Baird Financial Group Inc. reduced its stake in shares of Best Buy Co Inc (NYSE:BBY) by 23.4% in the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 3,030 shares of the technology retailer’s stock after selling 927 shares during the quarter. Baird Financial Group Inc.’s holdings in Best Buy were worth $226,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently modified their holdings of BBY. Trexquant Investment LP purchased a new stake in shares of Best Buy during the first quarter valued at $212,000. Envestnet Asset Management Inc. lifted its stake in Best Buy by 31.5% in the first quarter. Envestnet Asset Management Inc. now owns 22,136 shares of the technology retailer’s stock worth $1,634,000 after acquiring an additional 5,301 shares during the period. Federated Investors Inc. PA lifted its stake in Best Buy by 106.2% in the first quarter. Federated Investors Inc. PA now owns 132,588 shares of the technology retailer’s stock worth $9,279,000 after acquiring an additional 68,291 shares during the period. Candriam Luxembourg S.C.A. lifted its stake in Best Buy by 6.6% in the first quarter. Candriam Luxembourg S.C.A. now owns 28,334 shares of the technology retailer’s stock worth $1,983,000 after acquiring an additional 1,756 shares during the period. Finally, Toronto Dominion Bank lifted its stake in Best Buy by 24.7% in the first quarter. Toronto Dominion Bank now owns 138,114 shares of the technology retailer’s stock worth $9,664,000 after acquiring an additional 27,376 shares during the period. 83.47% of the stock is owned by hedge funds and other institutional investors.

BBY has been the subject of a number of research reports. Zacks Investment Research lowered shares of Best Buy from a “buy” rating to a “hold” rating in a research note on Friday, July 20th. Jefferies Financial Group initiated coverage on shares of Best Buy in a research note on Tuesday, August 21st. They issued a “hold” rating and a $79.00 price objective for the company. Wells Fargo & Co reaffirmed a “hold” rating and issued a $78.00 price objective on shares of Best Buy in a research note on Tuesday, August 28th. Morgan Stanley upped their price objective on shares of Best Buy from $74.00 to $78.00 and gave the stock an “equal weight” rating in a research note on Wednesday, August 29th. Finally, Barclays reaffirmed a “buy” rating and issued a $90.00 price objective on shares of Best Buy in a research note on Wednesday, August 29th. Two investment analysts have rated the stock with a sell rating, thirteen have issued a hold rating and five have issued a buy rating to the stock. The stock currently has a consensus rating of “Hold” and an average target price of $80.75.

In other Best Buy news, insider Patricia H. Walker sold 5,000 shares of the stock in a transaction dated Wednesday, August 29th. The shares were sold at an average price of $77.66, for a total transaction of $388,300.00. Following the completion of the sale, the insider now directly owns 21,698 shares of the company’s stock, valued at $1,685,066.68. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, insider Asheesh Saksena sold 26,309 shares of the stock in a transaction dated Wednesday, September 5th. The shares were sold at an average price of $80.07, for a total transaction of $2,106,561.63. The disclosure for this sale can be found here. Over the last three months, insiders have sold 66,913 shares of company stock valued at $5,351,384. Insiders own 0.75% of the company’s stock.

BBY stock opened at $80.64 on Monday. The stock has a market cap of $22.14 billion, a price-to-earnings ratio of 18.24, a PEG ratio of 1.27 and a beta of 0.98. Best Buy Co Inc has a one year low of $52.92 and a one year high of $84.37. The company has a quick ratio of 0.52, a current ratio of 1.21 and a debt-to-equity ratio of 0.25.

Best Buy (NYSE:BBY) last released its quarterly earnings results on Tuesday, August 28th. The technology retailer reported $0.91 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.83 by $0.08. The business had revenue of $9.38 billion during the quarter, compared to analyst estimates of $9.25 billion. Best Buy had a net margin of 2.44% and a return on equity of 40.28%. The company’s quarterly revenue was up 4.6% on a year-over-year basis. During the same period in the prior year, the firm posted $0.69 earnings per share. analysts predict that Best Buy Co Inc will post 5.11 earnings per share for the current year.

The company also recently declared a quarterly dividend, which will be paid on Tuesday, October 9th. Shareholders of record on Tuesday, September 18th will be given a dividend of $0.45 per share. This represents a $1.80 annualized dividend and a dividend yield of 2.23%. The ex-dividend date is Monday, September 17th. Best Buy’s payout ratio is 40.72%.

Best Buy Company Profile

Best Buy Co, Inc operates as a retailer of technology products, services, and solutions in the United States, Canada, and Mexico. The company operates in two segments, Domestic and International. Its stores provide consumer electronics, including digital imaging, health and fitness, home automation, home theater, and portable audio products; computing and mobile phones, such as computing and peripherals, networking products, tablets, smart watches, and e-readers, as well as mobile phones comprising related mobile network carrier commissions; and entertainment products, including drones, movies, music, and technology toys, as well as gaming hardware and software, and virtual reality and other software products.

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

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