CIBC World Markets Inc. Raises Position in Best Buy Co., Inc. (BBY)
CIBC World Markets Inc. raised its holdings in shares of Best Buy Co., Inc. (NYSE:BBY) by 9.4% in the second quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 105,380 shares of the technology retailer’s stock after buying an additional 9,057 shares during the period. CIBC World Markets Inc.’s holdings in Best Buy Co. were worth $6,041,000 as of its most recent SEC filing.
Other large investors have also modified their holdings of the company. Bedrijfstakpensioenfonds Voor DE Media PNO bought a new stake in Best Buy Co. during the second quarter worth approximately $1,534,000. Spectrum Management Group Inc. boosted its holdings in Best Buy Co. by 25.7% during the second quarter. Spectrum Management Group Inc. now owns 21,515 shares of the technology retailer’s stock worth $1,233,000 after buying an additional 4,405 shares in the last quarter. Geode Capital Management LLC boosted its holdings in Best Buy Co. by 9.1% during the first quarter. Geode Capital Management LLC now owns 3,494,964 shares of the technology retailer’s stock worth $171,592,000 after buying an additional 292,667 shares in the last quarter. Commerzbank Aktiengesellschaft FI boosted its holdings in Best Buy Co. by 18.7% during the second quarter. Commerzbank Aktiengesellschaft FI now owns 83,623 shares of the technology retailer’s stock worth $4,794,000 after buying an additional 13,150 shares in the last quarter. Finally, Xact Kapitalforvaltning AB boosted its holdings in Best Buy Co. by 7.2% during the first quarter. Xact Kapitalforvaltning AB now owns 49,669 shares of the technology retailer’s stock worth $2,441,000 after buying an additional 3,342 shares in the last quarter. Hedge funds and other institutional investors own 86.46% of the company’s stock.
In other news, CFO Corie S. Barry sold 787 shares of the business’s stock in a transaction on Monday, August 21st. The shares were sold at an average price of $59.92, for a total value of $47,157.04. Following the sale, the chief financial officer now owns 54,159 shares of the company’s stock, valued at $3,245,207.28. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, VP Mathew Watson sold 1,129 shares of the business’s stock in a transaction on Tuesday, September 5th. The stock was sold at an average price of $54.68, for a total transaction of $61,733.72. Following the completion of the sale, the vice president now directly owns 17,764 shares in the company, valued at approximately $971,335.52. The disclosure for this sale can be found here. In the last three months, insiders sold 193,289 shares of company stock worth $10,742,957. 1.21% of the stock is currently owned by insiders.
Best Buy Co., Inc. (NYSE BBY) opened at 55.50 on Friday. Best Buy Co., Inc. has a 12-month low of $36.51 and a 12-month high of $63.32. The stock’s 50 day moving average is $58.48 and its 200-day moving average is $53.22. The company has a market cap of $16.88 billion, a P/E ratio of 14.69 and a beta of 1.48.
Best Buy Co. (NYSE:BBY) last announced its quarterly earnings data on Tuesday, August 29th. The technology retailer reported $0.69 EPS for the quarter, topping the Zacks’ consensus estimate of $0.63 by $0.06. The business had revenue of $8.94 billion for the quarter, compared to analyst estimates of $8.67 billion. Best Buy Co. had a net margin of 3.00% and a return on equity of 27.41%. The firm’s revenue for the quarter was up 4.8% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.57 earnings per share. Analysts predict that Best Buy Co., Inc. will post $4.05 earnings per share for the current fiscal year.
The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, October 10th. Stockholders of record on Tuesday, September 19th will be given a $0.34 dividend. This represents a $1.36 dividend on an annualized basis and a dividend yield of 2.45%. The ex-dividend date is Monday, September 18th. Best Buy Co.’s dividend payout ratio is presently 35.88%.
BBY has been the subject of a number of research reports. BidaskClub upgraded shares of Best Buy Co. from a “buy” rating to a “strong-buy” rating in a report on Thursday, August 24th. SunTrust Banks, Inc. set a $70.00 target price on shares of Best Buy Co. and gave the stock a “buy” rating in a report on Saturday, July 22nd. Bank of America Corporation restated a “buy” rating and set a $68.00 target price (up from $58.00) on shares of Best Buy Co. in a report on Sunday, May 28th. Loop Capital restated a “buy” rating and set a $72.00 target price on shares of Best Buy Co. in a report on Monday, July 10th. Finally, Telsey Advisory Group raised their target price on shares of Best Buy Co. from $53.00 to $66.00 and gave the stock an “outperform” rating in a report on Friday, May 26th. Three analysts have rated the stock with a sell rating, four have given a hold rating, seventeen have assigned a buy rating and one has assigned a strong buy rating to the stock. The company has a consensus rating of “Buy” and an average target price of $58.92.
Best Buy Co. Company 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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