Martingale Asset Management L P lessened its holdings in Best Buy Co., Inc. (NYSE:BBY) by 38.8% during the second quarter, according to its most recent disclosure with the SEC. The institutional investor owned 48,938 shares of the technology retailer’s stock after selling 31,051 shares during the period. Martingale Asset Management L P’s holdings in Best Buy Co. were worth $2,806,000 as of its most recent SEC filing.

Several other hedge funds have also modified their holdings of BBY. Huntington National Bank raised its position in shares of Best Buy Co. by 18.4% in the second quarter. Huntington National Bank now owns 2,050 shares of the technology retailer’s stock worth $118,000 after buying an additional 318 shares in the last quarter. TrimTabs Asset Management LLC raised its position in shares of Best Buy Co. by 89.1% in the first quarter. TrimTabs Asset Management LLC now owns 2,819 shares of the technology retailer’s stock worth $139,000 after buying an additional 1,328 shares in the last quarter. Exane Derivatives raised its position in shares of Best Buy Co. by 65.5% in the second quarter. Exane Derivatives now owns 2,553 shares of the technology retailer’s stock worth $146,000 after buying an additional 1,010 shares in the last quarter. Harbour Capital Advisors LLC purchased a new stake in shares of Best Buy Co. in the first quarter worth $147,000. Finally, Keybank National Association OH purchased a new stake in shares of Best Buy Co. in the second quarter worth $200,000. Institutional investors own 88.11% of the company’s stock.

In related news, CEO Hubert Joly sold 106,942 shares of the stock in a transaction dated Tuesday, September 5th. The shares were sold at an average price of $54.68, for a total value of $5,847,588.56. Following the sale, the chief executive officer now directly owns 645,222 shares of the company’s stock, valued at approximately $35,280,738.96. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, VP Mathew Watson sold 1,129 shares of the stock in a transaction dated 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 $971,335.52. The disclosure for this sale can be found here. Insiders sold a total of 152,328 shares of company stock worth $8,436,505 over the last three months. 0.84% of the stock is currently owned by corporate insiders.

BBY has been the topic of a number of recent analyst reports. Loop Capital reiterated a “buy” rating and issued a $72.00 price objective (up previously from $64.00) on shares of Best Buy Co. in a research report on Monday, June 5th. Barclays PLC reiterated a “buy” rating and issued a $65.00 price objective on shares of Best Buy Co. in a research report on Monday, August 28th. Deutsche Bank AG reiterated a “buy” rating and issued a $58.00 price objective (down previously from $60.00) on shares of Best Buy Co. in a research report on Thursday, August 31st. Morgan Stanley upgraded Best Buy Co. from an “equal weight” rating to a “buy” rating and increased their price objective for the stock from $43.00 to $60.00 in a research report on Tuesday, May 30th. Finally, BidaskClub upgraded Best Buy Co. from a “hold” rating to a “buy” rating in a research report on Wednesday, August 2nd. 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 issued a strong buy rating to the stock. Best Buy Co. presently has an average rating of “Buy” and a consensus price target of $58.92.

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Shares of Best Buy Co., Inc. (NYSE:BBY) opened at 58.61 on Monday. Best Buy Co., Inc. has a 1-year low of $37.10 and a 1-year high of $63.32. The company has a 50 day moving average price of $58.80 and a 200 day moving average price of $53.65. The company has a market capitalization of $17.54 billion, a PE ratio of 15.51 and a beta of 1.48.

Best Buy Co. (NYSE:BBY) last posted its quarterly earnings data on Tuesday, August 29th. The technology retailer reported $0.69 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.63 by $0.06. Best Buy Co. had a net margin of 3.00% and a return on equity of 27.41%. The company had revenue of $8.94 billion for the quarter, compared to analyst estimates of $8.67 billion. During the same period in the prior year, the company posted $0.57 EPS. The firm’s revenue for the quarter was up 4.8% on a year-over-year basis. Equities analysts predict that Best Buy Co., Inc. will post $4.05 EPS for the current fiscal year.

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, October 10th. Investors 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 yield of 2.32%. The ex-dividend date is Monday, September 18th. Best Buy Co.’s dividend payout ratio (DPR) is currently 35.88%.

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.

Institutional Ownership by Quarter for Best Buy Co. (NYSE:BBY)

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