Retirement Systems of Alabama raised its stake in shares of Best Buy Co., Inc. (NYSE:BBY) by 70.7% during the second quarter, according to its most recent Form 13F filing with the SEC. The fund owned 223,447 shares of the technology retailer’s stock after buying an additional 92,542 shares during the period. Retirement Systems of Alabama’s holdings in Best Buy Co. were worth $12,810,000 as of its most recent filing with the SEC.

Other institutional investors have also modified their holdings of the company. Teachers Advisors LLC boosted its stake in Best Buy Co. by 1.9% in the fourth quarter. Teachers Advisors LLC now owns 568,769 shares of the technology retailer’s stock valued at $24,269,000 after buying an additional 10,469 shares during the period. Macquarie Group Ltd. boosted its stake in Best Buy Co. by 106.7% in the fourth quarter. Macquarie Group Ltd. now owns 18,600 shares of the technology retailer’s stock valued at $793,000 after buying an additional 9,600 shares during the period. Chevy Chase Trust Holdings Inc. boosted its stake in Best Buy Co. by 2.5% in the first quarter. Chevy Chase Trust Holdings Inc. now owns 235,933 shares of the technology retailer’s stock valued at $11,596,000 after buying an additional 5,668 shares during the period. Manning & Napier Advisors LLC boosted its stake in Best Buy Co. by 13.8% in the first quarter. Manning & Napier Advisors LLC now owns 46,582 shares of the technology retailer’s stock valued at $2,288,000 after buying an additional 5,653 shares during the period. Finally, Gulf International Bank UK Ltd boosted its stake in Best Buy Co. by 0.9% in the first quarter. Gulf International Bank UK Ltd now owns 88,013 shares of the technology retailer’s stock valued at $4,325,000 after buying an additional 800 shares during the period. 94.06% of the stock is owned by institutional investors.

Best Buy Co., Inc. (NYSE BBY) opened at 61.07 on Thursday. Best Buy Co., Inc. has a 12 month low of $32.20 and a 12 month high of $62.36. The company’s 50-day moving average is $56.89 and its 200 day moving average is $51.15. The firm has a market cap of $18.62 billion, a price-to-earnings ratio of 16.43 and a beta of 1.45. Best Buy Co. also was the target of unusually large options trading activity on Monday. Traders bought 993 call options on the stock. This represents an increase of 163% compared to the average daily volume of 378 call options.

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

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Several equities research analysts have recently issued reports on BBY shares. Loop Capital reaffirmed a “buy” rating and set a $72.00 price objective (up from $64.00) on shares of Best Buy Co. in a research report on Monday, June 5th. Morgan Stanley raised shares of Best Buy Co. from an “equal weight” rating to a “buy” rating and lifted their price objective for the stock from $43.00 to $60.00 in a research report on Tuesday, May 30th. Deutsche Bank AG raised shares of Best Buy Co. from a “hold” rating to a “buy” rating and lifted their price objective for the stock from $46.00 to $60.00 in a research report on Tuesday, May 30th. BidaskClub raised shares of Best Buy Co. from a “hold” rating to a “buy” rating in a research report on Wednesday, August 2nd. Finally, Credit Suisse Group reaffirmed a “buy” rating and set a $60.00 price objective (up from $47.00) on shares of Best Buy Co. in a research report on Sunday, May 28th. Four research 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. The company currently has an average rating of “Buy” and a consensus price target of $56.76.

In related news, General Counsel Keith J. Nelsen sold 55,153 shares of the firm’s stock in a transaction that occurred on Wednesday, May 31st. The shares were sold at an average price of $59.01, for a total transaction of $3,254,578.53. Following the transaction, the general counsel now owns 89,306 shares of the company’s stock, valued at $5,269,947.06. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, insider Patricia H. Walker sold 9,974 shares of the firm’s stock in a transaction that occurred on Friday, May 26th. The shares were sold at an average price of $59.86, for a total transaction of $597,043.64. Following the transaction, the insider now directly owns 24,122 shares in the company, valued at approximately $1,443,942.92. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 121,917 shares of company stock worth $7,107,375. Insiders own 1.21% of the company’s stock.

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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