Mackenzie Financial Corp Sells 10,406 Shares of Best Buy Co., Inc. (BBY)
Mackenzie Financial Corp decreased its holdings in Best Buy Co., Inc. (NYSE:BBY) by 2.8% in the third quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 357,586 shares of the technology retailer’s stock after selling 10,406 shares during the quarter. Mackenzie Financial Corp owned 0.12% of Best Buy worth $20,368,000 as of its most recent filing with the SEC.
Other hedge funds have also made changes to their positions in the company. Spectrum Management Group Inc. grew its holdings in shares of Best Buy by 25.7% in the 2nd quarter. Spectrum Management Group Inc. now owns 21,515 shares of the technology retailer’s stock worth $1,233,000 after purchasing an additional 4,405 shares during the last quarter. Commerzbank Aktiengesellschaft FI grew its holdings in shares of Best Buy by 18.7% in the 2nd quarter. Commerzbank Aktiengesellschaft FI now owns 83,623 shares of the technology retailer’s stock worth $4,794,000 after purchasing an additional 13,150 shares during the last quarter. Viking Fund Management LLC grew its holdings in shares of Best Buy by 66.7% in the 3rd quarter. Viking Fund Management LLC now owns 10,000 shares of the technology retailer’s stock worth $570,000 after purchasing an additional 4,000 shares during the last quarter. Zurcher Kantonalbank Zurich Cantonalbank grew its holdings in shares of Best Buy by 23.6% in the 2nd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 180,179 shares of the technology retailer’s stock worth $10,330,000 after purchasing an additional 34,345 shares during the last quarter. Finally, Denali Advisors LLC bought a new stake in shares of Best Buy in the 3rd quarter worth about $740,000. Institutional investors own 86.50% of the company’s stock.
BBY has been the topic of several analyst reports. BidaskClub raised shares of Best Buy from a “buy” rating to a “strong-buy” rating in a report on Thursday, August 24th. Zacks Investment Research raised shares of Best Buy from a “hold” rating to a “buy” rating and set a $66.00 target price on the stock in a report on Tuesday, October 10th. Jefferies Group reaffirmed a “hold” rating and issued a $60.00 target price on shares of Best Buy in a report on Monday, November 13th. They noted that the move was a valuation call. Loop Capital reaffirmed a “buy” rating and issued a $72.00 target price on shares of Best Buy in a report on Thursday, August 31st. Finally, Wedbush set a $33.00 target price on shares of Best Buy and gave the stock a “sell” rating in a report on Monday, November 13th. Four research analysts have rated the stock with a sell rating, six have assigned a hold rating, thirteen have given a buy rating and one has assigned a strong buy rating to the company. The stock currently has an average rating of “Hold” and an average price target of $58.81.
Best Buy (NYSE:BBY) last issued its earnings results on Thursday, November 16th. The technology retailer reported $0.78 earnings per share (EPS) for the quarter, meeting the consensus estimate of $0.78. The company had revenue of $9.32 billion for the quarter, compared to analyst estimates of $9.36 billion. Best Buy had a net margin of 3.09% and a return on equity of 28.46%. The company’s revenue for the quarter was up 4.2% on a year-over-year basis. During the same quarter last year, the firm earned $0.60 EPS. equities analysts forecast that Best Buy Co., Inc. will post 4.03 earnings per share for the current year.
The firm also recently announced a quarterly dividend, which will be paid on Thursday, December 28th. Stockholders of record on Thursday, December 7th will be paid a $0.34 dividend. This represents a $1.36 annualized dividend and a dividend yield of 2.23%. The ex-dividend date is Wednesday, December 6th. Best Buy’s dividend payout ratio (DPR) is presently 34.34%.
In other news, insider Kathleen Scarlett sold 10,797 shares of the firm’s stock in a transaction dated Wednesday, September 20th. The shares were sold at an average price of $52.49, for a total value of $566,734.53. Following the transaction, the insider now owns 25,690 shares of the company’s stock, valued at approximately $1,348,468.10. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CFO Corie S. Barry sold 3,134 shares of the firm’s stock in a transaction dated Tuesday, October 3rd. The shares were sold at an average price of $57.26, for a total transaction of $179,452.84. The disclosure for this sale can be found here. Insiders sold a total of 2,098,184 shares of company stock worth $124,544,562 in the last ninety days. Insiders own 1.21% of the company’s stock.
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About Best Buy
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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