Alberta Investment Management Corp reduced its holdings in shares of Best Buy Co Inc (NYSE:BBY) by 50.9% in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 99,600 shares of the technology retailer’s stock after selling 103,400 shares during the period. Alberta Investment Management Corp’s holdings in Best Buy were worth $5,677,000 at the end of the most recent quarter.
Other hedge funds and other institutional investors have also recently made changes to their positions in the company. BlackRock Inc. lifted its position in Best Buy by 4.4% during the first quarter. BlackRock Inc. now owns 18,601,382 shares of the technology retailer’s stock valued at $1,060,278,000 after purchasing an additional 783,926 shares during the last quarter. American International Group Inc. boosted its position in Best Buy by 3,234.6% during the 4th quarter. American International Group Inc. now owns 4,132,941 shares of the technology retailer’s stock valued at $362,872,000 after purchasing an additional 4,009,000 shares during the period. Geode Capital Management LLC boosted its position in Best Buy by 1.2% during the 4th quarter. Geode Capital Management LLC now owns 3,714,964 shares of the technology retailer’s stock valued at $325,549,000 after purchasing an additional 43,226 shares during the period. Nuveen Asset Management LLC boosted its position in Best Buy by 10.9% during the 4th quarter. Nuveen Asset Management LLC now owns 3,337,961 shares of the technology retailer’s stock valued at $293,073,000 after purchasing an additional 329,043 shares during the period. Finally, Janus Henderson Group PLC boosted its position in Best Buy by 61.1% during the 4th quarter. Janus Henderson Group PLC now owns 3,080,001 shares of the technology retailer’s stock worth $270,425,000 after acquiring an additional 1,168,359 shares during the period. 77.91% of the stock is owned by hedge funds and other institutional investors.
A number of equities research analysts have recently issued reports on the company. Nomura Instinet boosted their target price on Best Buy from $70.00 to $85.00 and gave the stock a “neutral” rating in a research report on Monday, May 11th. Cfra upped their target price on Best Buy from $75.00 to $90.00 and gave the stock a “buy” rating in a research report on Wednesday. Nomura raised Best Buy from a “neutral” rating to a “buy” rating and upped their price target for the company from $70.00 to $85.00 in a report on Monday, May 11th. Morgan Stanley increased their target price on Best Buy from $75.00 to $85.00 and gave the stock an “equal weight” rating in a report on Friday. Finally, Barclays increased their price objective on Best Buy from $75.00 to $85.00 and gave the company an “overweight” rating in a research report on Friday. One investment analyst has rated the stock with a sell rating, ten have issued a hold rating and twelve have assigned a buy rating to the company’s stock. Best Buy has an average rating of “Hold” and an average price target of $86.62.
In other news, insider Todd G. Hartman sold 1,179 shares of the business’s stock in a transaction that occurred on Tuesday, April 21st. The stock was sold at an average price of $67.97, for a total transaction of $80,136.63. Following the completion of the sale, the insider now owns 23,706 shares in the company, valued at $1,611,296.82. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. Also, insider Brian A. Tilzer sold 916 shares of the business’s stock in a transaction that occurred on Monday, March 23rd. The shares were sold at an average price of $51.75, for a total value of $47,403.00. Following the completion of the sale, the insider now owns 20,903 shares of the company’s stock, valued at $1,081,730.25. The disclosure for this sale can be found here. Insiders sold a total of 63,602 shares of company stock worth $3,536,169 in the last three months. Company insiders own 0.95% of the company’s stock.
Best Buy stock opened at $77.98 on Friday. Best Buy Co Inc has a 12 month low of $48.10 and a 12 month high of $91.99. The company has a quick ratio of 0.46, a current ratio of 1.10 and a debt-to-equity ratio of 0.98. The business has a 50 day moving average price of $70.54 and a two-hundred day moving average price of $77.83. The stock has a market cap of $21.00 billion, a price-to-earnings ratio of 13.42, a price-to-earnings-growth ratio of 2.33 and a beta of 1.50.
Best Buy (NYSE:BBY) last announced its quarterly earnings data on Thursday, May 21st. The technology retailer reported $0.67 EPS for the quarter, beating the Zacks’ consensus estimate of $0.41 by $0.26. Best Buy had a return on equity of 49.17% and a net margin of 3.53%. The firm had revenue of $8.56 billion for the quarter, compared to analyst estimates of $8.26 billion. During the same period last year, the company earned $1.02 EPS. The business’s quarterly revenue was down 6.3% compared to the same quarter last year. On average, analysts expect that Best Buy Co Inc will post 4.6 earnings per share for the current fiscal year.
Best Buy Company Profile
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 Computing and Mobile Phones, such as computing and peripherals, e-readers, networking products, tablets, and wearables, as well as mobile phones comprising related mobile network carrier commissions; consumer electronics, including digital imaging, health and fitness, home theater, portable audio, and smart home products; and entertainment products consisting of drones, movies, music, and toys, as well as gaming hardware and software, and virtual reality and other software products.
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