Cibc World Market Inc. Makes New $3.67 Million Investment in Best Buy Co., Inc. $BBY

Cibc World Market Inc. acquired a new stake in shares of Best Buy Co., Inc. (NYSE:BBY) in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm acquired 48,416 shares of the technology retailer’s stock, valued at approximately $3,674,000.

A number of other hedge funds have also recently modified their holdings of the business. Torren Management LLC purchased a new stake in shares of Best Buy in the 4th quarter worth about $25,000. MV Capital Management Inc. bought a new position in shares of Best Buy in the 4th quarter worth about $25,000. Palisade Asset Management LLC purchased a new position in Best Buy during the 3rd quarter valued at about $25,000. Hillsdale Investment Management Inc. purchased a new position in Best Buy during the 4th quarter valued at about $29,000. Finally, Activest Wealth Management boosted its stake in Best Buy by 1,247.1% during the fourth quarter. Activest Wealth Management now owns 458 shares of the technology retailer’s stock worth $31,000 after acquiring an additional 424 shares in the last quarter. Institutional investors own 80.96% of the company’s stock.

Insiders Place Their Bets

In other Best Buy news, Chairman Richard M. Schulze sold 224,705 shares of Best Buy stock in a transaction on Friday, June 26th. The stock was sold at an average price of $78.10, for a total value of $17,549,460.50. Following the completion of the sale, the chairman owned 10,430,936 shares of the company’s stock, valued at approximately $814,656,101.60. This trade represents a 2.11% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CAO Mathew Watson sold 1,784 shares of the company’s stock in a transaction on Friday, May 29th. The shares were sold at an average price of $73.80, for a total value of $131,659.20. Following the transaction, the chief accounting officer directly owned 21,630 shares in the company, valued at approximately $1,596,294. The trade was a 7.62% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. In the last three months, insiders sold 1,002,134 shares of company stock valued at $77,283,527. Corporate insiders own 0.50% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities research analysts have weighed in on BBY shares. Telsey Advisory Group upped their price objective on shares of Best Buy from $90.00 to $95.00 and gave the stock an “outperform” rating in a report on Tuesday, August 4th. Weiss Ratings raised Best Buy from a “hold (c)” rating to a “hold (c+)” rating in a research report on Wednesday, July 29th. KeyCorp restated a “sector weight” rating on shares of Best Buy in a research note on Monday, June 22nd. Morgan Stanley raised their price objective on Best Buy from $72.00 to $80.00 and gave the company an “equal weight” rating in a research report on Friday, May 29th. Finally, Jefferies Financial Group cut Best Buy from a “buy” rating to a “hold” rating and lowered their price objective for the company from $89.00 to $85.00 in a research note on Wednesday, August 5th. Six equities research analysts have rated the stock with a Buy rating, fourteen have assigned a Hold rating and two have assigned a Sell rating to the stock. According to MarketBeat.com, the company presently has an average rating of “Hold” and a consensus target price of $83.10.

Best Buy Trading Up 2.5%

NYSE:BBY opened at $87.40 on Thursday. The company’s 50 day moving average price is $82.84 and its 200-day moving average price is $71.17. Best Buy Co., Inc. has a 52 week low of $55.10 and a 52 week high of $91.26. The company has a quick ratio of 0.40, a current ratio of 1.12 and a debt-to-equity ratio of 0.38. The stock has a market cap of $18.42 billion, a price-to-earnings ratio of 16.19, a PEG ratio of 2.44 and a beta of 1.29.

Best Buy (NYSE:BBY) last announced its quarterly earnings data on Thursday, May 28th. The technology retailer reported $1.28 earnings per share for the quarter, topping analysts’ consensus estimates of $1.23 by $0.05. The company had revenue of $8.94 billion during the quarter, compared to analyst estimates of $8.82 billion. Best Buy had a net margin of 2.73% and a return on equity of 48.70%. The firm’s revenue for the quarter was up 1.9% on a year-over-year basis. During the same period in the previous year, the business earned $1.15 EPS. On average, equities research analysts forecast that Best Buy Co., Inc. will post 6.6 earnings per share for the current fiscal year.

Best Buy Profile

Best Buy Co, Inc is a leading North American consumer electronics retailer that sells a broad range of products including computers, mobile phones, televisions and home theater systems, major appliances, smart-home devices, gaming hardware and software, wearables and related accessories. The company operates through a mix of large-format stores, smaller specialty locations and an e-commerce platform, offering national and private-brand merchandise from major consumer-technology manufacturers as well as third-party sellers.

Beyond product retailing, Best Buy provides a suite of services aimed at installation, repair and ongoing technical support.