BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp reduced its stake in shares of Best Buy Co., Inc. (NYSE:BBY) by 14.1% during the second quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 276,884 shares of the technology retailer’s stock after selling 45,494 shares during the period. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp’s holdings in Best Buy Co. were worth $15,874,000 at the end of the most recent quarter.

A number of other hedge funds have also bought and sold shares of the stock. Advisors Asset Management Inc. boosted its stake in Best Buy Co. by 4.5% in the second quarter. Advisors Asset Management Inc. now owns 89,659 shares of the technology retailer’s stock valued at $5,140,000 after buying an additional 3,862 shares in the last quarter. Biltmore Wealth Management LLC boosted its stake in Best Buy Co. by 9.8% in the second quarter. Biltmore Wealth Management LLC now owns 7,362 shares of the technology retailer’s stock valued at $422,000 after buying an additional 658 shares in the last quarter. DekaBank Deutsche Girozentrale boosted its stake in Best Buy Co. by 66.8% in the second quarter. DekaBank Deutsche Girozentrale now owns 81,188 shares of the technology retailer’s stock valued at $4,732,000 after buying an additional 32,516 shares in the last quarter. Advisor Partners LLC boosted its stake in Best Buy Co. by 9.9% in the second quarter. Advisor Partners LLC now owns 7,518 shares of the technology retailer’s stock valued at $431,000 after buying an additional 678 shares in the last quarter. Finally, Cullen Frost Bankers Inc. acquired a new stake in Best Buy Co. during the second quarter valued at approximately $228,000. 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. Best Buy Co., Inc. has a 12 month low of $32.20 and a 12 month high of $62.36. The firm has a market cap of $17.98 billion, a PE ratio of 15.86 and a beta of 1.45. The stock has a 50 day moving average price of $57.39 and a 200 day moving average price of $51.66.

Best Buy Co. (NYSE:BBY) last released 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. 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 analysts’ expectations of $8.28 billion. During the same quarter in the prior year, the company earned $0.44 EPS. The firm’s quarterly revenue was up 1.0% on a year-over-year basis. On average, equities research analysts expect that Best Buy Co., Inc. will post $3.89 EPS for the current year.

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Several research firms recently commented on BBY. Jefferies Group LLC restated a “hold” rating and issued a $60.00 target price on shares of Best Buy Co. in a research report on Wednesday, August 9th. Deutsche Bank AG reiterated a “buy” rating and set a $60.00 price target on shares of Best Buy Co. in a research report on Thursday, August 3rd. Piper Jaffray Companies reiterated a “buy” rating and set a $70.00 price target on shares of Best Buy Co. in a research report on Thursday, August 3rd. BidaskClub upgraded Best Buy Co. from a “hold” rating to a “buy” rating in a research report on Wednesday, August 2nd. Finally, SunTrust Banks, Inc. set a $70.00 price target on Best Buy Co. and gave the company a “buy” rating in a research report on Saturday, July 22nd. Four investment analysts have rated the stock with a sell rating, three have assigned a hold rating and twenty have given a buy rating to the company. The company has an average rating of “Buy” and an average price target of $56.76.

In related news, insider Asheesh Saksena sold 22,255 shares of the company’s stock in a transaction on Friday, June 16th. The shares were sold at an average price of $55.66, for a total value of $1,238,713.30. Following the completion of the sale, the insider now owns 82,440 shares in the company, valued at approximately $4,588,610.40. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, General Counsel Keith J. Nelsen sold 55,153 shares of the company’s stock in a transaction on Wednesday, May 31st. The shares were sold at an average price of $59.01, for a total transaction of $3,254,578.53. Following the completion of the sale, the general counsel now owns 89,306 shares of the company’s stock, valued at approximately $5,269,947.06. The disclosure for this sale can be found here. In the last 90 days, insiders sold 121,917 shares of company stock valued at $7,107,375. 0.84% of the stock is owned by corporate 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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