Allegis Investment Advisors LLC purchased a new stake in Best Buy Co., Inc. (NYSE:BBY) during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor purchased 4,231 shares of the technology retailer’s stock, valued at approximately $243,000.

Other hedge funds and other institutional investors have also modified their holdings of the company. Bedrijfstakpensioenfonds Voor DE Media PNO acquired a new position in shares of Best Buy Co. during the second quarter valued at approximately $1,534,000. Foster & Motley Inc. acquired a new position in shares of Best Buy Co. during the first quarter valued at approximately $250,000. Mitsubishi UFJ Kokusai Asset Management Co. Ltd. increased its position in shares of Best Buy Co. by 8.8% in the first quarter. Mitsubishi UFJ Kokusai Asset Management Co. Ltd. now owns 58,302 shares of the technology retailer’s stock valued at $2,866,000 after buying an additional 4,732 shares in the last quarter. Geode Capital Management LLC increased its position in shares of Best Buy Co. by 9.1% in the first quarter. Geode Capital Management LLC now owns 3,494,964 shares of the technology retailer’s stock valued at $171,592,000 after buying an additional 292,667 shares in the last quarter. Finally, Xact Kapitalforvaltning AB increased its position in shares of Best Buy Co. by 7.2% in the first quarter. Xact Kapitalforvaltning AB now owns 49,669 shares of the technology retailer’s stock valued at $2,441,000 after buying an additional 3,342 shares in the last quarter. 92.46% of the stock is currently owned by institutional investors.

Best Buy Co., Inc. (NYSE BBY) opened at 60.15 on Friday. The firm has a 50-day moving average price of $57.62 and a 200-day moving average price of $51.78. The firm has a market cap of $18.34 billion, a price-to-earnings ratio of 16.18 and a beta of 1.45. 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 earnings results on Thursday, May 25th. The technology retailer reported $0.60 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.40 by $0.20. The firm 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%. The company’s revenue was up 1.0% compared to the same quarter last year. During the same quarter last year, the business posted $0.44 EPS. On average, analysts expect that Best Buy Co., Inc. will post $3.89 earnings per share for the current fiscal year.

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Several research analysts have commented on BBY shares. Loop Capital reaffirmed a “buy” rating and issued a $72.00 price target (up from $64.00) on shares of Best Buy Co. in a research report on Monday, June 5th. Morgan Stanley raised 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 report on Tuesday, May 30th. Deutsche Bank AG raised 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 report on Tuesday, May 30th. BidaskClub raised Best Buy Co. from a “hold” rating to a “buy” rating in a report on Wednesday, August 2nd. Finally, Credit Suisse Group reissued a “buy” rating and set a $60.00 price objective (up previously from $47.00) on shares of Best Buy Co. in a report on Sunday, May 28th. Four investment analysts have rated the stock with a sell rating, three have assigned a hold rating and nineteen have assigned a buy rating to the stock. The stock has an average rating of “Buy” and a consensus target price of $56.76.

In other Best Buy Co. news, General Counsel Keith J. Nelsen sold 55,153 shares of the firm’s stock in a transaction on Wednesday, May 31st. The stock was sold at an average price of $59.01, for a total value of $3,254,578.53. Following the sale, the general counsel now owns 89,306 shares of the company’s stock, valued at approximately $5,269,947.06. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, VP Mathew Watson sold 758 shares of the firm’s stock in a transaction on Tuesday, May 23rd. The shares were sold at an average price of $51.82, for a total value of $39,279.56. Following the completion of the sale, the vice president now directly owns 19,172 shares in the company, valued at approximately $993,493.04. The disclosure for this sale can be found here. In the last ninety days, insiders sold 121,917 shares of company stock worth $7,107,375. Company insiders own 1.21% of the company’s stock.

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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