Cornerstone Capital Management Holdings LLC. lessened its stake in Best Buy Co., Inc. (NYSE:BBY) by 12.8% in the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 786,878 shares of the technology retailer’s stock after selling 115,481 shares during the quarter. Cornerstone Capital Management Holdings LLC. owned about 0.26% of Best Buy Co. worth $45,110,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the stock. Cleararc Capital Inc. increased 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 valued at $327,000 after purchasing an additional 18 shares during the last quarter. Nordea Investment Management AB increased its holdings in Best Buy Co. by 0.3% in the second quarter. Nordea Investment Management AB now owns 15,000 shares of the technology retailer’s stock valued at $860,000 after purchasing an additional 48 shares during the last quarter. Advisor Group Inc. increased its holdings in Best Buy Co. by 1.2% in the second quarter. Advisor Group Inc. now owns 4,636 shares of the technology retailer’s stock valued at $265,000 after purchasing an additional 55 shares during the last quarter. CENTRAL TRUST Co increased 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 valued at $304,000 after purchasing an additional 100 shares during the last quarter. Finally, Northwestern Mutual Wealth Management Co. increased 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 valued at $159,000 after purchasing an additional 163 shares during the last quarter. Institutional investors and hedge funds own 88.11% of the company’s stock.

A number of research analysts have issued reports on the company. Barclays PLC reissued a “buy” rating and issued a $65.00 target price on shares of Best Buy Co. in a research note on Monday, August 28th. Deutsche Bank AG reissued a “buy” rating and issued a $58.00 target price (down from $60.00) on shares of Best Buy Co. in a research note on Thursday, August 31st. BidaskClub raised Best Buy Co. from a “hold” rating to a “buy” rating in a research note on Wednesday, August 2nd. Jefferies Group LLC reissued a “hold” rating and issued a $60.00 target price on shares of Best Buy Co. in a research note on Tuesday, August 22nd. Finally, Loop Capital reissued a “buy” rating and issued a $72.00 target price on shares of Best Buy Co. in a research note on Wednesday, August 16th. Three analysts have rated the stock with a sell rating, three have given a hold rating, eighteen have assigned a buy rating and one has issued a strong buy rating to the company. The company has an average rating of “Buy” and an average target price of $58.79.

Shares of Best Buy Co., Inc. (BBY) traded up 1.10% on Thursday, reaching $57.78. The company had a trading volume of 948,964 shares. The stock has a 50-day moving average price of $57.17 and a 200-day moving average price of $54.75. The stock has a market cap of $17.29 billion, a PE ratio of 15.29 and a beta of 1.51. Best Buy Co., Inc. has a 12 month low of $37.10 and a 12 month high of $63.32. Best Buy Co. also was the target of some unusual options trading on Monday. Stock traders purchased 993 call options on the company. This represents an increase of approximately 163% compared to the typical volume of 378 call options.

Best Buy Co. (NYSE:BBY) last released its quarterly earnings results on Tuesday, August 29th. The technology retailer reported $0.69 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.63 by $0.06. The business had revenue of $8.94 billion during the quarter, compared to the consensus estimate of $8.67 billion. Best Buy Co. had a return on equity of 27.41% and a net margin of 3.00%. The company’s quarterly revenue was up 4.8% on a year-over-year basis. During the same quarter in the previous year, the business earned $0.57 EPS. Analysts predict that Best Buy Co., Inc. will post $4.06 earnings per share for the current fiscal year.

The business also recently declared a quarterly dividend, which will be paid on Tuesday, October 10th. Shareholders of record on Tuesday, September 19th will be paid a dividend of $0.34 per share. The ex-dividend date of this dividend is Monday, September 18th. This represents a $1.36 dividend on an annualized basis and a yield of 2.38%. Best Buy Co.’s dividend payout ratio (DPR) is currently 35.88%.

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In other Best Buy Co. news, insider Kathleen Scarlett sold 10,797 shares of Best Buy Co. stock in a transaction dated Wednesday, September 20th. The stock was sold at an average price of $52.49, for a total transaction of $566,734.53. Following the completion of the transaction, the insider now owns 25,690 shares in the company, valued at approximately $1,348,468.10. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CFO Corie S. Barry sold 3,134 shares of Best Buy Co. stock in a transaction dated Tuesday, October 3rd. The shares were sold at an average price of $57.26, for a total value of $179,452.84. The disclosure for this sale can be found here. Insiders have sold a total of 166,259 shares of company stock valued at $9,182,693 in the last quarter. Company insiders own 1.21% of the company’s stock.

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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