Biltmore Wealth Management LLC raised its position in Best Buy Co., Inc. (NYSE:BBY) by 9.8% during the second quarter, Holdings Channel reports. The institutional investor owned 7,362 shares of the technology retailer’s stock after buying an additional 658 shares during the period. Best Buy Co. makes up 0.5% of Biltmore Wealth Management LLC’s portfolio, making the stock its 27th largest position. Biltmore Wealth Management LLC’s holdings in Best Buy Co. were worth $422,000 at the end of the most recent reporting period.

Other institutional investors have also modified their holdings of the company. BlackRock Inc. boosted its position in shares of 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 in the last quarter. Skandinaviska Enskilda Banken AB publ acquired a new position in shares of Best Buy Co. during the first quarter worth about $265,777,000. Massachusetts Financial Services Co. MA boosted its position in shares of 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 in the last quarter. Vanguard Group Inc. boosted its position in shares of 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 in the last quarter. Finally, Bank of New York Mellon Corp boosted its position in shares of 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 in the last quarter. 94.06% of the stock is currently owned by hedge funds and other institutional investors.

Best Buy Co., Inc. (NYSE:BBY) opened at 59.78 on Friday. The firm has a 50-day moving average of $57.02 and a 200 day moving average of $51.21. Best Buy Co., Inc. has a 52-week low of $32.20 and a 52-week high of $62.36. The firm has a market cap of $18.23 billion, a price-to-earnings ratio of 16.08 and a beta of 1.45.

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 Thomson Reuters’ consensus estimate of $0.40 by $0.20. Best Buy Co. had a net margin of 3.01% and a return on equity of 26.81%. The company had revenue of $8.53 billion during the quarter, compared to the consensus estimate of $8.28 billion. During the same quarter in the prior year, the firm earned $0.44 earnings per share. The firm’s revenue was up 1.0% compared to the same quarter last year. On average, equities research analysts forecast that Best Buy Co., Inc. will post $3.89 earnings per share for the current year.

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

In related news, VP Mathew Watson sold 758 shares of the stock in a transaction on Tuesday, May 23rd. The shares were sold at an average price of $51.82, for a total transaction of $39,279.56. Following the completion of the transaction, the vice president now owns 19,172 shares in the company, valued at $993,493.04. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Asheesh Saksena sold 22,255 shares of the 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 transaction, the insider now owns 82,440 shares of the company’s stock, valued at approximately $4,588,610.40. The disclosure for this sale can be found here. Insiders have sold 121,917 shares of company stock valued at $7,107,375 in the last 90 days. 1.21% of the stock is currently 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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