Best Buy Co., Inc. (BBY) Stake Increased by Paradigm Capital Management Inc. NY
Paradigm Capital Management Inc. NY lifted its stake in shares of Best Buy Co., Inc. (NYSE:BBY) by 2.4% in the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 69,250 shares of the technology retailer’s stock after buying an additional 1,600 shares during the quarter. Paradigm Capital Management Inc. NY’s holdings in Best Buy Co. were worth $3,970,000 as of its most recent filing with the Securities and Exchange Commission.
Several other hedge funds also recently added to or reduced their stakes in the company. Cleararc Capital Inc. boosted its holdings in Best Buy Co. by 0.3% in the first quarter. Cleararc Capital Inc. now owns 6,644 shares of the technology retailer’s stock worth $327,000 after purchasing an additional 18 shares during the period. CENTRAL TRUST Co boosted its holdings in Best Buy Co. by 1.9% in the second quarter. CENTRAL TRUST Co now owns 5,310 shares of the technology retailer’s stock worth $304,000 after purchasing an additional 100 shares during the period. Northwestern Mutual Wealth Management Co. boosted its holdings in Best Buy Co. by 6.2% in the second quarter. Northwestern Mutual Wealth Management Co. now owns 2,774 shares of the technology retailer’s stock worth $159,000 after purchasing an additional 163 shares during the period. Financial Advisors Network Inc. boosted its holdings in Best Buy Co. by 2.3% in the second quarter. Financial Advisors Network Inc. now owns 7,550 shares of the technology retailer’s stock worth $433,000 after purchasing an additional 172 shares during the period. Finally, Intrust Bank NA boosted its holdings in Best Buy Co. by 4.5% in the first quarter. Intrust Bank NA now owns 4,998 shares of the technology retailer’s stock worth $246,000 after purchasing an additional 216 shares during the period. 86.46% of the stock is owned by institutional investors and hedge funds.
A number of equities analysts have commented on the stock. Oppenheimer Holdings, Inc. reaffirmed a “hold” rating on shares of Best Buy Co. in a report on Tuesday, August 29th. BidaskClub raised shares of Best Buy Co. from a “buy” rating to a “strong-buy” rating in a report on Thursday, August 24th. Barclays PLC reaffirmed a “buy” rating and issued a $65.00 price objective on shares of Best Buy Co. in a report on Monday, August 28th. Piper Jaffray Companies reaffirmed a “buy” rating and issued a $70.00 price objective on shares of Best Buy Co. in a report on Wednesday, August 23rd. Finally, ValuEngine downgraded shares of Best Buy Co. from a “buy” rating to a “hold” rating in a report on Friday, May 26th. Three investment analysts have rated the stock with a sell rating, four have assigned a hold rating, seventeen have assigned a buy rating and one has assigned a strong buy rating to the stock. Best Buy Co. currently has an average rating of “Buy” and a consensus target price of $58.92.
Shares of Best Buy Co., Inc. (NYSE:BBY) traded up 1.553% during midday trading on Tuesday, reaching $56.829. 381,945 shares of the company’s stock traded hands. The firm has a market capitalization of $17.28 billion, a P/E ratio of 15.038 and a beta of 1.48. Best Buy Co., Inc. has a 52-week low of $37.10 and a 52-week high of $63.32. The stock’s 50 day moving average price is $58.60 and its 200 day moving average price is $53.39.
Best Buy Co. (NYSE:BBY) last issued its quarterly earnings results on Tuesday, August 29th. The technology retailer reported $0.69 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.63 by $0.06. Best Buy Co. had a return on equity of 27.41% and a net margin of 3.00%. The business had revenue of $8.94 billion for the quarter, compared to analyst estimates of $8.67 billion. During the same quarter in the prior year, the firm posted $0.57 earnings per share. The firm’s revenue for the quarter was up 4.8% compared to the same quarter last year. On average, equities research analysts anticipate that Best Buy Co., Inc. will post $4.05 EPS for the current fiscal year.
The company also recently declared a quarterly dividend, which will be paid on Tuesday, October 10th. Stockholders of record on Tuesday, September 19th will be paid a dividend of $0.34 per share. This represents a $1.36 annualized dividend and a dividend yield of 2.43%. The ex-dividend date is Monday, September 18th. Best Buy Co.’s dividend payout ratio (DPR) is presently 35.88%.
In other Best Buy Co. news, insider Asheesh Saksena sold 18,706 shares of the stock in a transaction dated Wednesday, June 14th. The stock was sold at an average price of $57.08, for a total value of $1,067,738.48. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CFO Corie S. Barry sold 787 shares of the stock in a transaction dated Monday, August 21st. The shares were sold at an average price of $59.92, for a total value of $47,157.04. Following the completion of the transaction, the chief financial officer now directly owns 54,159 shares in the company, valued at approximately $3,245,207.28. The disclosure for this sale can be found here. Insiders have sold 193,289 shares of company stock worth $10,742,957 in the last ninety days. 0.84% of the stock is currently owned by insiders.
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Best Buy Co. 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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