AMP Capital Investors Ltd Raises Position in Best Buy Co., Inc. (BBY)
AMP Capital Investors Ltd increased its holdings in Best Buy Co., Inc. (NYSE:BBY) by 34.8% in the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 249,957 shares of the technology retailer’s stock after acquiring an additional 64,586 shares during the quarter. AMP Capital Investors Ltd owned about 0.08% of Best Buy worth $14,236,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
Other institutional investors have also modified their holdings of the company. FNY Managed Accounts LLC increased its stake in shares of Best Buy by 18,281.8% in the 2nd quarter. FNY Managed Accounts LLC now owns 2,000 shares of the technology retailer’s stock worth $114,000 after acquiring an additional 2,011 shares in the last quarter. Northwestern Mutual Wealth Management Co. increased its stake in shares of Best Buy by 6.2% in the 2nd quarter. Northwestern Mutual Wealth Management Co. now owns 2,774 shares of the technology retailer’s stock worth $159,000 after acquiring an additional 163 shares in the last quarter. Smithfield Trust Co. bought a new position in shares of Best Buy in the 3rd quarter worth about $178,000. Keybank National Association OH bought a new position in shares of Best Buy in the 2nd quarter worth about $200,000. Finally, Pax World Management LLC bought a new position in shares of Best Buy in the 2nd quarter worth about $225,000. Institutional investors own 86.50% of the company’s stock.
Shares of Best Buy Co., Inc. (NYSE:BBY) opened at $63.79 on Friday. The company has a debt-to-equity ratio of 0.19, a quick ratio of 0.52 and a current ratio of 1.25. The stock has a market cap of $18,647.54, a PE ratio of 15.87, a PEG ratio of 1.33 and a beta of 1.40. Best Buy Co., Inc. has a 1-year low of $41.67 and a 1-year high of $64.12.
Best Buy (NYSE:BBY) last announced its quarterly earnings results on Thursday, November 16th. The technology retailer reported $0.78 earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of $0.78. The firm had revenue of $9.32 billion for the quarter, compared to the consensus estimate of $9.36 billion. Best Buy had a net margin of 3.09% and a return on equity of 28.46%. The business’s quarterly revenue was up 4.2% compared to the same quarter last year. During the same quarter last year, the firm posted $0.60 EPS. sell-side analysts forecast that Best Buy Co., Inc. will post 4.01 earnings per share for the current year.
The business also recently declared a quarterly dividend, which will be paid on Thursday, December 28th. Stockholders of record on Thursday, December 7th will be issued a dividend of $0.34 per share. This represents a $1.36 dividend on an annualized basis and a dividend yield of 2.13%. The ex-dividend date of this dividend is Wednesday, December 6th. Best Buy’s payout ratio is presently 34.34%.
Several analysts recently commented on the stock. Loop Capital reissued a “buy” rating and set a $72.00 price objective on shares of Best Buy in a research report on Wednesday, August 16th. Oppenheimer reissued a “hold” rating on shares of Best Buy in a research report on Wednesday, September 20th. Piper Jaffray Companies reissued a “buy” rating and set a $70.00 price objective on shares of Best Buy in a research report on Wednesday, August 23rd. Moffett Nathanson assumed coverage on shares of Best Buy in a research report on Monday, December 4th. They set a “sell” rating on the stock. Finally, Telsey Advisory Group cut their price objective on shares of Best Buy from $66.00 to $62.00 and set an “outperform” rating on the stock in a research report on Wednesday, September 20th. Four research analysts have rated the stock with a sell rating, six have assigned a hold rating, thirteen have assigned a buy rating and one has given a strong buy rating to the stock. The stock has a consensus rating of “Hold” and an average price target of $58.81.
In other news, insider Shari L. Ballard sold 40,018 shares of the firm’s stock in a transaction dated Tuesday, November 21st. The shares were sold at an average price of $56.18, for a total transaction of $2,248,211.24. Following the sale, the insider now owns 99,304 shares of the company’s stock, valued at approximately $5,578,898.72. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, CFO Corie S. Barry sold 3,134 shares of the firm’s stock in a transaction dated Tuesday, October 3rd. The shares were sold at an average price of $57.26, for a total transaction of $179,452.84. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 2,623,184 shares of company stock worth $157,384,562. Insiders own 1.21% of the company’s stock.
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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 has operations in the United States, Canada and Mexico. The Company operates through two segments: Domestic and International.
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