Brown Advisory Inc. Sells 1,459,649 Shares of Best Buy Co., Inc. (BBY)
Brown Advisory Inc. decreased its holdings in Best Buy Co., Inc. (NYSE:BBY) by 82.8% in the 3rd quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 302,878 shares of the technology retailer’s stock after selling 1,459,649 shares during the quarter. Brown Advisory Inc. owned 0.10% of Best Buy worth $17,251,000 as of its most recent filing with the SEC.
Other large investors have also added to or reduced their stakes in the company. Spectrum Management Group Inc. grew its stake in shares of Best Buy by 25.7% in the second quarter. Spectrum Management Group Inc. now owns 21,515 shares of the technology retailer’s stock worth $1,233,000 after purchasing an additional 4,405 shares in the last quarter. Commerzbank Aktiengesellschaft FI grew its stake in shares of Best Buy by 18.7% in the second quarter. Commerzbank Aktiengesellschaft FI now owns 83,623 shares of the technology retailer’s stock worth $4,794,000 after purchasing an additional 13,150 shares in the last quarter. Viking Fund Management LLC grew its stake in shares of Best Buy by 66.7% in the third quarter. Viking Fund Management LLC now owns 10,000 shares of the technology retailer’s stock worth $570,000 after purchasing an additional 4,000 shares in the last quarter. Zurcher Kantonalbank Zurich Cantonalbank grew its stake in shares of Best Buy by 23.6% in the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 180,179 shares of the technology retailer’s stock worth $10,330,000 after purchasing an additional 34,345 shares in the last quarter. Finally, Denali Advisors LLC bought a new position in shares of Best Buy in the third quarter worth $740,000. 86.50% of the stock is owned by institutional investors.
In other news, CFO Corie S. Barry sold 3,426 shares of the company’s stock in a transaction on Tuesday, September 5th. The stock was sold at an average price of $54.68, for a total transaction of $187,333.68. Following the completion of the sale, the chief financial officer now directly owns 57,903 shares of the company’s stock, valued at $3,166,136.04. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, insider Shari L. Ballard sold 9,778 shares of the company’s stock in a transaction on Tuesday, September 5th. The shares were sold at an average price of $54.68, for a total value of $534,661.04. Following the sale, the insider now directly owns 84,613 shares of the company’s stock, valued at $4,626,638.84. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 1,230,052 shares of company stock valued at $71,516,604. 0.84% of the stock is currently owned by company insiders.
Several research firms have recently issued reports on BBY. Loop Capital reissued a “buy” rating and issued a $72.00 price target on shares of Best Buy in a research note on Wednesday, August 16th. Royal Bank Of Canada increased their price target on Best Buy from $60.00 to $61.00 and gave the stock a “sector perform” rating in a research note on Wednesday, August 30th. Oppenheimer restated a “hold” rating on shares of Best Buy in a report on Tuesday, August 29th. Deutsche Bank restated a “buy” rating and issued a $58.00 price objective (down previously from $60.00) on shares of Best Buy in a report on Thursday, August 31st. Finally, Piper Jaffray Companies restated a “buy” rating and issued a $70.00 price objective on shares of Best Buy in a report on Wednesday, August 23rd. Three analysts have rated the stock with a sell rating, six have issued a hold rating, fourteen have given a buy rating and one has issued a strong buy rating to the stock. The stock currently has a consensus rating of “Buy” and an average target price of $58.81.
Shares of Best Buy Co., Inc. (NYSE:BBY) opened at $60.35 on Monday. Best Buy Co., Inc. has a fifty-two week low of $41.67 and a fifty-two week high of $63.32. The company has a market capitalization of $17,641.90, a price-to-earnings ratio of 15.01, a PEG ratio of 1.25 and a beta of 1.40. The company has a current ratio of 1.25, a quick ratio of 0.52 and a debt-to-equity ratio of 0.19.
Best Buy (NYSE:BBY) last announced its earnings results on Thursday, November 16th. The technology retailer reported $0.78 EPS for the quarter, meeting the consensus estimate of $0.78. Best Buy had a return on equity of 28.46% and a net margin of 3.09%. The business had revenue of $9.32 billion during the quarter, compared to the consensus estimate of $9.36 billion. During the same period in the prior year, the business posted $0.60 earnings per share. Best Buy’s revenue was up 4.2% compared to the same quarter last year. sell-side analysts anticipate that Best Buy Co., Inc. will post 4.03 EPS for the current year.
The business also recently announced a quarterly dividend, which will be paid on Thursday, December 28th. Stockholders of record on Thursday, December 7th will be issued a dividend of $0.34 per share. This represents a $1.36 annualized dividend and a dividend yield of 2.25%. The ex-dividend date of this dividend is Wednesday, December 6th. Best Buy’s dividend payout ratio is 34.34%.
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About Best Buy
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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