Axa Has $49.97 Million Position in Best Buy Co., Inc. (BBY)
Axa lessened its holdings in Best Buy Co., Inc. (NYSE:BBY) by 16.3% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 877,221 shares of the technology retailer’s stock after selling 170,600 shares during the period. Axa owned 0.29% of Best Buy worth $49,967,000 at the end of the most recent reporting period.
Other hedge funds have also added to or reduced their stakes in the company. Spectrum Management Group Inc. lifted its position in Best Buy by 25.7% during the 2nd quarter. Spectrum Management Group Inc. now owns 21,515 shares of the technology retailer’s stock worth $1,233,000 after acquiring an additional 4,405 shares during the last quarter. Commerzbank Aktiengesellschaft FI lifted its position in Best Buy by 18.7% during the 2nd quarter. Commerzbank Aktiengesellschaft FI now owns 83,623 shares of the technology retailer’s stock worth $4,794,000 after acquiring an additional 13,150 shares during the last quarter. Viking Fund Management LLC lifted its position in Best Buy by 66.7% during the 3rd quarter. Viking Fund Management LLC now owns 10,000 shares of the technology retailer’s stock worth $570,000 after acquiring an additional 4,000 shares during the last quarter. Zurcher Kantonalbank Zurich Cantonalbank lifted its position in Best Buy by 23.6% during the 2nd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 180,179 shares of the technology retailer’s stock worth $10,330,000 after acquiring an additional 34,345 shares during the last quarter. Finally, Denali Advisors LLC acquired a new position in Best Buy during the 3rd quarter worth $740,000. 88.89% of the stock is owned by institutional investors and hedge funds.
BBY has been the subject of a number of research analyst reports. Barclays reissued a “buy” rating and set a $65.00 target price on shares of Best Buy in a research report on Monday, August 28th. Wedbush set a $32.00 target price on shares of Best Buy and gave the stock a “sell” rating in a research report on Wednesday, November 29th. KeyCorp reissued a “hold” rating on shares of Best Buy in a research report on Friday, November 10th. Zacks Investment Research raised shares of Best Buy from a “hold” rating to a “buy” rating and set a $66.00 target price for the company in a research report on Tuesday, October 10th. Finally, Deutsche Bank set a $56.00 target price on shares of Best Buy and gave the stock a “hold” rating in a research report on Friday, November 17th. Four investment analysts have rated the stock with a sell rating, six have issued a hold rating, thirteen have assigned a buy rating and one has issued a strong buy rating to the company’s stock. The stock presently has a consensus rating of “Hold” and a consensus price target of $58.81.
In related news, major shareholder Richard M. Schulze sold 75,000 shares of the company’s stock in a transaction dated Friday, December 15th. The shares were sold at an average price of $65.19, for a total value of $4,889,250.00. Following the sale, the insider now owns 1,732,500 shares of the company’s stock, valued at $112,941,675. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, major shareholder Richard M. Schulze sold 1,000,000 shares of the company’s stock in a transaction dated Wednesday, November 29th. The shares were sold at an average price of $58.80, for a total transaction of $58,800,000.00. The disclosure for this sale can be found here. In the last three months, insiders sold 2,898,184 shares of company stock worth $175,101,812. 1.21% of the stock is currently owned by insiders.
Shares of Best Buy Co., Inc. (NYSE:BBY) opened at $65.32 on Friday. The firm has a market cap of $18,635.81, a PE ratio of 15.86, a P/E/G ratio of 1.35 and a beta of 1.40. Best Buy Co., Inc. has a 52 week low of $41.67 and a 52 week high of $65.54. The company has a debt-to-equity ratio of 0.19, a current ratio of 1.25 and a quick ratio of 0.52.
Best Buy (NYSE:BBY) last posted its earnings results on Thursday, November 16th. The technology retailer reported $0.78 earnings per share for the quarter, meeting the Zacks’ consensus estimate of $0.78. The business had revenue of $9.32 billion for the quarter, compared to analysts’ expectations of $9.36 billion. Best Buy had a net margin of 3.09% and a return on equity of 28.46%. The firm’s revenue for the quarter was up 4.2% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.60 earnings per share. equities analysts expect that Best Buy Co., Inc. will post 4.02 EPS for the current year.
The firm also recently announced a quarterly dividend, which will be paid on Thursday, December 28th. Investors of record on Thursday, December 7th will be paid a $0.34 dividend. The ex-dividend date is Wednesday, December 6th. This represents a $1.36 dividend on an annualized basis and a yield of 2.08%. Best Buy’s payout ratio is currently 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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