Convergence Investment Partners LLC Takes Position in Best Buy Co Inc (BBY)
Convergence Investment Partners LLC bought a new stake in Best Buy Co Inc (NYSE:BBY) during the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund bought 61,624 shares of the technology retailer’s stock, valued at approximately $4,219,000.
A number of other hedge funds and other institutional investors have also recently modified their holdings of BBY. Fieldpoint Private Securities LLC bought a new stake in shares of Best Buy during the 3rd quarter worth about $139,000. Northwestern Mutual Wealth Management Co. boosted its stake in shares of Best Buy by 6.2% during the 2nd quarter. Northwestern Mutual Wealth Management Co. now owns 2,774 shares of the technology retailer’s stock worth $159,000 after acquiring an additional 163 shares in the last quarter. Smithfield Trust Co. bought a new stake in shares of Best Buy during the 3rd quarter worth about $178,000. Dalton Greiner Hartman Maher & Co. bought a new stake in shares of Best Buy during the 4th quarter worth about $231,000. Finally, Fiera Capital Corp bought a new stake in shares of Best Buy during the 2nd quarter worth about $229,000. Hedge funds and other institutional investors own 88.52% of the company’s stock.
Several analysts have recently issued reports on BBY shares. Zacks Investment Research upgraded Best Buy from a “hold” rating to a “buy” rating and set a $66.00 price target for the company in a research note on Tuesday, October 10th. Piper Jaffray Companies reiterated a “buy” rating and set a $68.00 price target on shares of Best Buy in a research note on Thursday, September 21st. UBS Group restated a “buy” rating and set a $57.00 target price (down previously from $60.00) on shares of Best Buy in a research note on Wednesday, September 20th. Jefferies Group restated a “buy” rating and set a $60.00 target price on shares of Best Buy in a research note on Wednesday, September 20th. Finally, Loop Capital restated a “buy” rating and set a $72.00 target price on shares of Best Buy in a research note on Wednesday, September 20th. Four equities research analysts have rated the stock with a sell rating, six have given a hold rating, twelve have given a buy rating and one has issued a strong buy rating to the company. Best Buy currently has a consensus rating of “Hold” and a consensus price target of $59.58.
Best Buy (NYSE:BBY) last released its quarterly 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. Best Buy had a return on equity of 28.46% and a net margin of 3.09%. The firm had revenue of $9.32 billion during the quarter, compared to analysts’ expectations of $9.36 billion. During the same period last year, the firm posted $0.60 EPS. The business’s revenue was up 4.2% on a year-over-year basis. equities research analysts forecast that Best Buy Co Inc will post 4.02 earnings per share for the current year.
The company also recently disclosed a quarterly dividend, which was paid on Thursday, December 28th. Shareholders of record on Thursday, December 7th were given a $0.34 dividend. The ex-dividend date was Wednesday, December 6th. This represents a $1.36 dividend on an annualized basis and a yield of 1.86%. Best Buy’s payout ratio is 34.43%.
In other Best Buy news, General Counsel Keith J. Nelsen sold 44,235 shares of the stock in a transaction on Wednesday, November 22nd. The stock was sold at an average price of $56.78, for a total value of $2,511,663.30. Following the transaction, the general counsel now directly owns 107,503 shares in the company, valued at approximately $6,104,020.34. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, major shareholder Richard M. Schulze sold 250,000 shares of the stock in a transaction on Monday, December 18th. The shares were sold at an average price of $66.83, for a total value of $16,707,500.00. Following the completion of the transaction, the insider now owns 1,732,500 shares in the company, valued at $115,782,975. The disclosure for this sale can be found here. Insiders sold a total of 3,134,253 shares of company stock worth $191,063,125 over the last quarter. Corporate insiders own 0.84% of the company’s stock.
Best Buy 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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