Rothschild Asset Management Inc. Cuts Position in Best Buy Co., Inc. (BBY)
Rothschild Asset Management Inc. cut its position in shares of Best Buy Co., Inc. (NYSE:BBY) by 30.5% during the second quarter, according to its most recent Form 13F filing with the SEC. The firm owned 8,910 shares of the technology retailer’s stock after selling 3,919 shares during the period. Rothschild Asset Management Inc.’s holdings in Best Buy Co. were worth $511,000 as of its most recent filing with the SEC.
Several other large investors have also made changes to their positions in the stock. Huntington National Bank boosted its stake in shares of 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 period. Tompkins Financial Corp purchased a new stake in Best Buy Co. during the first quarter worth approximately $134,000. Advisory Services Network LLC purchased a new stake in Best Buy Co. during the first quarter worth approximately $134,000. Heritage Trust Co purchased a new stake in Best Buy Co. during the first quarter worth approximately $137,000. Finally, TrimTabs Asset Management LLC raised its stake in Best Buy Co. by 89.1% in the first quarter. TrimTabs Asset Management LLC now owns 2,819 shares of the technology retailer’s stock worth $139,000 after buying an additional 1,328 shares in the last quarter. 94.06% of the stock is owned by institutional investors.
Shares of Best Buy Co., Inc. (NYSE BBY) opened at 60.07 on Friday. Best Buy Co., Inc. has a one year low of $32.20 and a one year high of $62.36. The stock’s 50 day moving average is $57.16 and its 200-day moving average is $51.33. The stock has a market cap of $18.32 billion, a P/E ratio of 16.16 and a beta of 1.45.
Best Buy Co. (NYSE:BBY) last posted its earnings results on Thursday, May 25th. The technology retailer reported $0.60 EPS for the quarter, topping the Zacks’ consensus estimate of $0.40 by $0.20. The company had revenue of $8.53 billion for the quarter, compared to the consensus estimate of $8.28 billion. Best Buy Co. had a return on equity of 26.81% and a net margin of 3.01%. Best Buy Co.’s quarterly revenue was up 1.0% compared to the same quarter last year. During the same period in the previous year, the business earned $0.44 earnings per share. On average, equities analysts forecast that Best Buy Co., Inc. will post $3.89 EPS for the current year.
A number of equities research analysts recently commented on the stock. Jefferies Group LLC reiterated a “buy” rating and set a $60.00 price target on shares of Best Buy Co. in a report on Thursday, July 6th. Oppenheimer Holdings, Inc. reiterated a “hold” rating on shares of Best Buy Co. in a report on Thursday, May 25th. Wedbush reiterated an “underperform” rating and set a $29.00 price target on shares of Best Buy Co. in a report on Monday, May 22nd. Loop Capital reiterated a “buy” rating and set a $72.00 price target (up from $64.00) on shares of Best Buy Co. in a report on Monday, June 5th. Finally, Bank of America Corporation upgraded shares of Best Buy Co. from a “neutral” rating to a “buy” rating and upped their price target for the company from $46.00 to $58.00 in a report on Tuesday, April 25th. 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. Best Buy Co. currently has a consensus rating of “Buy” and a consensus target price of $56.76.
In other Best Buy Co. news, insider Asheesh Saksena sold 22,255 shares of the business’s stock in a transaction 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 transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, VP Mathew Watson sold 14,568 shares of the business’s stock in a transaction on Friday, May 26th. The stock was sold at an average price of $60.43, for a total value of $880,344.24. Following the sale, the vice president now owns 21,872 shares in the company, valued at $1,321,724.96. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 121,917 shares of company stock worth $7,107,375. 1.21% of the stock is owned by company 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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