Russell Investments Group Ltd. lowered its stake in shares of Best Buy Co Inc (NYSE:BBY) by 7.1% in the third quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 421,362 shares of the technology retailer’s stock after selling 32,038 shares during the period. Russell Investments Group Ltd. owned about 0.16% of Best Buy worth $28,957,000 as of its most recent SEC filing.
Several other large investors also recently modified their holdings of BBY. Virtus ETF Advisers LLC acquired a new stake in shares of Best Buy in the 2nd quarter valued at $25,000. TRUE Private Wealth Advisors acquired a new stake in shares of Best Buy in the 2nd quarter valued at $27,000. Advisors Preferred LLC acquired a new stake in shares of Best Buy in the 2nd quarter valued at $27,000. Whittier Trust Co. lifted its stake in shares of Best Buy by 138.4% in the 3rd quarter. Whittier Trust Co. now owns 553 shares of the technology retailer’s stock valued at $38,000 after purchasing an additional 321 shares during the last quarter. Finally, Stonebridge Capital Advisors LLC acquired a new stake in shares of Best Buy in the 2nd quarter valued at $43,000. 78.60% of the stock is owned by institutional investors.
BBY has been the subject of a number of research analyst reports. Bank of America set a $75.00 target price on shares of Best Buy and gave the stock a “hold” rating in a research report on Monday, August 26th. Jefferies Financial Group set a $80.00 target price on shares of Best Buy and gave the stock a “buy” rating in a research report on Tuesday, September 24th. Telsey Advisory Group boosted their target price on shares of Best Buy from $70.00 to $75.00 and gave the stock a “market perform” rating in a research report on Thursday, September 26th. Raymond James initiated coverage on shares of Best Buy in a research report on Monday, October 7th. They set a “strong-buy” rating and a $100.00 target price for the company. Finally, Goldman Sachs Group initiated coverage on shares of Best Buy in a research report on Thursday, July 11th. They set a “neutral” rating and a $73.00 target price for the company. One investment analyst has rated the stock with a sell rating, ten have given a hold rating, nine have issued a buy rating and one has given a strong buy rating to the stock. The stock presently has a consensus rating of “Hold” and a consensus price target of $78.59.
In related news, Director Hubert Joly sold 407,880 shares of the company’s stock in a transaction dated Thursday, September 26th. The shares were sold at an average price of $66.97, for a total value of $27,315,723.60. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, CAO Mathew Watson sold 1,000 shares of the company’s stock in a transaction dated Friday, September 27th. The shares were sold at an average price of $68.03, for a total transaction of $68,030.00. The disclosure for this sale can be found here. In the last three months, insiders sold 408,913 shares of company stock worth $27,386,014. 0.95% of the stock is currently owned by insiders.
NYSE:BBY opened at $76.01 on Friday. The firm’s 50-day moving average is $69.83 and its 200-day moving average is $69.42. Best Buy Co Inc has a 52-week low of $47.72 and a 52-week high of $78.53. 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 company has a market cap of $19.73 billion, a price-to-earnings ratio of 14.29, a PEG ratio of 1.65 and a beta of 1.14.
Best Buy (NYSE:BBY) last posted its quarterly earnings data on Thursday, August 29th. The technology retailer reported $1.08 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.99 by $0.09. Best Buy had a net margin of 3.52% and a return on equity of 48.56%. The company had revenue of $9.54 billion for the quarter, compared to the consensus estimate of $9.55 billion. During the same quarter in the previous year, the firm posted $0.91 EPS. The business’s revenue was up 1.7% compared to the same quarter last year. Equities analysts predict that Best Buy Co Inc will post 5.75 EPS for the current year.
The firm also recently announced a quarterly dividend, which was paid on Thursday, October 10th. Investors of record on Thursday, September 19th were paid a $0.50 dividend. The ex-dividend date of this dividend was Wednesday, September 18th. This represents a $2.00 dividend on an annualized basis and a yield of 2.63%. Best Buy’s payout ratio is currently 37.59%.
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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