Rafferty Asset Management LLC bought a new position in shares of Best Buy Co., Inc. (NYSE:BBY) during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm bought 92,334 shares of the technology retailer’s stock, valued at approximately $5,294,000.

Other large investors also recently modified their holdings of the company. Independence Advisors LLC purchased a new position in shares of Best Buy Co. during the second quarter worth approximately $284,000. FNY Managed Accounts LLC increased its position in shares of Best Buy Co. by 18,281.8% during the second quarter. FNY Managed Accounts LLC now owns 2,000 shares of the technology retailer’s stock worth $114,000 after acquiring an additional 2,011 shares during the period. Huntington National Bank increased its position in shares of Best Buy Co. by 18.4% during the second quarter. Huntington National Bank now owns 2,050 shares of the technology retailer’s stock worth $118,000 after acquiring an additional 318 shares during the period. Exane Derivatives increased its position in shares of Best Buy Co. by 65.5% during the second quarter. Exane Derivatives now owns 2,553 shares of the technology retailer’s stock worth $146,000 after acquiring an additional 1,010 shares during the period. Finally, Northwestern Mutual Wealth Management Co. increased its position in shares of Best Buy Co. by 6.2% during the second quarter. Northwestern Mutual Wealth Management Co. now owns 2,774 shares of the technology retailer’s stock worth $159,000 after acquiring an additional 163 shares during the period. 88.11% of the stock is currently owned by institutional investors and hedge funds.

Best Buy Co., Inc. (NYSE:BBY) traded down 8.7452% on Tuesday, reaching $52.3346. 6,856,103 shares of the company’s stock were exchanged. Best Buy Co., Inc. has a 1-year low of $37.10 and a 1-year high of $63.32. The firm has a 50-day moving average price of $58.80 and a 200-day moving average price of $53.90. The company has a market capitalization of $15.66 billion, a P/E ratio of 13.8488 and a beta of 1.48. Best Buy Co. also saw unusually large options trading activity on Monday. Investors bought 993 call options on the company. This represents an increase of approximately 163% compared to the average daily volume of 378 call options.

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 company had revenue of $8.94 billion during the quarter, compared to the consensus estimate of $8.67 billion. Best Buy Co. had a net margin of 3.00% and a return on equity of 27.41%. Best Buy Co.’s quarterly revenue was up 4.8% on a year-over-year basis. During the same quarter in the prior year, the firm earned $0.57 EPS. Equities research analysts expect that Best Buy Co., Inc. will post $4.05 earnings per share for the current year.

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, October 10th. Shareholders of record on Tuesday, September 19th will be given a dividend of $0.34 per share. The ex-dividend date is Monday, September 18th. This represents a $1.36 dividend on an annualized basis and a yield of 2.37%. Best Buy Co.’s payout ratio is currently 35.88%.

In other Best Buy Co. news, CEO Hubert Joly sold 14,734 shares of the company’s stock in a transaction on Monday, August 21st. The shares were sold at an average price of $59.92, for a total transaction of $882,861.28. Following the completion of the transaction, the chief executive officer now owns 540,694 shares in the company, valued at approximately $32,398,384.48. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CFO Corie S. Barry sold 787 shares of the company’s stock in a transaction on Monday, August 21st. The stock was sold at an average price of $59.92, for a total transaction of $47,157.04. Following the transaction, the chief financial officer now owns 54,159 shares of the company’s stock, valued at approximately $3,245,207.28. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 152,328 shares of company stock valued at $8,436,505. 0.84% of the stock is owned by insiders.

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A number of equities analysts have recently commented on BBY shares. Oppenheimer Holdings, Inc. reaffirmed a “hold” rating on shares of Best Buy Co. in a research report on Tuesday, August 29th. Barclays PLC reiterated a “buy” rating and set a $65.00 price objective on shares of Best Buy Co. in a research note on Monday, August 28th. Deutsche Bank AG reiterated a “buy” rating and set a $58.00 price objective (down from $60.00) on shares of Best Buy Co. in a research note on Thursday, August 31st. Royal Bank Of Canada increased their price objective on shares of Best Buy Co. from $60.00 to $61.00 and gave the company a “sector perform” rating in a research note on Wednesday, August 30th. Finally, UBS AG reiterated a “buy” rating and set a $60.00 price objective (down from $62.00) on shares of Best Buy Co. in a research note on Thursday, August 31st. Three investment analysts have rated the stock with a sell rating, four have given a hold rating, seventeen have given a buy rating and one has issued a strong buy rating to the stock. The stock currently has an average rating of “Buy” and a consensus target price of $58.92.

About Best Buy Co.

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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