Daiwa Securities Group Inc. Has $734,000 Position in Best Buy Co., Inc. (NYSE:BBY)
Daiwa Securities Group Inc. cut its stake in shares of Best Buy Co., Inc. (NYSE:BBY) by 52.4% during the second quarter, Holdings Channel reports. The fund owned 12,800 shares of the technology retailer’s stock after selling 14,100 shares during the period. Daiwa Securities Group Inc.’s holdings in Best Buy Co. were worth $734,000 as of its most recent filing with the SEC.
Other large investors have also added to or reduced their stakes in the company. Independence Advisors LLC acquired a new stake in Best Buy Co. during the second quarter valued at about $284,000. Huntington National Bank raised its stake in Best Buy Co. by 18.4% in the second quarter. Huntington National Bank now owns 2,050 shares of the technology retailer’s stock valued at $118,000 after buying an additional 318 shares during the last quarter. Exane Derivatives raised its stake in Best Buy Co. by 65.5% in the second quarter. Exane Derivatives now owns 2,553 shares of the technology retailer’s stock valued at $146,000 after buying an additional 1,010 shares during the last quarter. Advisory Services Network LLC acquired a new stake in Best Buy Co. during the first quarter valued at about $134,000. Finally, Heritage Trust Co acquired a new stake in Best Buy Co. during the first quarter valued at about $137,000. 94.06% of the stock is owned by institutional investors and hedge funds.
Shares of Best Buy Co., Inc. (NYSE:BBY) opened at 60.07 on Friday. Best Buy Co., Inc. has a 1-year low of $32.20 and a 1-year high of $62.36. The company has a market cap of $18.32 billion, a PE ratio of 16.16 and a beta of 1.45. The company has a 50-day moving average of $57.16 and a 200-day moving average of $51.33.
Best Buy Co. (NYSE:BBY) last posted its earnings results on Thursday, May 25th. The technology retailer reported $0.60 earnings per share for the quarter, topping 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 firm had revenue of $8.53 billion for the quarter, compared to analyst estimates of $8.28 billion. During the same period in the previous year, the firm posted $0.44 EPS. The company’s revenue for the quarter was up 1.0% compared to the same quarter last year. Equities analysts forecast that Best Buy Co., Inc. will post $3.89 EPS for the current year.
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Several research firms recently issued reports on BBY. UBS AG reaffirmed a “buy” rating and issued a $51.00 price objective (up previously from $47.00) on shares of Best Buy Co. in a research note on Wednesday, May 24th. Deutsche Bank AG reaffirmed a “buy” rating and issued a $60.00 price objective on shares of Best Buy Co. in a research note on Thursday, August 3rd. Jefferies Group LLC reaffirmed a “hold” rating and issued a $60.00 price objective on shares of Best Buy Co. in a research note on Wednesday. BidaskClub raised shares of Best Buy Co. from a “hold” rating to a “buy” rating in a research note on Wednesday, August 2nd. Finally, Goldman Sachs Group, Inc. (The) reaffirmed a “buy” rating and issued a $56.00 price objective (up previously from $49.00) on shares of Best Buy Co. in a research note on Sunday, May 28th. Four research analysts have rated the stock with a sell rating, three have given a hold rating and twenty have given a buy rating to the stock. The company presently has a consensus rating of “Buy” and an average target price of $56.76.
In other Best Buy Co. news, VP Mathew Watson sold 758 shares of the business’s stock in a transaction that occurred on Tuesday, May 23rd. The shares were sold at an average price of $51.82, for a total transaction of $39,279.56. Following the sale, the vice president now directly owns 19,172 shares of the company’s stock, valued at approximately $993,493.04. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Asheesh Saksena sold 22,255 shares of the business’s 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 sale, the insider now directly owns 82,440 shares in the company, valued at $4,588,610.40. The disclosure for this sale can be found here. Insiders have sold a total of 121,917 shares of company stock worth $7,107,375 over the last three months. Insiders own 1.21% of the company’s stock.
Best Buy Co. Company Profile
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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