IBM Retirement Fund Has $857,000 Stake in Best Buy Co. (BBY)
IBM Retirement Fund reduced its stake in Best Buy Co. (NYSE:BBY) by 8.2% during the second quarter, Holdings Channel reports. The firm owned 28,018 shares of the technology retailer’s stock after selling 2,494 shares during the period. IBM Retirement Fund’s holdings in Best Buy were worth $857,000 at the end of the most recent reporting period.
A number of other hedge funds and other institutional investors also recently made changes to their positions in BBY. Norges Bank bought a new position in shares of Best Buy during the fourth quarter valued at about $102,204,000. Renaissance Technologies LLC bought a new position in shares of Best Buy during the first quarter valued at about $76,085,000. Investec Asset Management LTD raised its position in shares of Best Buy by 3,993.6% in the first quarter. Investec Asset Management LTD now owns 1,869,098 shares of the technology retailer’s stock valued at $60,634,000 after buying an additional 1,823,439 shares during the period. Franklin Resources Inc. raised its position in shares of Best Buy by 29.9% in the first quarter. Franklin Resources Inc. now owns 2,103,411 shares of the technology retailer’s stock valued at $68,235,000 after buying an additional 484,490 shares during the period. Finally, UBS Asset Management Americas Inc. raised its position in shares of Best Buy by 17.0% in the first quarter. UBS Asset Management Americas Inc. now owns 3,085,533 shares of the technology retailer’s stock valued at $100,095,000 after buying an additional 447,500 shares during the period. Institutional investors own 86.28% of the company’s stock.
Shares of Best Buy Co. (NYSE:BBY) traded up 0.85% during midday trading on Friday, reaching $38.00. 5,390,008 shares of the company traded hands. The company has a 50 day moving average price of $35.72 and a 200 day moving average price of $32.74. The company has a market capitalization of $12.06 billion, a PE ratio of 12.37 and a beta of 1.44. Best Buy Co. has a 1-year low of $25.31 and a 1-year high of $40.58.
Best Buy (NYSE:BBY) last posted its quarterly earnings results on Tuesday, August 23rd. The technology retailer reported $0.57 EPS for the quarter, beating the consensus estimate of $0.43 by $0.14. Best Buy had a net margin of 2.62% and a return on equity of 22.44%. The business earned $8.53 billion during the quarter, compared to analyst estimates of $8.40 billion. During the same quarter in the previous year, the business posted $0.49 EPS. The company’s quarterly revenue was up .1% compared to the same quarter last year. On average, analysts expect that Best Buy Co. will post $3.05 earnings per share for the current year.
The firm also recently declared a quarterly dividend, which will be paid on Tuesday, October 4th. Stockholders of record on Tuesday, September 13th will be issued a $0.28 dividend. The ex-dividend date is Friday, September 9th. This represents a $1.12 annualized dividend and a dividend yield of 2.95%. Best Buy’s dividend payout ratio is currently 36.48%.
BBY has been the subject of several research reports. Vetr upgraded shares of Best Buy from a “hold” rating to a “buy” rating and set a $39.59 target price for the company in a research report on Thursday, September 8th. Barclays PLC restated a “buy” rating and set a $45.00 price target on shares of Best Buy in a research report on Tuesday, August 23rd. Zacks Investment Research lowered shares of Best Buy from a “buy” rating to a “sell” rating in a research report on Tuesday, July 26th. Bank of America Corp. restated a “sell” rating and set a $29.00 price target on shares of Best Buy in a research report on Wednesday, August 24th. Finally, Wedbush restated a “buy” rating and set a $20.50 price target on shares of Best Buy in a research report on Wednesday, August 17th. Three research analysts have rated the stock with a sell rating, eleven have assigned a hold rating and eleven have issued a buy rating to the company. Best Buy presently has a consensus rating of “Hold” and an average target price of $37.27.
In other news, VP Mathew Watson sold 1,030 shares of the business’s stock in a transaction dated Thursday, August 25th. The shares were sold at an average price of $39.45, for a total value of $40,633.50. Following the completion of the sale, the vice president now owns 18,876 shares in the company, valued at approximately $744,658.20. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. 1.21% of the stock is currently owned by insiders.
About Best Buy
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 operates through two segments: Domestic and International. The Domestic segment consists of the operations in all states, districts and territories of the United States, under various brand names, including Best Buy, bestbuy.com, Best Buy Mobile, Best Buy Direct, Best Buy Express, Geek Squad, Magnolia Home Theater, and Pacific Kitchen and Home.
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