Best Buy Co. (BBY) Stake Boosted by BNP Paribas Arbitrage SA
BNP Paribas Arbitrage SA increased its position in Best Buy Co. (NYSE:BBY) by 1.1% during the third quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 326,268 shares of the technology retailer’s stock after buying an additional 3,562 shares during the period. BNP Paribas Arbitrage SA owned about 0.10% of Best Buy worth $12,457,000 as of its most recent SEC filing.
A number of other hedge funds also recently added to or reduced their stakes in the company. Mizuho Asset Management Co. Ltd. increased its stake in Best Buy by 100.4% in the second quarter. Mizuho Asset Management Co. Ltd. now owns 3,725 shares of the technology retailer’s stock worth $114,000 after buying an additional 1,866 shares in the last quarter. Pacer Advisors Inc. increased its stake in Best Buy by 6.6% in the second quarter. Pacer Advisors Inc. now owns 4,063 shares of the technology retailer’s stock worth $124,000 after buying an additional 253 shares in the last quarter. Global X Management Co. LLC increased its stake in Best Buy by 128.9% in the second quarter. Global X Management Co. LLC now owns 5,379 shares of the technology retailer’s stock worth $165,000 after buying an additional 3,029 shares in the last quarter. Loomis Sayles & Co. L P increased its stake in Best Buy by 2,685.2% in the second quarter. Loomis Sayles & Co. L P now owns 5,821 shares of the technology retailer’s stock worth $178,000 after buying an additional 5,612 shares in the last quarter. Finally, Alambic Investment Management L.P. bought a new stake in Best Buy during the second quarter worth approximately $211,000. 86.48% of the stock is currently owned by hedge funds and other institutional investors.
Best Buy Co. (NYSE:BBY) opened at 44.79 on Friday. The company has a market capitalization of $14.16 billion, a P/E ratio of 13.37 and a beta of 1.51. Best Buy Co. has a 1-year low of $25.31 and a 1-year high of $45.68. The firm’s 50-day moving average is $38.70 and its 200-day moving average is $34.63.
Best Buy (NYSE:BBY) last posted its earnings results on Thursday, November 17th. The technology retailer reported $0.62 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.47 by $0.15. The firm earned $8.95 billion during the quarter, compared to analysts’ expectations of $8.85 billion. Best Buy had a net margin of 2.78% and a return on equity of 24.18%. The company’s revenue was up 1.4% compared to the same quarter last year. During the same period in the previous year, the company earned $0.41 earnings per share. Equities research analysts predict that Best Buy Co. will post $3.05 EPS for the current year.
The firm also recently announced a quarterly dividend, which will be paid on Thursday, December 29th. Shareholders of record on Thursday, December 8th will be paid a $0.28 dividend. This represents a $1.12 dividend on an annualized basis and a yield of 2.50%. The ex-dividend date is Tuesday, December 6th. Best Buy’s dividend payout ratio (DPR) is presently 33.73%.
A number of analysts recently commented on the stock. Citigroup Inc. boosted their price objective on shares of Best Buy from $32.00 to $40.00 and gave the stock a “neutral” rating in a report on Wednesday, August 24th. BTIG Research reaffirmed a “buy” rating on shares of Best Buy in a report on Tuesday, August 2nd. Bank of America Corp. reaffirmed a “sell” rating and issued a $29.00 price target on shares of Best Buy in a report on Wednesday, August 24th. Deutsche Bank AG upped their price target on shares of Best Buy from $32.00 to $41.00 and gave the company a “hold” rating in a report on Wednesday, August 24th. Finally, Zacks Investment Research downgraded shares of Best Buy from a “strong-buy” rating to a “sell” rating in a report on Tuesday, October 25th. Three investment analysts have rated the stock with a sell rating, fourteen have issued a hold rating and nine have issued a buy rating to the company’s stock. The stock presently has a consensus rating of “Hold” and an average price target of $38.89.
In other Best Buy news, VP Mathew Watson sold 1,030 shares of Best Buy stock in a transaction that occurred on Thursday, August 25th. The shares were sold at an average price of $39.45, for a total value of $40,633.50. Following the completion of the sale, the vice president now directly owns 18,876 shares in the company, valued at $744,658.20. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. 1.21% of the stock is currently owned by company insiders.
About Best Buy
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 operates through two segments: Domestic and International. The Domestic segment consists of the operations in all states, districts and territories of the United States, under various brand names, including Best Buy, bestbuy.com, Best Buy Mobile, Best Buy Direct, Best Buy Express, Geek Squad, Magnolia Home Theater, and Pacific Kitchen and Home.
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