Hartford Investment Management Co. lessened its position in shares of Best Buy Co Inc (NYSE:BBY) by 3.1% in the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 31,358 shares of the technology retailer’s stock after selling 1,010 shares during the quarter. Hartford Investment Management Co.’s holdings in Best Buy were worth $1,661,000 as of its most recent SEC filing.
Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Signet Investment Advisory Group Inc. purchased a new position in Best Buy during the 4th quarter valued at approximately $31,000. Clean Yield Group purchased a new position in Best Buy during the 4th quarter valued at approximately $42,000. Huntington National Bank grew its holdings in Best Buy by 22.6% during the 4th quarter. Huntington National Bank now owns 1,295 shares of the technology retailer’s stock valued at $69,000 after buying an additional 239 shares in the last quarter. Quantamental Technologies LLC purchased a new position in Best Buy during the 4th quarter valued at approximately $96,000. Finally, Private Capital Group LLC grew its holdings in Best Buy by 23.8% during the 4th quarter. Private Capital Group LLC now owns 3,185 shares of the technology retailer’s stock valued at $169,000 after buying an additional 613 shares in the last quarter. Institutional investors and hedge funds own 86.73% of the company’s stock.
Shares of NYSE BBY opened at $58.95 on Monday. The company has a debt-to-equity ratio of 0.42, a current ratio of 1.10 and a quick ratio of 0.28. The firm has a market cap of $15.86 billion, a price-to-earnings ratio of 13.34, a PEG ratio of 0.98 and a beta of 0.94. Best Buy Co Inc has a twelve month low of $47.72 and a twelve month high of $84.37.
Best Buy (NYSE:BBY) last issued its earnings results on Tuesday, November 20th. The technology retailer reported $0.93 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.85 by $0.08. The business had revenue of $9.59 billion during the quarter, compared to analyst estimates of $9.56 billion. Best Buy had a return on equity of 44.41% and a net margin of 2.52%. Best Buy’s revenue was up 2.9% on a year-over-year basis. During the same period in the previous year, the company posted $0.78 EPS. Research analysts expect that Best Buy Co Inc will post 5.18 earnings per share for the current fiscal year.
A number of equities analysts have recently commented on BBY shares. Bank of America cut Best Buy from a “buy” rating to a “neutral” rating and dropped their target price for the stock from $92.00 to $70.00 in a report on Tuesday, November 13th. Zacks Investment Research lowered Best Buy from a “buy” rating to a “hold” rating in a research note on Wednesday, November 14th. Wedbush raised Best Buy from an “underperform” rating to a “neutral” rating and set a $65.00 price target for the company in a research note on Wednesday, November 21st. Piper Jaffray Companies decreased their price target on Best Buy from $87.00 to $81.00 and set a “buy” rating for the company in a research note on Wednesday, November 21st. Finally, Deutsche Bank set a $72.00 price target on Best Buy and gave the stock a “hold” rating in a research note on Wednesday, November 21st. Two research analysts have rated the stock with a sell rating, eleven have given a hold rating and five have assigned a buy rating to the company’s stock. The company currently has a consensus rating of “Hold” and an average price target of $75.81.
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About Best Buy
Best Buy Co, Inc operates as a retailer of technology products, services, and solutions in the United States, Canada, and Mexico. The company operates in two segments, Domestic and International. Its stores provide consumer electronics, including digital imaging, health and fitness, home automation, home theater, and portable audio products; computing and mobile phones, such as computing and peripherals, networking products, tablets, smart watches, and e-readers, as well as mobile phones comprising related mobile network carrier commissions; and entertainment products, including drones, movies, music, and technology toys, as well as gaming hardware and software, and virtual reality and other software products.
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