Unigestion Holding SA lowered its stake in shares of Best Buy Co Inc (NYSE:BBY) by 47.7% in the third quarter, Holdings Channel reports. The firm owned 13,612 shares of the technology retailer’s stock after selling 12,398 shares during the period. Unigestion Holding SA’s holdings in Best Buy were worth $939,000 as of its most recent filing with the Securities & Exchange Commission.
A number of other institutional investors also recently made changes to their positions in the business. Vanguard Group Inc. boosted its position in Best Buy by 3.7% during the second 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 during the period. BlackRock Inc. boosted its position in shares of Best Buy by 4.4% in the second quarter. BlackRock Inc. now owns 18,179,382 shares of the technology retailer’s stock valued at $1,267,648,000 after acquiring an additional 772,762 shares during the period. Invesco Ltd. boosted its position in shares of Best Buy by 289.7% in the second quarter. Invesco Ltd. now owns 4,918,106 shares of the technology retailer’s stock valued at $342,938,000 after acquiring an additional 3,656,220 shares during the period. AQR Capital Management LLC boosted its position in shares of Best Buy by 40.6% in the second quarter. AQR Capital Management LLC now owns 4,797,656 shares of the technology retailer’s stock valued at $330,991,000 after acquiring an additional 1,385,457 shares during the period. Finally, Northern Trust Corp boosted its position in shares of Best Buy by 5.1% in the second quarter. Northern Trust Corp now owns 3,839,801 shares of the technology retailer’s stock valued at $267,750,000 after acquiring an additional 187,894 shares during the period. 78.60% of the stock is owned by hedge funds and other institutional investors.
Shares of NYSE BBY traded up $0.84 during trading hours on Friday, reaching $76.85. The stock had a trading volume of 1,898,931 shares, compared to its average volume of 2,872,394. The business’s fifty day moving average is $70.00 and its two-hundred day moving average is $69.43. The company has a debt-to-equity ratio of 1.06, a current ratio of 1.08 and a quick ratio of 0.39. The company has a market cap of $20.13 billion, a price-to-earnings ratio of 14.45, a PEG ratio of 1.65 and a beta of 1.14. Best Buy Co Inc has a twelve month low of $47.72 and a twelve month high of $78.53.
Best Buy (NYSE:BBY) last issued its earnings results on Thursday, August 29th. The technology retailer reported $1.08 EPS for the quarter, beating analysts’ consensus estimates of $0.99 by $0.09. The business had revenue of $9.54 billion during the quarter, compared to analyst estimates of $9.55 billion. Best Buy had a return on equity of 48.56% and a net margin of 3.52%. Best Buy’s revenue was up 1.7% on a year-over-year basis. During the same period in the prior year, the company posted $0.91 earnings per share. Sell-side analysts forecast that Best Buy Co Inc will post 5.75 earnings per share for the current fiscal year.
In other Best Buy news, Director Hubert Joly sold 407,880 shares of the 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 transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CAO Mathew Watson sold 1,000 shares of the stock in a transaction on Friday, September 27th. The stock was sold at an average price of $68.03, for a total value of $68,030.00. The disclosure for this sale can be found here. Insiders sold 408,913 shares of company stock valued at $27,386,014 over the last 90 days. 0.95% of the stock is currently owned by corporate insiders.
Several research firms have recently weighed in on BBY. Wolfe Research began coverage on Best Buy in a research report on Tuesday, October 8th. They issued a “buy” rating and a $82.00 price objective for the company. Zacks Investment Research cut Best Buy from a “hold” rating to a “sell” rating and set a $79.00 price objective for the company. in a research report on Thursday. Raymond James began coverage on Best Buy in a research report on Monday, October 7th. They issued a “strong-buy” rating and a $100.00 price objective for the company. ValuEngine raised Best Buy from a “sell” rating to a “hold” rating in a research report on Wednesday, October 2nd. Finally, Telsey Advisory Group increased their price objective on Best Buy from $70.00 to $75.00 and gave the company a “market perform” rating in a research report on Thursday, September 26th. One research analyst has rated the stock with a sell rating, eleven have issued a hold rating, nine have assigned a buy rating and one has assigned a strong buy rating to the company. Best Buy presently has a consensus rating of “Hold” and a consensus price target of $78.28.
Best Buy Company 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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