Sciencast Management LP lowered its stake in shares of Best Buy Co Inc (NYSE:BBY) by 28.8% during the second quarter, according to its most recent Form 13F filing with the SEC. The fund owned 6,310 shares of the technology retailer’s stock after selling 2,551 shares during the period. Sciencast Management LP’s holdings in Best Buy were worth $545,000 at the end of the most recent quarter.
A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in BBY. FinTrust Capital Advisors LLC acquired a new position in Best Buy during the 1st quarter worth $28,000. Rockefeller Capital Management L.P. grew its stake in Best Buy by 71.1% during the 1st quarter. Rockefeller Capital Management L.P. now owns 522 shares of the technology retailer’s stock worth $30,000 after purchasing an additional 217 shares in the last quarter. Sterling Investment Advisors Ltd. acquired a new position in Best Buy during the 2nd quarter worth $34,000. Verus Capital Partners LLC acquired a new position in Best Buy during the 4th quarter worth $40,000. Finally, Modus Advisors LLC acquired a new position in Best Buy during the 2nd quarter worth $45,000. 77.43% of the stock is currently owned by institutional investors.
Several research analysts have recently issued reports on the company. Piper Sandler raised Best Buy to a “buy” rating in a research report on Wednesday, July 22nd. Oppenheimer assumed coverage on Best Buy in a research report on Thursday, May 21st. They set a “buy” rating and a $105.00 price objective for the company. Loop Capital raised Best Buy to a “buy” rating in a research report on Wednesday, July 22nd. Morgan Stanley raised Best Buy to a “buy” rating and upped their price objective for the stock from $75.00 to $85.00 in a research report on Friday, May 22nd. Finally, Zacks Investment Research reaffirmed a “buy” rating on shares of Best Buy in a research report on Tuesday, July 28th. One investment analyst has rated the stock with a sell rating, six have assigned a hold rating and fifteen have given a buy rating to the company. The company has a consensus rating of “Buy” and an average price target of $90.25.
Shares of BBY stock opened at $99.59 on Friday. The company has a market cap of $25.64 billion, a price-to-earnings ratio of 18.31, a price-to-earnings-growth ratio of 2.19 and a beta of 1.48. The stock has a 50 day simple moving average of $87.12 and a 200-day simple moving average of $79.02. Best Buy Co Inc has a 12-month low of $48.10 and a 12-month 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.
Best Buy (NYSE:BBY) last issued its earnings results on Thursday, May 21st. The technology retailer reported $0.67 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.41 by $0.26. The business had revenue of $8.56 billion during the quarter, compared to the consensus estimate of $8.26 billion. Best Buy had a return on equity of 45.89% and a net margin of 3.33%. The company’s revenue for the quarter was down 6.3% on a year-over-year basis. During the same period in the prior year, the business posted $1.02 EPS. On average, equities analysts forecast that Best Buy Co Inc will post 5.57 earnings per share for the current fiscal year.
In other Best Buy news, CAO Mathew Watson sold 1,218 shares of the stock in a transaction on Friday, May 22nd. The stock was sold at an average price of $77.41, for a total transaction of $94,285.38. Following the sale, the chief accounting officer now owns 26,312 shares in the company, valued at approximately $2,036,811.92. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, major shareholder Richard M. Schulze sold 290,796 shares of the stock in a transaction on Friday, June 26th. The shares were sold at an average price of $85.59, for a total value of $24,889,229.64. The disclosure for this sale can be found here. Insiders sold a total of 1,081,697 shares of company stock valued at $90,464,182 over the last ninety days. 0.64% of the stock is currently owned by company insiders.
Best Buy 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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