GSA Capital Partners LLP Cuts Stake in Best Buy Co., Inc. (NYSE:BBY)

GSA Capital Partners LLP lowered its stake in Best Buy Co., Inc. (NYSE:BBY) by 68.9% during the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 5,133 shares of the technology retailer’s stock after selling 11,367 shares during the period. GSA Capital Partners LLP’s holdings in Best Buy Co. were worth $294,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in BBY. BlackRock Inc. increased its holdings in shares of Best Buy Co. by 1,859.1% in the first quarter. BlackRock Inc. now owns 20,064,628 shares of the technology retailer’s stock worth $986,174,000 after buying an additional 19,040,478 shares during the period. Skandinaviska Enskilda Banken AB publ purchased a new position in shares of Best Buy Co. in the first quarter worth about $265,777,000. Bank of Nova Scotia increased its holdings in shares of Best Buy Co. by 1,281.4% in the first quarter. Bank of Nova Scotia now owns 705,817 shares of the technology retailer’s stock worth $34,690,000 after buying an additional 654,722 shares during the period. Ardevora Asset Management LLP purchased a new position in Best Buy Co. during the 2nd quarter valued at about $28,665,000. Finally, Great West Life Assurance Co. Can increased its holdings in Best Buy Co. by 63.0% during the 2nd quarter. Great West Life Assurance Co. Can now owns 916,119 shares of the technology retailer’s stock valued at $52,431,000 after purchasing an additional 354,018 shares during the period. Hedge funds and other institutional investors own 88.06% of the company’s stock.

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Best Buy Co., Inc. (NYSE:BBY) opened at 55.95 on Friday. The company has a 50-day moving average price of $56.09 and a 200 day moving average price of $55.74. Best Buy Co., Inc. has a 52-week low of $37.10 and a 52-week high of $63.32. The company has a market capitalization of $16.74 billion, a PE ratio of 14.81 and a beta of 1.51.

Best Buy Co. (NYSE:BBY) last announced its earnings results on Tuesday, August 29th. The technology retailer reported $0.69 earnings per share for the quarter, beating the Thomson Reuters’ 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 revenue was up 4.8% compared to the same quarter last year. During the same period last year, the firm earned $0.57 earnings per share. Equities research analysts anticipate that Best Buy Co., Inc. will post $4.06 earnings per share for the current year.

The company also recently announced a quarterly dividend, which was paid on Tuesday, October 10th. Shareholders of record on Tuesday, September 19th were paid a $0.34 dividend. The ex-dividend date was Monday, September 18th. This represents a $1.36 annualized dividend and a yield of 2.43%. Best Buy Co.’s dividend payout ratio (DPR) is 35.88%.

A number of research analysts recently issued reports on BBY shares. Jefferies Group LLC restated a “buy” rating and set a $60.00 price target on shares of Best Buy Co. in a report on Thursday, July 6th. Loop Capital restated a “buy” rating and set a $72.00 price target on shares of Best Buy Co. in a report on Monday, July 10th. Sanford C. Bernstein set a $47.00 price target on Best Buy Co. and gave the company a “sell” rating in a report on Tuesday, July 11th. BidaskClub downgraded Best Buy Co. from a “buy” rating to a “hold” rating in a report on Wednesday, July 12th. Finally, SunTrust Banks, Inc. set a $70.00 price target on Best Buy Co. and gave the company a “buy” rating in a report on Saturday, July 22nd. Three research analysts have rated the stock with a sell rating, two have assigned a hold rating, nineteen have issued a buy rating and one has assigned a strong buy rating to the company’s stock. The stock has a consensus rating of “Buy” and an average target price of $58.97.

In other news, CEO Hubert Joly sold 14,734 shares of Best Buy Co. 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 sale, the chief executive officer now directly owns 540,694 shares in the company, valued at $32,398,384.48. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, insider Shari L. Ballard sold 2,246 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 $134,580.32. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 166,259 shares of company stock valued at $9,182,693. 1.21% of the stock is owned by insiders.

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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