Convergence Investment Partners LLC lowered its position in shares of Best Buy Co., Inc. (NYSE:BBY) by 54.5% during the second quarter, Holdings Channel reports. The fund owned 26,713 shares of the technology retailer’s stock after selling 31,982 shares during the period. Convergence Investment Partners LLC’s holdings in Best Buy Co. were worth $1,531,000 at the end of the most recent quarter.

Several other large investors have also recently bought and sold shares of the stock. ProShare Advisors LLC boosted its position in shares of Best Buy Co. by 6.5% in the first quarter. ProShare Advisors LLC now owns 67,704 shares of the technology retailer’s stock valued at $3,328,000 after buying an additional 4,157 shares in the last quarter. Foster & Motley Inc. acquired a new position in shares of Best Buy Co. during the first quarter valued at $250,000. Mn Services Vermogensbeheer B.V. boosted its position in shares of Best Buy Co. by 2.4% in the first quarter. Mn Services Vermogensbeheer B.V. now owns 7,538 shares of the technology retailer’s stock valued at $346,000 after buying an additional 175 shares in the last quarter. Nationwide Fund Advisors boosted its position in shares of Best Buy Co. by 51.2% in the first quarter. Nationwide Fund Advisors now owns 396,960 shares of the technology retailer’s stock valued at $19,511,000 after buying an additional 134,488 shares in the last quarter. Finally, Candriam Luxembourg S.C.A. boosted its position in shares of Best Buy Co. by 20.0% in the first quarter. Candriam Luxembourg S.C.A. now owns 27,343 shares of the technology retailer’s stock valued at $1,344,000 after buying an additional 4,558 shares in the last quarter. Hedge funds and other institutional investors own 92.46% of the company’s stock.

Shares of Best Buy Co., Inc. (BBY) opened at 58.97 on Wednesday. The stock has a 50 day moving average of $57.39 and a 200 day moving average of $51.66. The company has a market cap of $17.98 billion, a price-to-earnings ratio of 15.86 and a beta of 1.45. Best Buy Co., Inc. has a 12-month low of $32.20 and a 12-month high of $62.36.

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

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Several research analysts have recently weighed in on BBY shares. Bank of America Corporation reiterated a “buy” rating and set a $68.00 price target (up previously from $58.00) on shares of Best Buy Co. in a research note on Sunday, May 28th. Goldman Sachs Group, Inc. (The) reiterated a “buy” rating and set a $56.00 price target (up previously from $49.00) on shares of Best Buy Co. in a research note on Sunday, May 28th. Credit Suisse Group reiterated a “buy” rating and set a $60.00 price target (up previously from $47.00) on shares of Best Buy Co. in a research note on Sunday, May 28th. Loop Capital reiterated a “buy” rating and set a $64.00 price target (up previously from $58.00) on shares of Best Buy Co. in a research note on Sunday, May 28th. Finally, Barclays PLC reiterated a “buy” rating and set a $65.00 price target on shares of Best Buy Co. in a research note on Friday, May 26th. 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 company. The stock presently has an average rating of “Buy” and an average price target of $56.76.

In related news, VP Mathew Watson sold 758 shares of Best Buy Co. stock in a transaction that occurred on Tuesday, May 23rd. The shares were sold at an average price of $51.82, for a total value of $39,279.56. Following the completion of the transaction, the vice president now owns 19,172 shares in the company, valued at $993,493.04. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Asheesh Saksena sold 22,255 shares of Best Buy Co. stock in a transaction that occurred on Friday, June 16th. The stock was sold at an average price of $55.66, for a total transaction of $1,238,713.30. Following the completion of the transaction, the insider now owns 82,440 shares of the company’s stock, valued at approximately $4,588,610.40. The disclosure for this sale can be found here. Insiders sold 121,917 shares of company stock valued at $7,107,375 in the last quarter. 0.84% of the stock is owned by insiders.

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

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