Best Buy Co., Inc. (BBY) Position Cut by Samlyn Capital LLC
Samlyn Capital LLC trimmed its stake in Best Buy Co., Inc. (NYSE:BBY) by 2.4% in the second quarter, according to the company in its most recent disclosure with the SEC. The firm owned 216,934 shares of the technology retailer’s stock after selling 5,448 shares during the quarter. Samlyn Capital LLC owned about 0.07% of Best Buy Co. worth $12,437,000 as of its most recent filing with the SEC.
A number of other institutional investors also recently added to or reduced their stakes in the stock. FNY Managed Accounts LLC increased its position in Best Buy Co. by 18,281.8% during the second quarter. FNY Managed Accounts LLC now owns 2,000 shares of the technology retailer’s stock worth $114,000 after purchasing an additional 2,011 shares during the last quarter. Huntington National Bank raised its stake in Best Buy Co. by 18.4% during the second quarter. Huntington National Bank now owns 2,050 shares of the technology retailer’s stock worth $118,000 after purchasing an additional 318 shares during the period. Exane Derivatives raised its stake in Best Buy Co. by 65.5% during the second quarter. Exane Derivatives now owns 2,553 shares of the technology retailer’s stock worth $146,000 after purchasing an additional 1,010 shares during the period. Harbour Capital Advisors LLC purchased a new position in Best Buy Co. during the first quarter worth approximately $147,000. Finally, Northwestern Mutual Wealth Management Co. raised its stake in Best Buy Co. by 6.2% during the second quarter. Northwestern Mutual Wealth Management Co. now owns 2,774 shares of the technology retailer’s stock worth $159,000 after purchasing an additional 163 shares during the period. Hedge funds and other institutional investors own 88.11% of the company’s stock.
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A number of equities analysts have weighed in on BBY shares. Piper Jaffray Companies reiterated a “buy” rating and issued a $68.00 price target on shares of Best Buy Co. in a report on Thursday, September 21st. UBS AG restated a “buy” rating and set a $57.00 price objective (down from $60.00) on shares of Best Buy Co. in a report on Wednesday, September 20th. Jefferies Group LLC restated a “buy” rating and set a $60.00 price objective on shares of Best Buy Co. in a report on Wednesday, September 20th. Loop Capital restated a “buy” rating and set a $72.00 price objective on shares of Best Buy Co. in a report on Wednesday, September 20th. Finally, Oppenheimer Holdings, Inc. reaffirmed a “hold” rating on shares of Best Buy Co. in a research report on Wednesday, September 20th. Three analysts have rated the stock with a sell rating, three have issued a hold rating, eighteen have assigned a buy rating and one has given a strong buy rating to the company’s stock. Best Buy Co. presently has a consensus rating of “Buy” and an average price target of $58.14.
Shares of Best Buy Co., Inc. (NYSE BBY) traded up 0.18% during mid-day trading on Wednesday, hitting $57.01. 658,195 shares of the company were exchanged. The stock has a market cap of $17.06 billion, a PE ratio of 15.09 and a beta of 1.51. Best Buy Co., Inc. has a 12-month low of $37.10 and a 12-month high of $63.32. The stock’s 50-day moving average price is $57.22 and its 200 day moving average price is $54.73. Best Buy Co. also was the target of unusually large options trading on Monday. Traders acquired 993 call options on the stock. This is an increase of approximately 163% compared to the average daily volume of 378 call options.
Best Buy Co. (NYSE:BBY) last announced its earnings results on Tuesday, August 29th. The technology retailer reported $0.69 earnings per share for the quarter, beating the consensus estimate of $0.63 by $0.06. The firm had revenue of $8.94 billion during the quarter, compared to the consensus estimate of $8.67 billion. Best Buy Co. had a return on equity of 27.41% and a net margin of 3.00%. The firm’s revenue for the quarter was up 4.8% compared to the same quarter last year. During the same quarter in the prior year, the company earned $0.57 EPS. On average, equities analysts anticipate that Best Buy Co., Inc. will post $4.06 EPS for the current fiscal year.
The firm also recently declared a quarterly dividend, which will be paid on Tuesday, October 10th. Shareholders of record on Tuesday, September 19th will be given a $0.34 dividend. This represents a $1.36 annualized dividend and a yield of 2.39%. The ex-dividend date is Monday, September 18th. Best Buy Co.’s dividend payout ratio is currently 35.88%.
In other news, insider Kathleen Scarlett sold 10,797 shares of the firm’s stock in a transaction on Wednesday, September 20th. The shares were sold at an average price of $52.49, for a total value of $566,734.53. Following the sale, the insider now owns 25,690 shares in the company, valued at $1,348,468.10. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. Also, CFO Corie S. Barry sold 787 shares of the firm’s stock in a transaction on Monday, August 21st. The stock was sold at an average price of $59.92, for a total transaction of $47,157.04. Following the completion of the sale, the chief financial officer now owns 54,159 shares in the company, valued at approximately $3,245,207.28. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 163,125 shares of company stock worth $9,003,240. Company insiders own 0.84% of the company’s stock.
About Best Buy Co.
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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