Pitcairn Co. lowered its position in Best Buy Co., Inc. (NYSE:BBY) by 8.7% during the second quarter, Holdings Channel reports. The fund owned 55,668 shares of the technology retailer’s stock after selling 5,308 shares during the period. Pitcairn Co.’s holdings in Best Buy Co. were worth $3,191,000 as of its most recent filing with the SEC.

Several other hedge funds and other institutional investors have also recently bought and sold shares of the company. BlackRock Inc. increased its position in Best Buy Co. by 1,859.1% in the first quarter. BlackRock Inc. now owns 20,064,628 shares of the technology retailer’s stock worth $986,174,000 after buying an additional 19,040,478 shares during the last quarter. Skandinaviska Enskilda Banken AB publ purchased a new position in Best Buy Co. during the first quarter worth about $265,777,000. Massachusetts Financial Services Co. MA increased its position in Best Buy Co. by 78.4% in the first quarter. Massachusetts Financial Services Co. MA now owns 3,743,204 shares of the technology retailer’s stock worth $183,979,000 after buying an additional 1,645,245 shares during the last quarter. Vanguard Group Inc. increased its position in Best Buy Co. by 4.0% in the first quarter. Vanguard Group Inc. now owns 32,613,654 shares of the technology retailer’s stock worth $1,602,962,000 after buying an additional 1,241,888 shares during the last quarter. Finally, Bank of New York Mellon Corp increased its position in Best Buy Co. by 31.1% in the first quarter. Bank of New York Mellon Corp now owns 3,800,759 shares of the technology retailer’s stock worth $186,809,000 after buying an additional 900,788 shares during the last quarter. Institutional investors and hedge funds own 94.06% of the company’s stock.

Best Buy Co., Inc. (BBY) opened at 60.07 on Friday. The company has a market cap of $18.32 billion, a price-to-earnings ratio of 16.16 and a beta of 1.45. The firm’s 50-day moving average price is $57.16 and its 200-day moving average price is $51.33. Best Buy Co., Inc. has a 1-year low of $32.20 and a 1-year high of $62.36.

Best Buy Co. (NYSE:BBY) last issued its quarterly earnings data on Thursday, May 25th. The technology retailer reported $0.60 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.40 by $0.20. Best Buy Co. had a return on equity of 26.81% and a net margin of 3.01%. The company had revenue of $8.53 billion for the quarter, compared to the consensus estimate of $8.28 billion. During the same quarter last year, the business posted $0.44 earnings per share. The firm’s revenue was up 1.0% compared to the same quarter last year. Equities research analysts forecast that Best Buy Co., Inc. will post $3.89 EPS for the current fiscal year.

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BBY has been the subject of a number of analyst reports. Bank of America Corporation upgraded Best Buy Co. from a “neutral” rating to a “buy” rating and raised their price target for the company from $46.00 to $58.00 in a research note on Tuesday, April 25th. Loop Capital upgraded Best Buy Co. from a “sell” rating to a “hold” rating and decreased their price target for the company from $37.00 to $35.00 in a research note on Monday, May 15th. Deutsche Bank AG restated a “buy” rating and issued a $60.00 price target on shares of Best Buy Co. in a research note on Monday, June 5th. Oppenheimer Holdings, Inc. restated a “hold” rating on shares of Best Buy Co. in a research note on Thursday, May 25th. Finally, Sanford C. Bernstein set a $47.00 price target on Best Buy Co. and gave the company a “sell” rating in a research note on Tuesday, July 11th. Four investment analysts have rated the stock with a sell rating, three have assigned a hold rating and twenty have issued a buy rating to the company’s stock. Best Buy Co. currently has an average rating of “Buy” and an average target price of $56.76.

In related news, insider Patricia H. Walker sold 9,974 shares of the stock in a transaction on Friday, May 26th. The stock was sold at an average price of $59.86, for a total value of $597,043.64. Following the sale, the insider now owns 24,122 shares in the company, valued at $1,443,942.92. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, VP Mathew Watson sold 503 shares of the stock in a transaction on Friday, June 9th. The stock was sold at an average price of $59.00, for a total value of $29,677.00. Following the completion of the sale, the vice president now owns 15,767 shares in the company, valued at approximately $930,253. The disclosure for this sale can be found here. Insiders sold 121,917 shares of company stock worth $7,107,375 in the last quarter. 1.21% of the stock is currently owned by company insiders.

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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Institutional Ownership by Quarter for Best Buy Co. (NYSE:BBY)

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