Her Majesty the Queen in Right of the Province of Alberta as represented by Alberta Investment Management Corp cut its holdings in shares of Best Buy Co Inc (NYSE:BBY) by 54.1% in the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 200,500 shares of the technology retailer’s stock after selling 236,000 shares during the period. Her Majesty the Queen in Right of the Province of Alberta as represented by Alberta Investment Management Corp owned approximately 0.07% of Best Buy worth $13,728,000 at the end of the most recent quarter.
Several other hedge funds have also recently added to or reduced their stakes in the company. Bank of New York Mellon Corp raised its holdings in shares of Best Buy by 31.5% during the fourth quarter. Bank of New York Mellon Corp now owns 5,279,548 shares of the technology retailer’s stock valued at $361,491,000 after acquiring an additional 1,264,528 shares during the period. APG Asset Management N.V. raised its holdings in shares of Best Buy by 7.5% during the fourth quarter. APG Asset Management N.V. now owns 3,590,588 shares of the technology retailer’s stock valued at $204,736,000 after acquiring an additional 250,300 shares during the period. Renaissance Technologies LLC raised its holdings in shares of Best Buy by 61.0% during the fourth quarter. Renaissance Technologies LLC now owns 3,379,200 shares of the technology retailer’s stock valued at $231,374,000 after acquiring an additional 1,280,600 shares during the period. LSV Asset Management raised its holdings in shares of Best Buy by 7.2% during the fourth quarter. LSV Asset Management now owns 2,347,893 shares of the technology retailer’s stock valued at $160,760,000 after acquiring an additional 156,800 shares during the period. Finally, Allianz Asset Management GmbH raised its holdings in shares of Best Buy by 13.8% during the fourth quarter. Allianz Asset Management GmbH now owns 2,130,632 shares of the technology retailer’s stock valued at $145,884,000 after acquiring an additional 258,020 shares during the period. Institutional investors and hedge funds own 85.11% of the company’s stock.
Best Buy stock opened at $68.44 on Thursday. The firm has a market cap of $20,474.55, a P/E ratio of 20.87, a price-to-earnings-growth ratio of 0.97 and a beta of 1.09. The company has a debt-to-equity ratio of 0.22, a current ratio of 1.26 and a quick ratio of 0.59. Best Buy Co Inc has a 12 month low of $43.72 and a 12 month high of $78.59.
Best Buy (NYSE:BBY) last posted its earnings results on Thursday, March 1st. The technology retailer reported $2.42 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $2.05 by $0.37. The company had revenue of $15.36 billion during the quarter, compared to the consensus estimate of $14.52 billion. Best Buy had a net margin of 2.37% and a return on equity of 32.68%. The company’s revenue for the quarter was up 14.0% compared to the same quarter last year. During the same period in the previous year, the firm posted $1.93 earnings per share. equities research analysts expect that Best Buy Co Inc will post 4.97 earnings per share for the current year.
The firm also recently announced a quarterly dividend, which will be paid on Thursday, April 12th. Shareholders of record on Thursday, March 22nd will be given a $0.45 dividend. This represents a $1.80 annualized dividend and a yield of 2.63%. This is an increase from Best Buy’s previous quarterly dividend of $0.34. The ex-dividend date is Wednesday, March 21st. Best Buy’s payout ratio is currently 41.46%.
BBY has been the topic of a number of recent analyst reports. Wedbush set a $38.00 price target on shares of Best Buy and gave the company a “sell” rating in a report on Monday, January 8th. Moffett Nathanson initiated coverage on shares of Best Buy in a report on Monday, December 4th. They set a “sell” rating on the stock. Zacks Investment Research upgraded shares of Best Buy from a “hold” rating to a “strong-buy” rating and set a $84.00 price target on the stock in a report on Friday, February 2nd. Barclays boosted their price target on shares of Best Buy from $80.00 to $85.00 and gave the company an “overweight” rating in a report on Tuesday, January 30th. Finally, Loop Capital set a $80.00 price target on shares of Best Buy and gave the company a “buy” rating in a report on Tuesday, January 16th. Four investment analysts have rated the stock with a sell rating, ten have issued a hold rating, eight have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. The company presently has an average rating of “Hold” and an average price target of $69.42.
In other Best Buy news, SVP Mathew Watson sold 1,326 shares of the business’s stock in a transaction that occurred on Thursday, March 15th. The shares were sold at an average price of $69.43, for a total value of $92,064.18. Following the completion of the sale, the senior vice president now directly owns 20,953 shares of the company’s stock, valued at $1,454,766.79. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Patricia H. Walker sold 1,569 shares of the business’s stock in a transaction that occurred on Monday, March 19th. The stock was sold at an average price of $68.72, for a total transaction of $107,821.68. Following the completion of the sale, the insider now directly owns 35,552 shares of the company’s stock, valued at $2,443,133.44. The disclosure for this sale can be found here. Insiders sold 356,785 shares of company stock valued at $24,999,914 over the last three months. Insiders own 0.84% of the company’s stock.
Best Buy Profile
Best Buy Co, Inc is a provider of technology products, services and solutions. The Company offers products and services to the customers visiting its stores, engaging with Geek Squad agents, or using its Websites or mobile applications. It has operations in the United States, Canada and Mexico. The Company operates through two segments: Domestic and International.
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