Empirical Finance LLC Reduces Stake in Best Buy Co Inc (BBY)
Empirical Finance LLC lowered its stake in shares of Best Buy Co Inc (NYSE:BBY) by 1.6% during the 1st quarter, HoldingsChannel.com reports. The firm owned 36,434 shares of the technology retailer’s stock after selling 574 shares during the quarter. Best Buy accounts for approximately 0.7% of Empirical Finance LLC’s portfolio, making the stock its 18th biggest position. Empirical Finance LLC’s holdings in Best Buy were worth $2,589,000 as of its most recent SEC filing.
Several other hedge funds and other institutional investors also recently made changes to their positions in BBY. Oregon Public Employees Retirement Fund raised its holdings in shares of Best Buy by 3,134.7% during the fourth quarter. Oregon Public Employees Retirement Fund now owns 3,280,289 shares of the technology retailer’s stock valued at $62,000 after purchasing an additional 3,178,881 shares during the period. Norges Bank acquired a new stake in shares of Best Buy in the 4th quarter worth about $145,454,000. FMR LLC raised its holdings in shares of Best Buy by 3.6% in the 4th quarter. FMR LLC now owns 23,545,963 shares of the technology retailer’s stock worth $1,246,994,000 after acquiring an additional 816,394 shares during the last quarter. Swedbank raised its holdings in shares of Best Buy by 29.4% in the 4th quarter. Swedbank now owns 2,852,296 shares of the technology retailer’s stock worth $146,437,000 after acquiring an additional 647,234 shares during the last quarter. Finally, Conning Inc. raised its holdings in shares of Best Buy by 5,774.3% in the 1st quarter. Conning Inc. now owns 640,709 shares of the technology retailer’s stock worth $45,529,000 after acquiring an additional 629,802 shares during the last quarter. Hedge funds and other institutional investors own 78.58% of the company’s stock.
In other news, insider Kathleen Scarlett sold 4,098 shares of the stock in a transaction that occurred on Wednesday, May 29th. The shares were sold at an average price of $65.29, for a total transaction of $267,558.42. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, SVP Mathew Watson sold 380 shares of the stock in a transaction that occurred on Wednesday, March 13th. The shares were sold at an average price of $68.79, for a total transaction of $26,140.20. Following the transaction, the senior vice president now directly owns 20,206 shares of the company’s stock, valued at $1,389,970.74. The disclosure for this sale can be found here. Insiders sold a total of 1,558,563 shares of company stock valued at $105,538,655 over the last ninety days. 0.95% of the stock is currently owned by insiders.
Shares of BBY stock opened at $62.67 on Friday. Best Buy Co Inc has a 52-week low of $47.72 and a 52-week high of $84.37. The company has a quick ratio of 0.39, a current ratio of 1.12 and a debt-to-equity ratio of 1.00. The stock has a market capitalization of $17.39 billion, a price-to-earnings ratio of 11.78, a PEG ratio of 1.29 and a beta of 0.94.
Best Buy (NYSE:BBY) last issued its quarterly earnings data on Thursday, May 23rd. The technology retailer reported $1.02 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.88 by $0.14. Best Buy had a net margin of 3.54% and a return on equity of 47.91%. The business had revenue of $9.14 billion during the quarter, compared to the consensus estimate of $9.14 billion. During the same period in the prior year, the firm posted $0.82 EPS. The firm’s quarterly revenue was up .4% compared to the same quarter last year. On average, equities analysts expect that Best Buy Co Inc will post 5.73 EPS for the current year.
Best Buy declared that its board has authorized a share buyback plan on Wednesday, February 27th that authorizes the company to buyback $3.00 billion in shares. This buyback authorization authorizes the technology retailer to repurchase up to 18.5% of its shares through open market purchases. Shares buyback plans are often a sign that the company’s leadership believes its shares are undervalued.
The company also recently disclosed a quarterly dividend, which will be paid on Friday, July 5th. Shareholders of record on Thursday, June 13th will be given a $0.50 dividend. This represents a $2.00 dividend on an annualized basis and a yield of 3.19%. The ex-dividend date of this dividend is Wednesday, June 12th. Best Buy’s payout ratio is 37.59%.
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 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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