Gateway Investment Advisers LLC cut its stake in Best Buy Co Inc (NYSE:BBY) by 20.5% during the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 25,924 shares of the technology retailer’s stock after selling 6,679 shares during the quarter. Gateway Investment Advisers LLC’s holdings in Best Buy were worth $1,788,000 at the end of the most recent reporting period.
A number of other institutional investors also recently modified their holdings of the stock. Vanguard Group Inc. lifted its stake in Best Buy by 3.7% in the 2nd quarter. Vanguard Group Inc. now owns 27,605,353 shares of the technology retailer’s stock worth $1,924,922,000 after purchasing an additional 993,608 shares in the last quarter. BlackRock Inc. lifted its stake in Best Buy by 4.4% in the 2nd quarter. BlackRock Inc. now owns 18,179,382 shares of the technology retailer’s stock worth $1,267,648,000 after purchasing an additional 772,762 shares in the last quarter. Invesco Ltd. lifted its stake in Best Buy by 289.7% in the 2nd quarter. Invesco Ltd. now owns 4,918,106 shares of the technology retailer’s stock worth $342,938,000 after purchasing an additional 3,656,220 shares in the last quarter. AQR Capital Management LLC lifted its stake in Best Buy by 40.6% in the 2nd quarter. AQR Capital Management LLC now owns 4,797,656 shares of the technology retailer’s stock worth $330,991,000 after purchasing an additional 1,385,457 shares in the last quarter. Finally, Northern Trust Corp lifted its stake in Best Buy by 5.1% in the 2nd quarter. Northern Trust Corp now owns 3,839,801 shares of the technology retailer’s stock worth $267,750,000 after purchasing an additional 187,894 shares in the last quarter. 78.60% of the stock is currently owned by hedge funds and other institutional investors.
A number of research analysts have weighed in on BBY shares. Wolfe Research started coverage on shares of Best Buy in a research note on Tuesday, October 8th. They issued a “buy” rating and a $82.00 target price on the stock. Nomura assumed coverage on shares of Best Buy in a research note on Friday. They issued a “neutral” rating and a $73.00 target price on the stock. Loop Capital set a $90.00 price target on shares of Best Buy and gave the stock a “buy” rating in a report on Wednesday, September 18th. Morgan Stanley cut their price target on shares of Best Buy from $77.00 to $70.00 and set an “equal weight” rating for the company in a report on Friday, August 30th. Finally, Bank of America set a $75.00 price target on shares of Best Buy and gave the stock a “hold” rating in a report on Monday, August 26th. One research analyst has rated the stock with a sell rating, eleven have given a hold rating, nine have given a buy rating and one has issued a strong buy rating to the stock. The stock presently has a consensus rating of “Hold” and an average price target of $78.28.
Best Buy stock traded up $0.84 during trading on Friday, hitting $76.85. The company had a trading volume of 1,898,931 shares, compared to its average volume of 2,872,394. Best Buy Co Inc has a 1-year low of $47.72 and a 1-year high of $78.53. The company has a current ratio of 1.08, a quick ratio of 0.39 and a debt-to-equity ratio of 1.06. The company’s 50 day simple moving average is $70.00 and its 200-day simple moving average is $69.43. The stock has a market cap of $20.13 billion, a price-to-earnings ratio of 14.45, a price-to-earnings-growth ratio of 1.65 and a beta of 1.14.
Best Buy (NYSE:BBY) last posted its earnings results on Thursday, August 29th. The technology retailer reported $1.08 earnings per share for the quarter, beating the Thomson Reuters’ 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 firm had revenue of $9.54 billion during the quarter, compared to the consensus estimate of $9.55 billion. During the same quarter last year, the firm earned $0.91 EPS. The firm’s revenue for the quarter was up 1.7% on a year-over-year basis. As a group, analysts forecast that Best Buy Co Inc will post 5.75 earnings per share for the current fiscal year.
In other Best Buy news, CAO Mathew Watson sold 1,000 shares of the business’s stock in a transaction on Friday, September 27th. The shares were sold at an average price of $68.03, for a total value of $68,030.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Hubert Joly sold 407,880 shares of the business’s stock in a transaction on Thursday, September 26th. The stock was sold at an average price of $66.97, for a total transaction of $27,315,723.60. The disclosure for this sale can be found here. Insiders sold a total of 408,913 shares of company stock valued at $27,386,014 in the last quarter. 0.95% of the stock is owned by insiders.
Best Buy 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 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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