Acadian Asset Management LLC cut its holdings in shares of Best Buy Co Inc (NYSE:BBY) by 89.1% during the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 21,192 shares of the technology retailer’s stock after selling 173,610 shares during the quarter. Acadian Asset Management LLC’s holdings in Best Buy were worth $1,453,000 as of its most recent SEC filing.
Other hedge funds and other institutional investors also recently modified their holdings of the company. Bank of New York Mellon Corp boosted its position in shares of Best Buy by 27.5% during the third quarter. Bank of New York Mellon Corp now owns 4,015,020 shares of the technology retailer’s stock valued at $228,696,000 after buying an additional 866,787 shares during the period. APG Asset Management N.V. boosted its position in shares of Best Buy by 27.6% during the third quarter. APG Asset Management N.V. now owns 3,340,288 shares of the technology retailer’s stock valued at $190,263,000 after buying an additional 723,500 shares during the period. Evercore Trust Company N.A. boosted its position in shares of Best Buy by 0.9% during the third quarter. Evercore Trust Company N.A. now owns 1,658,444 shares of the technology retailer’s stock valued at $94,465,000 after buying an additional 14,500 shares during the period. Legal & General Group Plc boosted its holdings in shares of Best Buy by 5.6% in the third quarter. Legal & General Group Plc now owns 1,606,588 shares of the technology retailer’s stock valued at $91,508,000 after purchasing an additional 85,534 shares during the period. Finally, Schwab Charles Investment Management Inc. boosted its holdings in shares of Best Buy by 0.7% in the fourth quarter. Schwab Charles Investment Management Inc. now owns 1,568,216 shares of the technology retailer’s stock valued at $107,256,000 after purchasing an additional 10,511 shares during the period. 88.49% of the stock is currently owned by institutional investors.
Shares of Best Buy Co Inc (NYSE:BBY) opened at $72.52 on Thursday. The company has a market cap of $21,200.00, a PE ratio of 18.36, a price-to-earnings-growth ratio of 1.14 and a beta of 1.11. The company has a quick ratio of 0.52, a current ratio of 1.25 and a debt-to-equity ratio of 0.19. Best Buy Co Inc has a 1-year low of $41.67 and a 1-year high of $78.59.
Best Buy (NYSE:BBY) last announced its quarterly earnings results on Thursday, November 16th. The technology retailer reported $0.78 earnings per share (EPS) for the quarter, hitting the Zacks’ consensus estimate of $0.78. The business had revenue of $9.32 billion during the quarter, compared to the consensus estimate of $9.36 billion. Best Buy had a net margin of 3.09% and a return on equity of 28.46%. The business’s revenue was up 4.2% compared to the same quarter last year. During the same quarter last year, the firm earned $0.60 EPS. equities research analysts expect that Best Buy Co Inc will post 4.04 earnings per share for the current year.
In related news, insider Shari L. Ballard sold 40,018 shares of Best Buy stock in a transaction that occurred on Tuesday, November 21st. The shares were sold at an average price of $56.18, for a total value of $2,248,211.24. Following the completion of the sale, the insider now owns 99,304 shares in the company, valued at approximately $5,578,898.72. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, General Counsel Keith J. Nelsen sold 44,235 shares of the firm’s stock in a transaction that occurred on Wednesday, November 22nd. The shares were sold at an average price of $56.78, for a total transaction of $2,511,663.30. Following the completion of the transaction, the general counsel now directly owns 107,503 shares of the company’s stock, valued at approximately $6,104,020.34. The disclosure for this sale can be found here. Insiders have sold a total of 3,134,253 shares of company stock valued at $191,063,125 in the last 90 days. Insiders own 0.84% of the company’s stock.
A number of brokerages recently issued reports on BBY. Telsey Advisory Group lowered Best Buy from an “outperform” rating to a “market perform” rating and boosted their price target for the company from $62.00 to $81.00 in a report on Thursday, January 25th. They noted that the move was a valuation call. Barclays upped their target price on Best Buy from $80.00 to $85.00 and gave the stock an “overweight” rating in a report on Tuesday, January 30th. Loop Capital set a $80.00 target price on Best Buy and gave the stock a “buy” rating in a report on Tuesday, January 16th. ValuEngine raised Best Buy from a “hold” rating to a “buy” rating in a research report on Friday, February 2nd. Finally, Zacks Investment Research raised Best Buy from a “hold” rating to a “strong-buy” rating and set a $84.00 price target on the stock in a research report on Friday, February 2nd. Four analysts have rated the stock with a sell rating, six have assigned a hold rating, eleven have assigned a buy rating and two have given a strong buy rating to the company’s stock. The company currently has an average rating of “Hold” and an average target price of $62.97.
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Best Buy 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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