Ardevora Asset Management LLP bought a new stake in Best Buy Co., Inc. (NYSE:BBY) during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm bought 500,000 shares of the technology retailer’s stock, valued at approximately $28,665,000.

Several other hedge funds and other institutional investors have also recently modified their holdings of BBY. Vanguard Group Inc. raised its position in shares of Best Buy Co. by 4.0% in the first quarter. Vanguard Group Inc. now owns 32,613,654 shares of the technology retailer’s stock valued at $1,602,962,000 after buying an additional 1,241,888 shares during the last quarter. BlackRock Inc. raised its position in shares of Best Buy Co. by 1,859.1% in the first quarter. BlackRock Inc. now owns 20,064,628 shares of the technology retailer’s stock valued at $986,174,000 after buying an additional 19,040,478 shares during the last quarter. JPMorgan Chase & Co. raised its position in shares of Best Buy Co. by 6.5% in the first quarter. JPMorgan Chase & Co. now owns 14,724,133 shares of the technology retailer’s stock valued at $723,692,000 after buying an additional 898,300 shares during the last quarter. State Street Corp raised its position in shares of Best Buy Co. by 1.9% in the first quarter. State Street Corp now owns 13,700,994 shares of the technology retailer’s stock valued at $673,407,000 after buying an additional 250,469 shares during the last quarter. Finally, American International Group Inc. raised its position in shares of Best Buy Co. by 1.3% in the first quarter. American International Group Inc. now owns 10,846,704 shares of the technology retailer’s stock valued at $533,116,000 after buying an additional 142,042 shares during the last quarter. Institutional investors own 93.89% of the company’s stock.

Best Buy Co., Inc. (NYSE:BBY) traded up 0.50% during mid-day trading on Tuesday, hitting $56.28. The stock had a trading volume of 171,327 shares. Best Buy Co., Inc. has a 1-year low of $31.01 and a 1-year high of $61.95. The firm has a market cap of $17.16 billion, a P/E ratio of 15.14 and a beta of 1.45. The stock has a 50 day moving average of $55.81 and a 200-day moving average of $48.72.

Best Buy Co. (NYSE:BBY) last announced its quarterly earnings data on Thursday, May 25th. The technology retailer reported $0.60 EPS for the quarter, beating the Zacks’ consensus estimate of $0.40 by $0.20. The firm had revenue of $8.53 billion for the quarter, compared to analyst estimates of $8.28 billion. Best Buy Co. had a return on equity of 26.81% and a net margin of 3.01%. The business’s quarterly revenue was up 1.0% compared to the same quarter last year. During the same period last year, the company earned $0.44 EPS. Analysts predict that Best Buy Co., Inc. will post $3.89 EPS for the current fiscal year.

The company also recently disclosed a quarterly dividend, which was paid on Thursday, July 6th. Shareholders of record on Thursday, June 15th were given a $0.34 dividend. The ex-dividend date of this dividend was Tuesday, June 13th. This represents a $1.36 dividend on an annualized basis and a yield of 2.43%. Best Buy Co.’s payout ratio is 36.46%.

TRADEMARK VIOLATION WARNING: “Ardevora Asset Management LLP Takes Position in Best Buy Co., Inc. (BBY)” was originally published by Watch List News and is the sole property of of Watch List News. If you are accessing this piece on another publication, it was illegally stolen and reposted in violation of international copyright legislation. The original version of this piece can be accessed at https://www.watchlistnews.com/ardevora-asset-management-llp-takes-position-in-best-buy-co-inc-bby/1449219.html.

Several research analysts have recently commented on BBY shares. Loop Capital reiterated a “buy” rating and issued a $58.00 target price on shares of Best Buy Co. in a research report on Tuesday, April 4th. Bank of America Corporation reiterated a “buy” rating and issued a $68.00 target price (up previously from $58.00) on shares of Best Buy Co. in a research report on Sunday, May 28th. Telsey Advisory Group lifted their target price on Best Buy Co. from $53.00 to $66.00 and gave the stock an “outperform” rating in a research report on Friday, May 26th. Piper Jaffray Companies set a $70.00 target price on Best Buy Co. and gave the stock a “buy” rating in a research report on Monday, June 26th. Finally, Jefferies Group LLC upgraded Best Buy Co. from a “hold” rating to a “buy” rating and lifted their target price for the stock from $51.00 to $60.00 in a research report on Tuesday, May 30th. Four research analysts have rated the stock with a sell rating, three have issued a hold rating and twenty have assigned a buy rating to the stock. Best Buy Co. has an average rating of “Buy” and a consensus price target of $55.45.

In other news, VP Mathew Watson sold 14,568 shares of the stock in a transaction on Friday, May 26th. The stock was sold at an average price of $60.43, for a total value of $880,344.24. Following the transaction, the vice president now owns 21,872 shares of the company’s stock, valued at approximately $1,321,724.96. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, General Counsel Keith J. Nelsen sold 55,153 shares of the stock in a transaction on Wednesday, May 31st. The shares were sold at an average price of $59.01, for a total value of $3,254,578.53. Following the completion of the transaction, the general counsel now directly owns 89,306 shares in the company, valued at approximately $5,269,947.06. The disclosure for this sale can be found here. Insiders sold a total of 129,364 shares of company stock worth $7,487,321 over the last quarter. Corporate insiders own 0.84% of the company’s stock.

Best Buy Co. 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 has operations in the United States, Canada and Mexico. The Company operates through two segments: Domestic and International.

Want to see what other hedge funds are holding BBY? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Best Buy Co., Inc. (NYSE:BBY).

Institutional Ownership by Quarter for Best Buy Co. (NYSE:BBY)

Receive News & Ratings for Best Buy Co. Inc. Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Best Buy Co. Inc. and related companies with Analyst Ratings Network's FREE daily email newsletter.