Bessemer Group Inc. Purchases 1,599 Shares of Best Buy Co Inc (NYSE:BBY)

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Bessemer Group Inc. raised its holdings in shares of Best Buy Co Inc (NYSE:BBY) by 198.4% during the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 2,405 shares of the technology retailer’s stock after purchasing an additional 1,599 shares during the period. Bessemer Group Inc.’s holdings in Best Buy were worth $168,000 at the end of the most recent quarter.

Several other hedge funds have also modified their holdings of the company. USS Investment Management Ltd purchased a new stake in shares of Best Buy during the 2nd quarter worth about $25,256,000. Livforsakringsbolaget Skandia Omsesidigt boosted its position in shares of Best Buy by 1.5% during the 2nd quarter. Livforsakringsbolaget Skandia Omsesidigt now owns 59,987 shares of the technology retailer’s stock worth $4,183,000 after purchasing an additional 900 shares during the period. Foundry Partners LLC boosted its position in shares of Best Buy by 0.6% during the 2nd quarter. Foundry Partners LLC now owns 112,610 shares of the technology retailer’s stock worth $7,852,000 after purchasing an additional 725 shares during the period. NEXT Financial Group Inc boosted its position in shares of Best Buy by 67.2% during the 2nd quarter. NEXT Financial Group Inc now owns 667 shares of the technology retailer’s stock worth $47,000 after purchasing an additional 268 shares during the period. Finally, Oregon Public Employees Retirement Fund boosted its position in shares of Best Buy by 2.7% during the 2nd quarter. Oregon Public Employees Retirement Fund now owns 58,390 shares of the technology retailer’s stock worth $4,072,000 after purchasing an additional 1,547 shares during the period. 78.76% of the stock is currently owned by institutional investors and hedge funds.

BBY opened at $63.93 on Friday. The company has a quick ratio of 0.39, a current ratio of 1.12 and a debt-to-equity ratio of 1.00. Best Buy Co Inc has a 52-week low of $47.72 and a 52-week high of $84.37. The company has a 50 day moving average of $72.11 and a two-hundred day moving average of $68.84. The company has a market cap of $19.04 billion, a P/E ratio of 12.78, a P/E/G ratio of 1.41 and a beta of 1.06.

Best Buy (NYSE:BBY) last announced its earnings results on Thursday, May 23rd. The technology retailer reported $1.02 earnings per share for the quarter, beating the consensus estimate of $0.88 by $0.14. Best Buy had a net margin of 3.54% and a return on equity of 47.91%. The business had revenue of $9.14 billion during the quarter, compared to the consensus estimate of $9.14 billion. During the same period in the prior year, the firm earned $0.82 earnings per share. The business’s quarterly revenue was up .4% compared to the same quarter last year. Research analysts anticipate that Best Buy Co Inc will post 5.74 earnings per share for the current year.

A number of brokerages have recently weighed in on BBY. Zacks Investment Research lowered shares of Best Buy from a “buy” rating to a “hold” rating in a report on Tuesday, April 30th. Telsey Advisory Group restated a “market perform” rating on shares of Best Buy in a report on Thursday, July 25th. Jefferies Financial Group upgraded shares of Best Buy from a “hold” rating to a “buy” rating and lifted their price objective for the company from $72.00 to $88.00 in a research note on Wednesday, April 24th. Guggenheim began coverage on shares of Best Buy in a research note on Monday, July 8th. They issued a “buy” rating and a $80.00 price objective on the stock. Finally, ValuEngine raised shares of Best Buy from a “sell” rating to a “hold” rating in a report on Tuesday. Thirteen research analysts have rated the stock with a hold rating and ten have assigned a buy rating to the company. Best Buy currently has an average rating of “Hold” and a consensus price target of $77.67.

In other Best Buy news, major shareholder Richard M. Schulze sold 206,188 shares of the stock in a transaction on Friday, July 5th. The shares were sold at an average price of $72.07, for a total transaction of $14,859,969.16. Following the sale, the insider now directly owns 1,732,500 shares of the company’s stock, valued at $124,861,275. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, major shareholder Richard M. Schulze sold 430,600 shares of the stock in a transaction dated Monday, July 22nd. The stock was sold at an average price of $75.26, for a total transaction of $32,406,956.00. Following the completion of the sale, the insider now directly owns 1,732,500 shares in the company, valued at approximately $130,387,950. The disclosure for this sale can be found here. Insiders have sold a total of 1,991,971 shares of company stock worth $140,642,341 over the last quarter. 0.95% 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 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.

Further Reading: Price-Sales Ratio

Institutional Ownership by Quarter for Best Buy (NYSE:BBY)

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