Investors Sell Best Buy Co., Inc. (BBY) on Strength (BBY)

Investors sold shares of Best Buy Co., Inc. (NYSE:BBY) on strength during trading on Thursday. $31.37 million flowed into the stock on the tick-up and $54.50 million flowed out of the stock on the tick-down, for a money net flow of $23.13 million out of the stock. Of all stocks tracked, Best Buy Co. had the 0th highest net out-flow for the day. Best Buy Co. traded up $0.78 for the day and closed at $55.95

Several equities analysts recently issued reports on BBY shares. Oppenheimer Holdings, Inc. reissued a “hold” rating on shares of Best Buy Co. in a research note on Tuesday, August 29th. Barclays PLC reissued 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 reissued a “buy” rating and set a $58.00 price objective (down previously from $60.00) on shares of Best Buy Co. in a research note on Thursday, August 31st. Royal Bank Of Canada upped 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 reaffirmed a “buy” rating and set a $60.00 price target (down previously from $62.00) on shares of Best Buy Co. in a research note on Thursday, August 31st. Three analysts have rated the stock with a sell rating, two have issued a hold rating, nineteen have given a buy rating and one has assigned a strong buy rating to the stock. Best Buy Co. presently has a consensus rating of “Buy” and a consensus price target of $58.97.

The firm’s 50 day moving average price is $56.07 and its 200-day moving average price is $55.79. The stock has a market capitalization of $16.51 billion, a price-to-earnings ratio of 14.61 and a beta of 1.51.

Best Buy Co. (NYSE:BBY) last issued its quarterly earnings data on Tuesday, August 29th. The technology retailer reported $0.69 earnings per share 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 business 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 company earned $0.57 earnings per share. Best Buy Co.’s revenue for the quarter was up 4.8% on a year-over-year basis. On average, equities research analysts anticipate that Best Buy Co., Inc. will post $4.06 earnings per share for the current year.

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, October 10th. Stockholders of record on Tuesday, September 19th were paid a $0.34 dividend. This represents a $1.36 dividend on an annualized basis and a dividend yield of 2.46%. The ex-dividend date was Monday, September 18th. Best Buy Co.’s payout ratio is 35.88%.

In other news, CFO Corie S. Barry sold 787 shares of the business’s stock in a transaction on Monday, August 21st. The shares were sold at an average price of $59.92, for a total value of $47,157.04. Following the completion of the sale, the chief financial officer now directly owns 54,159 shares in the company, valued at $3,245,207.28. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, CEO Hubert Joly sold 106,942 shares of the business’s stock in a transaction on Tuesday, September 5th. The stock was sold at an average price of $54.68, for a total transaction of $5,847,588.56. Following the completion of the sale, the chief executive officer now owns 645,222 shares of the company’s stock, valued at $35,280,738.96. The disclosure for this sale can be found here. Insiders sold 166,259 shares of company stock valued at $9,182,693 over the last 90 days. 1.21% of the stock is owned by corporate insiders.

Several institutional investors have recently modified their holdings of the company. Victory Capital Management Inc. lifted its stake in shares of Best Buy Co. by 210.5% in the third quarter. Victory Capital Management Inc. now owns 313,476 shares of the technology retailer’s stock worth $17,856,000 after buying an additional 212,507 shares during the last quarter. Crossmark Global Holdings Inc. bought a new position in Best Buy Co. during the third quarter worth $1,362,000. Pictet Asset Management Ltd. increased its position in Best Buy Co. by 6.6% during the third quarter. Pictet Asset Management Ltd. now owns 185,030 shares of the technology retailer’s stock worth $10,539,000 after acquiring an additional 11,400 shares during the period. Aperio Group LLC increased its position in Best Buy Co. by 23.0% during the third quarter. Aperio Group LLC now owns 203,584 shares of the technology retailer’s stock worth $11,596,000 after acquiring an additional 38,101 shares during the period. Finally, Boston Advisors LLC increased its position in Best Buy Co. by 38.8% during the third quarter. Boston Advisors LLC now owns 244,147 shares of the technology retailer’s stock worth $13,907,000 after acquiring an additional 68,227 shares during the period. Institutional investors and hedge funds own 88.06% of the company’s stock.

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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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