is currently owned by insiders.
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 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.
Featured Article: What Does Beta Mean In Stock Selection
Want to see what other hedge funds are holding BBY? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Best Buy Co Inc (NYSE:BBY).
Receive News & Ratings for Best Buy Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Best Buy and related companies with MarketBeat.com's FREE daily email newsletter.