MUFG Securities EMEA plc Makes New Investment in Best Buy Co Inc (NYSE:BBY)
MUFG Securities EMEA plc bought a new stake in shares of Best Buy Co Inc (NYSE:BBY) in the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor bought 73,700 shares of the technology retailer’s stock, valued at approximately $5,139,000.
Other institutional investors have also recently made changes to their positions in the company. Xact Kapitalforvaltning AB raised its stake in Best Buy by 43.6% in the 1st quarter. Xact Kapitalforvaltning AB now owns 61,207 shares of the technology retailer’s stock valued at $4,349,000 after purchasing an additional 18,575 shares during the last quarter. First Hawaiian Bank boosted its position in Best Buy by 12.6% during the second quarter. First Hawaiian Bank now owns 7,084 shares of the technology retailer’s stock worth $494,000 after acquiring an additional 792 shares during the last quarter. Stormborn Capital Management LLC acquired a new position in Best Buy during the first quarter worth about $3,553,000. Allianz Asset Management GmbH grew its stake in Best Buy by 15.2% during the 2nd quarter. Allianz Asset Management GmbH now owns 1,251,427 shares of the technology retailer’s stock valued at $87,262,000 after acquiring an additional 165,350 shares in the last quarter. Finally, Candriam Luxembourg S.C.A. grew its stake in Best Buy by 93.1% during the 2nd quarter. Candriam Luxembourg S.C.A. now owns 100,371 shares of the technology retailer’s stock valued at $6,968,000 after acquiring an additional 48,389 shares in the last quarter. 78.45% of the stock is owned by institutional investors and hedge funds.
In other news, major shareholder Richard M. Schulze sold 51,265 shares of the stock in a transaction on Friday, July 19th. The stock was sold at an average price of $75.01, for a total transaction of $3,845,387.65. Following the completion of the transaction, the insider now directly owns 1,732,500 shares in the company, valued at approximately $129,954,825. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, major shareholder Richard M. Schulze sold 430,600 shares of the stock in a transaction on Monday, July 22nd. The stock was sold at an average price of $75.26, for a total value of $32,406,956.00. Following the transaction, the insider now owns 1,732,500 shares of the company’s stock, valued at $130,387,950. The disclosure for this sale can be found here. Insiders sold 1,381,448 shares of company stock worth $101,304,357 in the last 90 days. Company insiders own 0.95% of the company’s stock.
Best Buy (NYSE:BBY) last released its quarterly earnings data on Thursday, August 29th. The technology retailer reported $1.08 EPS for the quarter, beating analysts’ consensus estimates of $0.99 by $0.09. The firm had revenue of $9.54 billion for the quarter, compared to analysts’ expectations of $9.55 billion. Best Buy had a return on equity of 48.56% and a net margin of 3.52%. The firm’s quarterly revenue was up 1.7% on a year-over-year basis. During the same period in the prior year, the firm posted $0.91 earnings per share. On average, research analysts expect that Best Buy Co Inc will post 5.75 earnings per share for the current year.
The firm also recently announced a quarterly dividend, which will be paid on Thursday, October 10th. Shareholders of record on Thursday, September 19th will be paid a dividend of $0.50 per share. The ex-dividend date of this dividend is Wednesday, September 18th. This represents a $2.00 annualized dividend and a yield of 2.95%. Best Buy’s dividend payout ratio (DPR) is 37.59%.
BBY has been the subject of a number of recent research reports. Morgan Stanley cut their price objective on shares of Best Buy from $77.00 to $70.00 and set an “equal weight” rating for the company in a report on Friday, August 30th. Telsey Advisory Group dropped their price target on Best Buy from $76.00 to $70.00 and set a “market perform” rating for the company in a research report on Friday, August 30th. Goldman Sachs Group assumed coverage on Best Buy in a research report on Thursday, July 11th. They issued a “neutral” rating and a $73.00 price target for the company. Cleveland Research reaffirmed a “neutral” rating on shares of Best Buy in a report on Tuesday, June 18th. Finally, Wedbush reiterated a “buy” rating and set a $63.00 price objective on shares of Best Buy in a research report on Thursday, August 29th. Eleven equities research analysts have rated the stock with a hold rating and ten have issued a buy rating to the stock. Best Buy has an average rating of “Hold” and a consensus target price of $77.13.
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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