BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp Acquires 10,224 Shares of Best Buy Co Inc (BBY)
BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp lifted its holdings in shares of Best Buy Co Inc (NYSE:BBY) by 10.8% in the first quarter, HoldingsChannel reports. The firm owned 105,201 shares of the technology retailer’s stock after acquiring an additional 10,224 shares during the period. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp’s holdings in Best Buy were worth $7,476,000 at the end of the most recent reporting period.
Several other institutional investors and hedge funds have also modified their holdings of the company. Signet Investment Advisory Group Inc. purchased a new stake in Best Buy in the 4th quarter worth approximately $31,000. Larson Financial Group LLC purchased a new stake in Best Buy in the 4th quarter worth approximately $33,000. Semmax Financial Advisors Inc. purchased a new stake in Best Buy in the 4th quarter worth approximately $33,000. PRW Wealth Management LLC purchased a new stake in Best Buy in the 4th quarter worth approximately $33,000. Finally, Pearl River Capital LLC purchased a new stake in Best Buy in the 4th quarter worth approximately $34,000. 79.98% of the stock is owned by institutional investors and hedge funds.
Shares of BBY stock opened at $65.94 on Friday. Best Buy Co Inc has a 12 month low of $47.72 and a 12 month high of $84.37. The company has a current ratio of 1.18, a quick ratio of 0.46 and a debt-to-equity ratio of 0.40. The firm has a market capitalization of $17.67 billion, a price-to-earnings ratio of 12.39, a PEG ratio of 1.41 and a beta of 0.94.
Best Buy announced that its Board of Directors has authorized a share repurchase plan on Wednesday, February 27th that allows the company to buyback $3.00 billion in shares. This buyback authorization allows the technology retailer to buy up to 18.5% of its shares through open market purchases. Shares buyback plans are often an indication that the company’s leadership believes its shares are undervalued.
The business also recently announced a quarterly dividend, which will be paid on Friday, July 5th. Stockholders of record on Thursday, June 13th will be given a $0.50 dividend. This represents a $2.00 annualized dividend and a dividend yield of 3.03%. Best Buy’s payout ratio is currently 37.59%.
In related news, SVP Mathew Watson sold 380 shares of the business’s stock in a transaction dated Wednesday, March 13th. The shares were sold at an average price of $68.79, for a total transaction of $26,140.20. Following the completion of the sale, the senior vice president now owns 20,206 shares of the company’s stock, valued at approximately $1,389,970.74. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, major shareholder Richard M. Schulze sold 492,000 shares of the business’s stock in a transaction dated Friday, March 1st. The shares were sold at an average price of $68.50, for a total transaction of $33,702,000.00. Following the sale, the insider now directly owns 1,732,500 shares of the company’s stock, valued at approximately $118,676,250. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 1,443,734 shares of company stock valued at $100,145,966. Insiders own 0.95% of the company’s stock.
Several research firms have commented on BBY. Wedbush reaffirmed a “hold” rating and issued a $71.00 target price on shares of Best Buy in a research note on Friday, May 17th. Zacks Investment Research cut shares of Best Buy from a “buy” rating to a “hold” rating in a research note on Tuesday, April 30th. Jefferies Financial Group raised shares of Best Buy from a “hold” rating to a “buy” rating and lifted their target price for the stock from $72.00 to $88.00 in a research note on Wednesday, April 24th. Oppenheimer cut shares of Best Buy from a “buy” rating to a “market perform” rating in a research note on Monday, March 25th. Finally, Evercore ISI began coverage on shares of Best Buy in a research note on Wednesday, March 20th. They issued an “in-line” rating and a $75.00 target price for the company. Eleven analysts have rated the stock with a hold rating and nine have issued a buy rating to the company. The company has a consensus rating of “Hold” and an average target price of $77.81.
About Best Buy
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 Computing and Mobile Phones, such as computing and peripherals, e-readers, networking products, tablets, and wearables, as well as mobile phones comprising related mobile network carrier commissions; consumer electronics, including digital imaging, health and fitness, home theater, portable audio, and smart home products; and entertainment products consisting of drones, movies, music, and toys, as well as gaming hardware and software, and virtual reality and other software products.
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