Maverick Capital Ltd. bought a new position in Best Buy Co., Inc. (NYSE:BBY) in the 2nd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund bought 54,490 shares of the technology retailer’s stock, valued at approximately $3,124,000.

Other institutional investors have also recently modified their holdings of the company. FNY Managed Accounts LLC raised its holdings in Best Buy Co. by 18,281.8% in the second quarter. FNY Managed Accounts LLC now owns 2,000 shares of the technology retailer’s stock worth $114,000 after buying an additional 2,011 shares during the last quarter. Huntington National Bank raised its holdings 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 worth $118,000 after buying an additional 318 shares during the last quarter. Exane Derivatives raised its holdings in Best Buy Co. by 65.5% in the second quarter. Exane Derivatives now owns 2,553 shares of the technology retailer’s stock worth $146,000 after buying an additional 1,010 shares during the last quarter. Harbour Capital Advisors LLC purchased a new position in Best Buy Co. in the first quarter worth about $147,000. Finally, Northwestern Mutual Wealth Management Co. raised its holdings in Best Buy Co. by 6.2% in the second quarter. Northwestern Mutual Wealth Management Co. now owns 2,774 shares of the technology retailer’s stock worth $159,000 after buying an additional 163 shares during the last quarter. 88.11% of the stock is owned by institutional investors and hedge funds.

Best Buy Co., Inc. (BBY) traded up 1.32% during trading on Friday, hitting $58.25. 1,189,304 shares of the stock traded hands. Best Buy Co., Inc. has a 52-week low of $37.10 and a 52-week high of $63.32. The stock has a market cap of $17.43 billion, a P/E ratio of 15.41 and a beta of 1.51. The stock has a 50 day moving average price of $57.07 and a 200-day moving average price of $54.77.

Best Buy Co. (NYSE:BBY) last released its quarterly earnings results on Tuesday, August 29th. The technology retailer reported $0.69 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.63 by $0.06. Best Buy Co. had a net margin of 3.00% and a return on equity of 27.41%. The firm had revenue of $8.94 billion for the quarter, compared to analysts’ expectations of $8.67 billion. During the same quarter last year, the company earned $0.57 EPS. The firm’s revenue for the quarter was up 4.8% compared to the same quarter last year. On average, analysts anticipate that Best Buy Co., Inc. will post $4.06 EPS for the current fiscal year.

The business also recently declared a quarterly dividend, which will be paid on Tuesday, October 10th. Investors of record on Tuesday, September 19th will be paid a $0.34 dividend. The ex-dividend date of this dividend is Monday, September 18th. This represents a $1.36 dividend on an annualized basis and a yield of 2.37%. Best Buy Co.’s dividend payout ratio is currently 35.88%.

Several research firms have recently weighed in on BBY. Oppenheimer Holdings, Inc. reissued a “hold” rating on shares of Best Buy Co. in a report on Tuesday, August 29th. Barclays PLC reissued a “buy” rating and set a $65.00 price objective on shares of Best Buy Co. in a report on Monday, August 28th. Deutsche Bank AG reissued a “buy” rating and set a $58.00 price objective (down from $60.00) on shares of Best Buy Co. in a report on Thursday, August 31st. Royal Bank Of Canada boosted their price objective on shares of Best Buy Co. from $60.00 to $61.00 and gave the company a “sector perform” rating in a report on Wednesday, August 30th. Finally, UBS AG reissued a “buy” rating and set a $60.00 price objective (down from $62.00) on shares of Best Buy Co. in a report on Thursday, August 31st. Three analysts have rated the stock with a sell rating, three have issued a hold rating, eighteen have assigned a buy rating and one has assigned a strong buy rating to the stock. The company has a consensus rating of “Buy” and a consensus target price of $58.79.

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In related news, CFO Corie S. Barry sold 3,134 shares of Best Buy Co. stock in a transaction on Tuesday, October 3rd. The shares were sold at an average price of $57.26, for a total value of $179,452.84. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, insider Shari L. Ballard sold 2,246 shares of Best Buy Co. stock in a transaction on Monday, August 21st. The shares were sold at an average price of $59.92, for a total transaction of $134,580.32. The disclosure for this sale can be found here. Insiders sold a total of 166,259 shares of company stock worth $9,182,693 in the last three months. 1.21% 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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