Neo Ivy Capital Management raised its position in Best Buy Co Inc (NYSE:BBY) by 94.4% during the third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 20,120 shares of the technology retailer’s stock after purchasing an additional 9,769 shares during the quarter. Best Buy accounts for approximately 0.8% of Neo Ivy Capital Management’s holdings, making the stock its 17th biggest holding. Neo Ivy Capital Management’s holdings in Best Buy were worth $1,281,000 at the end of the most recent quarter.
Other institutional investors have also recently bought and sold shares of the company. Invesco Ltd. grew 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 acquiring an additional 3,656,220 shares in the last quarter. Nuveen Asset Management LLC grew its stake in Best Buy by 3,218.5% in the 2nd quarter. Nuveen Asset Management LLC now owns 3,259,002 shares of the technology retailer’s stock worth $227,250,000 after acquiring an additional 3,160,794 shares in the last quarter. AQR Capital Management LLC grew 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 acquiring an additional 1,385,457 shares in the last quarter. Vanguard Group Inc. grew 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 acquiring an additional 993,608 shares in the last quarter. Finally, BlackRock Inc. grew 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 acquiring an additional 772,762 shares in the last quarter. 75.60% of the stock is currently owned by institutional investors.
In other Best Buy news, Director Hubert Joly sold 407,880 shares of the business’s stock in a transaction that occurred on Thursday, September 26th. The shares were sold at an average price of $66.97, for a total transaction of $27,315,723.60. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CAO Mathew Watson sold 1,000 shares of the business’s stock in a transaction that occurred on Friday, September 27th. The stock was 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. Over the last ninety days, insiders have sold 1,924,464 shares of company stock worth $149,780,857. 0.95% of the stock is owned by insiders.
Best Buy (NYSE:BBY) last issued its earnings results on Tuesday, November 26th. The technology retailer reported $1.13 EPS for the quarter, topping analysts’ consensus estimates of $1.03 by $0.10. The company had revenue of $9.76 billion for the quarter, compared to the consensus estimate of $9.71 billion. Best Buy had a net margin of 3.54% and a return on equity of 49.43%. Best Buy’s quarterly revenue was up 2.1% compared to the same quarter last year. During the same period in the previous year, the firm earned $0.93 earnings per share. As a group, research analysts predict that Best Buy Co Inc will post 5.92 earnings per share for the current fiscal year.
The firm also recently announced a quarterly dividend, which will be paid on Tuesday, January 7th. Investors of record on Tuesday, December 17th will be paid a dividend of $0.50 per share. This represents a $2.00 annualized dividend and a yield of 2.53%. The ex-dividend date of this dividend is Monday, December 16th. Best Buy’s payout ratio is currently 37.59%.
A number of equities analysts have recently issued reports on BBY shares. Jefferies Financial Group set a $80.00 price objective on shares of Best Buy and gave the company a “buy” rating in a research note on Tuesday, September 24th. Zacks Investment Research cut shares of Best Buy from a “hold” rating to a “sell” rating and set a $79.00 price target for the company. in a report on Thursday, November 7th. Raymond James reaffirmed a “buy” rating and issued a $100.00 price target on shares of Best Buy in a report on Wednesday, November 27th. Morgan Stanley raised their price target on shares of Best Buy from $70.00 to $77.00 and gave the stock an “equal weight” rating in a report on Wednesday, November 27th. Finally, Royal Bank of Canada raised shares of Best Buy to a “buy” rating and raised their target price for the stock from $74.00 to $86.00 in a report on Wednesday, November 27th. Two research analysts have rated the stock with a sell rating, eleven have given a hold rating and eleven have issued a buy rating to the company’s stock. Best Buy has a consensus rating of “Hold” and an average price target of $82.47.
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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