First Quadrant L P CA trimmed its stake in Best Buy Co Inc (NYSE:BBY) by 45.1% during the second quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 2,515 shares of the technology retailer’s stock after selling 2,065 shares during the quarter. First Quadrant L P CA’s holdings in Best Buy were worth $219,000 at the end of the most recent quarter.
Several other hedge funds and other institutional investors also recently modified their holdings of BBY. FinTrust Capital Advisors LLC acquired a new position in shares of Best Buy in the 1st quarter worth $28,000. Rockefeller Capital Management L.P. grew its holdings in shares of Best Buy by 71.1% in the 1st quarter. Rockefeller Capital Management L.P. now owns 522 shares of the technology retailer’s stock worth $30,000 after acquiring an additional 217 shares during the last quarter. Sterling Investment Advisors Ltd. acquired a new position in shares of Best Buy in the 2nd quarter worth $34,000. Verus Capital Partners LLC acquired a new position in shares of Best Buy in the 4th quarter worth $40,000. Finally, Modus Advisors LLC acquired a new position in shares of Best Buy in the 2nd quarter worth $45,000. Institutional investors and hedge funds own 77.43% of the company’s stock.
In other Best Buy news, insider Whitney L. Alexander sold 9,000 shares of the firm’s stock in a transaction dated Thursday, July 23rd. The stock was sold at an average price of $98.42, for a total transaction of $885,780.00. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, CAO Mathew Watson sold 1,218 shares of the firm’s stock in a transaction dated Friday, May 22nd. The shares were sold at an average price of $77.41, for a total value of $94,285.38. Following the transaction, the chief accounting officer now owns 26,312 shares in the company, valued at $2,036,811.92. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 1,081,697 shares of company stock worth $90,464,182. Corporate insiders own 0.64% of the company’s stock.
BBY opened at $99.59 on Friday. The stock has a market cap of $25.64 billion, a price-to-earnings ratio of 18.31, a PEG ratio of 2.19 and a beta of 1.48. Best Buy Co Inc has a 1 year low of $48.10 and a 1 year high of $100.68. The company has a current ratio of 1.02, a quick ratio of 0.57 and a debt-to-equity ratio of 0.18. The stock has a fifty day moving average price of $87.12 and a 200 day moving average price of $79.02.
Best Buy (NYSE:BBY) last released its quarterly earnings data on Thursday, May 21st. The technology retailer reported $0.67 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.41 by $0.26. Best Buy had a return on equity of 45.89% and a net margin of 3.33%. The firm had revenue of $8.56 billion during the quarter, compared to analysts’ expectations of $8.26 billion. During the same quarter last year, the firm earned $1.02 earnings per share. The business’s revenue for the quarter was down 6.3% on a year-over-year basis. As a group, sell-side analysts forecast that Best Buy Co Inc will post 5.57 earnings per share for the current fiscal year.
BBY has been the topic of a number of recent research reports. Barclays lifted their target price on Best Buy from $85.00 to $95.00 and gave the stock an “overweight” rating in a report on Wednesday, July 8th. Piper Sandler raised Best Buy to a “buy” rating in a research report on Wednesday, July 22nd. Nomura Instinet decreased their target price on Best Buy from $85.00 to $84.00 and set a “neutral” rating for the company in a research report on Friday, May 22nd. Guggenheim raised Best Buy to a “buy” rating in a research report on Thursday, July 16th. Finally, ValuEngine cut Best Buy from a “hold” rating to a “sell” rating in a research report on Wednesday, May 27th. One research analyst has rated the stock with a sell rating, six have issued a hold rating and fifteen have assigned a buy rating to the stock. The stock has an average rating of “Buy” and a consensus price target of $90.25.
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 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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