First Allied Advisory Services Inc. boosted its holdings in Best Buy Co Inc (NYSE:BBY) by 12.8% during the 1st quarter, Holdings Channel reports. The institutional investor owned 5,381 shares of the technology retailer’s stock after buying an additional 612 shares during the quarter. First Allied Advisory Services Inc.’s holdings in Best Buy were worth $378,000 at the end of the most recent reporting period.
A number of other institutional investors have also bought and sold shares of the business. Enlightenment Research LLC acquired a new stake in shares of Best Buy during the 1st quarter valued at $206,000. Carillon Tower Advisers Inc. boosted its stake in shares of Best Buy by 10.5% during the 1st quarter. Carillon Tower Advisers Inc. now owns 359,575 shares of the technology retailer’s stock valued at $25,551,000 after buying an additional 34,250 shares during the period. Twin Capital Management Inc. boosted its stake in shares of Best Buy by 1.0% during the 1st quarter. Twin Capital Management Inc. now owns 88,610 shares of the technology retailer’s stock valued at $6,297,000 after buying an additional 880 shares during the period. Stevens Capital Management LP boosted its stake in shares of Best Buy by 80.4% during the 1st quarter. Stevens Capital Management LP now owns 192,920 shares of the technology retailer’s stock valued at $13,709,000 after buying an additional 85,964 shares during the period. Finally, Cornerstone Advisors Inc. boosted its stake in shares of Best Buy by 32.4% during the 1st quarter. Cornerstone Advisors Inc. now owns 809 shares of the technology retailer’s stock valued at $57,000 after buying an additional 198 shares during the period. Hedge funds and other institutional investors own 79.98% of the company’s stock.
BBY has been the subject of a number of research reports. ValuEngine raised shares of Best Buy from a “sell” rating to a “hold” rating in a research note on Monday, March 11th. Zacks Investment Research lowered shares of Best Buy from a “buy” rating to a “hold” rating in a research note on Tuesday, April 30th. Wolfe Research raised shares of Best Buy from a “market perform” rating to a “buy” rating in a research note on Wednesday, March 6th. Wedbush reissued a “hold” rating and set a $71.00 target price on shares of Best Buy in a research note on Friday, May 17th. Finally, Oppenheimer raised shares of Best Buy from a “market perform” rating to an “outperform” rating and set a $86.00 target price for the company in a research note on Friday, March 22nd. Eleven research analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company’s stock. The stock has an average rating of “Hold” and a consensus price target of $78.24.
BBY stock opened at $65.82 on Friday. The company has a debt-to-equity ratio of 0.40, a current ratio of 1.18 and a quick ratio of 0.46. Best Buy Co Inc has a 1 year low of $47.72 and a 1 year high of $84.37. The firm has a market capitalization of $18.74 billion, a P/E ratio of 12.37, a price-to-earnings-growth ratio of 1.41 and a beta of 0.94.
Best Buy (NYSE:BBY) last released its quarterly earnings data on Thursday, May 23rd. The technology retailer reported $1.02 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.86 by $0.16. Best Buy had a net margin of 3.41% and a return on equity of 46.33%. The business had revenue of $9.14 billion during the quarter, compared to analyst estimates of $9.14 billion. During the same quarter in the previous year, the business earned $0.82 EPS. Best Buy’s quarterly revenue was up .4% compared to the same quarter last year. Equities analysts forecast that Best Buy Co Inc will post 5.66 earnings per share for the current year.
Best Buy declared that its board has authorized a share buyback program on Wednesday, February 27th that permits the company to buyback $3.00 billion in shares. This buyback authorization permits the technology retailer to buy up to 18.5% of its shares through open market purchases. Shares buyback programs are generally an indication that the company’s board of directors believes its shares are undervalued.
In related news, insider Brian A. Tilzer sold 2,739 shares of Best Buy stock in a transaction on Wednesday, May 8th. The shares were sold at an average price of $72.88, for a total value of $199,618.32. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, major shareholder Richard M. Schulze sold 492,000 shares of Best Buy stock in a transaction on Friday, March 1st. The shares were sold at an average price of $68.50, for a total transaction of $33,702,000.00. Following the completion of the sale, the insider now directly owns 1,732,500 shares of the company’s stock, valued at approximately $118,676,250. The disclosure for this sale can be found here. In the last ninety days, insiders sold 1,443,734 shares of company stock valued at $100,145,966. 0.95% of the stock is owned by company 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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