BlueMountain Capital Management LLC Purchases Shares of 52,934 Best Buy Co., Inc. (BBY)
BlueMountain Capital Management LLC purchased a new stake in Best Buy Co., Inc. (NYSE:BBY) during the 2nd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund purchased 52,934 shares of the technology retailer’s stock, valued at approximately $3,035,000.
Other institutional investors and hedge funds have also modified their holdings of the company. Spectrum Management Group Inc. lifted its stake in Best Buy Co. by 25.7% in the second quarter. Spectrum Management Group Inc. now owns 21,515 shares of the technology retailer’s stock valued at $1,233,000 after buying an additional 4,405 shares during the period. Bedrijfstakpensioenfonds Voor DE Media PNO acquired a new position in Best Buy Co. in the second quarter valued at approximately $1,534,000. Commerzbank Aktiengesellschaft FI lifted its stake in Best Buy Co. by 18.7% in the second quarter. Commerzbank Aktiengesellschaft FI now owns 83,623 shares of the technology retailer’s stock valued at $4,794,000 after buying an additional 13,150 shares during the period. Geode Capital Management LLC lifted its stake in 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 during the period. Finally, Zurcher Kantonalbank Zurich Cantonalbank lifted its stake in Best Buy Co. by 23.6% in the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 180,179 shares of the technology retailer’s stock valued at $10,330,000 after buying an additional 34,345 shares during the period. 86.46% of the stock is currently owned by hedge funds and other institutional investors.
Shares of Best Buy Co., Inc. (BBY) opened at 58.61 on Friday. The company’s 50-day moving average price is $58.80 and its 200-day moving average price is $53.65. Best Buy Co., Inc. has a one year low of $37.10 and a one year high of $63.32. The stock has a market cap of $17.54 billion, a PE ratio of 15.51 and a beta of 1.48.
Best Buy Co. (NYSE:BBY) last released its quarterly earnings results on Tuesday, August 29th. The technology retailer reported $0.69 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.63 by $0.06. Best Buy Co. had a return on equity of 27.41% and a net margin of 3.00%. The business had revenue of $8.94 billion during the quarter, compared to analyst estimates of $8.67 billion. During the same quarter in the previous year, the company posted $0.57 earnings per share. Best Buy Co.’s revenue for the quarter was up 4.8% on a year-over-year basis. Equities research analysts anticipate that Best Buy Co., Inc. will post $4.05 earnings per share for the current year.
The business also recently declared a quarterly dividend, which will be paid on Tuesday, October 10th. Shareholders of record on Tuesday, September 19th will be issued a dividend of $0.34 per share. This represents a $1.36 annualized dividend and a yield of 2.32%. The ex-dividend date is Monday, September 18th. Best Buy Co.’s dividend payout ratio is presently 35.88%.
Several equities analysts have issued reports on the company. Oppenheimer Holdings, Inc. reissued a “hold” rating on shares of Best Buy Co. in a research note on Tuesday, August 29th. BidaskClub raised Best Buy Co. from a “buy” rating to a “strong-buy” rating in a research note on Thursday, August 24th. Barclays PLC reissued a “buy” rating and issued a $65.00 price target on shares of Best Buy Co. in a research note on Monday, August 28th. Piper Jaffray Companies reissued a “buy” rating and issued a $70.00 price target on shares of Best Buy Co. in a research note on Wednesday, August 23rd. Finally, ValuEngine lowered Best Buy Co. from a “buy” rating to a “hold” rating in a research note on Friday, May 26th. Three equities research analysts have rated the stock with a sell rating, four have given a hold rating, seventeen have issued a buy rating and one has issued a strong buy rating to the company. Best Buy Co. presently has a consensus rating of “Buy” and an average price target of $58.92.
In other Best Buy Co. news, insider Shari L. Ballard sold 2,246 shares of the business’s stock in a transaction dated Monday, August 21st. The stock was sold at an average price of $59.92, for a total transaction of $134,580.32. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, General Counsel Keith J. Nelsen sold 2,433 shares of the business’s stock in a transaction dated Monday, August 21st. The shares were sold at an average price of $59.92, for a total value of $145,785.36. Following the sale, the general counsel now directly owns 66,873 shares of the company’s stock, valued at approximately $4,007,030.16. The disclosure for this sale can be found here. Insiders have sold 152,328 shares of company stock valued at $8,436,505 in the last three months. 1.21% of the stock is currently owned by corporate insiders.
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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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