OMERS ADMINISTRATION Corp Acquires New Position in Best Buy Co., Inc. $BBY

OMERS ADMINISTRATION Corp bought a new position in shares of Best Buy Co., Inc. (NYSE:BBY) during the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm bought 26,357 shares of the technology retailer’s stock, valued at approximately $2,000,000.

Several other hedge funds and other institutional investors have also recently bought and sold shares of BBY. BlackRock Inc. purchased a new position in shares of Best Buy during the 2nd quarter worth $1,932,812,000. Vanguard Group Inc. grew its position in shares of Best Buy by 1.3% in the fourth quarter. Vanguard Group Inc. now owns 24,255,320 shares of the technology retailer’s stock valued at $1,623,409,000 after purchasing an additional 307,905 shares during the period. AQR Capital Management LLC increased its stake in Best Buy by 30.9% in the fourth quarter. AQR Capital Management LLC now owns 9,158,839 shares of the technology retailer’s stock valued at $613,001,000 after purchasing an additional 2,160,968 shares during the last quarter. Charles Schwab Investment Management Inc. lifted its position in Best Buy by 2.2% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 7,452,642 shares of the technology retailer’s stock worth $498,805,000 after buying an additional 160,713 shares during the period. Finally, Invesco Ltd. boosted its stake in Best Buy by 6.1% in the 4th quarter. Invesco Ltd. now owns 4,732,080 shares of the technology retailer’s stock worth $316,718,000 after buying an additional 271,988 shares during the last quarter. 80.96% of the stock is owned by hedge funds and other institutional investors.

Best Buy Stock Performance

NYSE BBY opened at $87.40 on Thursday. The firm has a market capitalization of $18.42 billion, a P/E ratio of 16.19, a P/E/G ratio of 2.44 and a beta of 1.29. Best Buy Co., Inc. has a 1-year low of $55.10 and a 1-year high of $91.26. The company has a debt-to-equity ratio of 0.38, a current ratio of 1.12 and a quick ratio of 0.40. The business’s 50-day simple moving average is $82.84 and its 200-day simple moving average is $71.17.

Best Buy (NYSE:BBY) last issued its earnings results on Thursday, May 28th. The technology retailer reported $1.28 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.23 by $0.05. Best Buy had a return on equity of 48.70% and a net margin of 2.73%.The business had revenue of $8.94 billion during the quarter, compared to analysts’ expectations of $8.82 billion. During the same quarter in the previous year, the business earned $1.15 EPS. The company’s revenue for the quarter was up 1.9% on a year-over-year basis. Equities analysts predict that Best Buy Co., Inc. will post 6.6 EPS for the current year.

Insider Buying and Selling at Best Buy

In related news, CAO Mathew Watson sold 1,784 shares of the stock in a transaction on Friday, May 29th. The stock was sold at an average price of $73.80, for a total value of $131,659.20. Following the completion of the sale, the chief accounting officer directly owned 21,630 shares in the company, valued at approximately $1,596,294. This represents a 7.62% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Chairman Richard M. Schulze sold 224,705 shares of the stock in a transaction dated Friday, June 26th. The shares were sold at an average price of $78.10, for a total value of $17,549,460.50. Following the completion of the sale, the chairman owned 10,430,936 shares of the company’s stock, valued at approximately $814,656,101.60. This trade represents a 2.11% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold 1,002,134 shares of company stock valued at $77,283,527 in the last three months. Company insiders own 0.50% of the company’s stock.

Wall Street Analysts Forecast Growth

BBY has been the subject of a number of research analyst reports. Morgan Stanley upped their price objective on shares of Best Buy from $72.00 to $80.00 and gave the company an “equal weight” rating in a research note on Friday, May 29th. Wedbush reissued a “buy” rating on shares of Best Buy in a research report on Monday. Daiwa Securities Group boosted their target price on shares of Best Buy from $68.00 to $77.00 and gave the company a “neutral” rating in a report on Tuesday, June 2nd. Telsey Advisory Group upped their price target on shares of Best Buy from $90.00 to $95.00 and gave the stock an “outperform” rating in a research report on Tuesday, August 4th. Finally, Piper Sandler increased their price target on shares of Best Buy from $77.00 to $85.00 and gave the stock a “neutral” rating in a research note on Thursday, August 20th. Six equities research analysts have rated the stock with a Buy rating, fourteen have given a Hold rating and two have issued a Sell rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Hold” and an average price target of $83.10.

About Best Buy

Best Buy Co, Inc is a leading North American consumer electronics retailer that sells a broad range of products including computers, mobile phones, televisions and home theater systems, major appliances, smart-home devices, gaming hardware and software, wearables and related accessories. The company operates through a mix of large-format stores, smaller specialty locations and an e-commerce platform, offering national and private-brand merchandise from major consumer-technology manufacturers as well as third-party sellers.

Beyond product retailing, Best Buy provides a suite of services aimed at installation, repair and ongoing technical support.