PNC Financial Services Group Inc. raised its position in shares of Best Buy Co. (NYSE:BBY) by 18.1% during the second quarter, Holdings Channel reports. The firm owned 21,567 shares of the technology retailer’s stock after buying an additional 3,304 shares during the period. PNC Financial Services Group Inc.’s holdings in Best Buy were worth $659,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Point View Wealth Management Inc. increased its position in Best Buy by 5.9% in the second quarter. Point View Wealth Management Inc. now owns 13,935 shares of the technology retailer’s stock worth $426,000 after buying an additional 775 shares during the period. Manning & Napier Advisors LLC increased its position in Best Buy by 11.7% in the second quarter. Manning & Napier Advisors LLC now owns 39,712 shares of the technology retailer’s stock worth $1,214,000 after buying an additional 4,159 shares during the period. I.G. Investment Management LTD. increased its position in Best Buy by 134.1% in the second quarter. I.G. Investment Management LTD. now owns 58,293 shares of the technology retailer’s stock worth $1,784,000 after buying an additional 33,393 shares during the period. Princeton Alpha Management LP increased its position in Best Buy by 61.0% in the second quarter. Princeton Alpha Management LP now owns 52,353 shares of the technology retailer’s stock worth $1,602,000 after buying an additional 19,838 shares during the period. Finally, NBT Bank N A NY increased its position in Best Buy by 8.3% in the second quarter. NBT Bank N A NY now owns 19,395 shares of the technology retailer’s stock worth $594,000 after buying an additional 1,488 shares during the period. 87.63% of the stock is currently owned by institutional investors and hedge funds.

Best Buy Co. (NYSE:BBY) traded up 1.19% during midday trading on Wednesday, hitting $38.27. 2,954,542 shares of the stock were exchanged. The stock has a market cap of $12.14 billion, a P/E ratio of 12.45 and a beta of 1.44. The firm has a 50-day moving average price of $36.36 and a 200-day moving average price of $32.91. Best Buy Co. has a one year low of $25.31 and a one year high of $40.58.

Best Buy (NYSE:BBY) last announced its earnings results on Tuesday, August 23rd. The technology retailer reported $0.57 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.43 by $0.14. The business had revenue of $8.53 billion for the quarter, compared to analyst estimates of $8.40 billion. Best Buy had a net margin of 2.62% and a return on equity of 22.44%. The company’s revenue for the quarter was up .1% compared to the same quarter last year. During the same period last year, the firm posted $0.49 earnings per share. On average, equities research analysts anticipate that Best Buy Co. will post $3.05 EPS for the current fiscal year.

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, October 4th. Stockholders of record on Tuesday, September 13th will be given a dividend of $0.28 per share. The ex-dividend date of this dividend is Friday, September 9th. This represents a $1.12 dividend on an annualized basis and a dividend yield of 2.93%. Best Buy’s dividend payout ratio (DPR) is presently 36.48%.

A number of research analysts have commented on the stock. Vetr downgraded shares of Best Buy from a “buy” rating to a “hold” rating and set a $39.59 target price on the stock. in a research report on Monday. Barclays PLC reaffirmed a “buy” rating and issued a $45.00 price objective on shares of Best Buy in a research report on Wednesday, September 14th. Jefferies Group reaffirmed a “hold” rating on shares of Best Buy in a research report on Monday, September 12th. Wedbush reaffirmed a “sell” rating and issued a $20.50 price objective on shares of Best Buy in a research report on Thursday, August 25th. Finally, RBC Capital Markets reaffirmed a “buy” rating and issued a $42.00 price objective (up previously from $36.00) on shares of Best Buy in a research report on Thursday, August 25th. Three investment analysts have rated the stock with a sell rating, twelve have assigned a hold rating and ten have issued a buy rating to the stock. The stock has a consensus rating of “Hold” and a consensus price target of $37.27.

In other news, VP Mathew Watson sold 1,030 shares of the firm’s stock in a transaction that occurred on Thursday, August 25th. The shares were sold at an average price of $39.45, for a total transaction of $40,633.50. Following the transaction, the vice president now directly owns 18,876 shares in the company, valued at $744,658.20. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Insiders own 1.21% of the company’s stock.

Best Buy Company Profile

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.

5 Day Chart for NYSE:BBY

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