Best Buy Co., Inc. (BBY) Shares Sold by Horizon Investment Services LLC
Horizon Investment Services LLC cut its stake in shares of Best Buy Co., Inc. (NYSE:BBY) by 0.7% during the second quarter, according to its most recent disclosure with the SEC. The institutional investor owned 5,457 shares of the technology retailer’s stock after selling 41 shares during the period. Horizon Investment Services LLC’s holdings in Best Buy Co. were worth $313,000 at the end of the most recent reporting period.
A number of other institutional investors and hedge funds also recently made changes to their positions in the stock. Flinton Capital Management LLC grew its position in Best Buy Co. by 9.5% during the second quarter. Flinton Capital Management LLC now owns 635,154 shares of the technology retailer’s stock valued at $36,413,000 after purchasing an additional 54,910 shares in the last quarter. Royal Bank of Canada grew its position in Best Buy Co. by 6.0% during the second quarter. Royal Bank of Canada now owns 904,792 shares of the technology retailer’s stock valued at $51,872,000 after purchasing an additional 51,099 shares in the last quarter. QCM Cayman Ltd. purchased a new position in Best Buy Co. during the second quarter valued at approximately $353,000. Picton Mahoney Asset Management purchased a new position in Best Buy Co. during the second quarter valued at approximately $396,000. Finally, Employees Retirement System of Texas grew its position in Best Buy Co. by 103.8% during the second quarter. Employees Retirement System of Texas now owns 161,000 shares of the technology retailer’s stock valued at $9,230,000 after purchasing an additional 82,000 shares in the last quarter. 88.11% of the stock is currently owned by hedge funds and other institutional investors.
A number of brokerages recently commented on BBY. Oppenheimer Holdings, Inc. reaffirmed a “hold” rating on shares of Best Buy Co. in a research report on Tuesday, August 29th. BidaskClub raised shares of Best Buy Co. from a “buy” rating to a “strong-buy” rating in a research report on Thursday, August 24th. Barclays PLC reissued a “buy” rating and issued a $65.00 target price on shares of Best Buy Co. in a research report on Monday, August 28th. Piper Jaffray Companies reissued a “buy” rating and issued a $70.00 target price on shares of Best Buy Co. in a research report on Wednesday, August 23rd. Finally, Jefferies Group LLC reissued a “hold” rating and issued a $60.00 target price on shares of Best Buy Co. in a research report on Wednesday, August 9th. Three investment analysts have rated the stock with a sell rating, three have assigned a hold rating, eighteen have given a buy rating and one has issued a strong buy rating to the company. The stock currently has an average rating of “Buy” and an average target price of $58.79.
In other news, CFO Corie S. Barry sold 787 shares of Best Buy Co. 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 completion of the sale, the chief financial officer now owns 54,159 shares of the company’s stock, valued at $3,245,207.28. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, VP Mathew Watson sold 1,129 shares of Best Buy Co. stock in a transaction on Tuesday, September 5th. The stock was sold at an average price of $54.68, for a total value of $61,733.72. Following the sale, the vice president now directly owns 17,764 shares of the company’s stock, valued at approximately $971,335.52. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 166,259 shares of company stock valued at $9,182,693. Company insiders own 1.21% of the company’s stock.
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Best Buy Co., Inc. (NYSE:BBY) traded up 0.87% during trading on Thursday, reaching $57.65. 741,786 shares of the company traded hands. The company’s 50-day moving average is $57.17 and its 200 day moving average is $54.75. The company has a market cap of $17.25 billion, a PE ratio of 15.26 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 recipient of unusually large options trading activity on Monday. Stock traders bought 993 call options on the company. This is an increase of 163% compared to the typical volume of 378 call options.
Best Buy Co. (NYSE:BBY) last released 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. Best Buy Co. had a net margin of 3.00% and a return on equity of 27.41%. The firm had revenue of $8.94 billion during the quarter, compared to analysts’ expectations of $8.67 billion. During the same period in the previous year, the business posted $0.57 earnings per share. The company’s revenue for the quarter was up 4.8% compared to the same quarter last year. On average, analysts anticipate that Best Buy Co., Inc. will post $4.06 earnings per share for the current year.
The business 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 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 35.88%.
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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