Riverhead Capital Management LLC Has $35.72 Million Stake in Best Buy Co., Inc. (BBY)

Riverhead Capital Management LLC grew its stake in Best Buy Co., Inc. (NYSE:BBY) by 9.4% during the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 623,056 shares of the technology retailer’s stock after purchasing an additional 53,718 shares during the quarter. Best Buy Co. makes up approximately 1.8% of Riverhead Capital Management LLC’s investment portfolio, making the stock its largest holding. Riverhead Capital Management LLC owned approximately 0.20% of Best Buy Co. worth $35,720,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds also recently modified their holdings of BBY. Huntington National Bank raised its position in shares of Best Buy Co. by 18.4% in the second quarter. Huntington National Bank now owns 2,050 shares of the technology retailer’s stock valued at $118,000 after purchasing an additional 318 shares during the period. Heritage Trust Co bought a new position in shares of Best Buy Co. in the first quarter valued at about $137,000. TrimTabs Asset Management LLC raised its position in shares of Best Buy Co. by 89.1% in the first quarter. TrimTabs Asset Management LLC now owns 2,819 shares of the technology retailer’s stock valued at $139,000 after purchasing an additional 1,328 shares during the period. Exane Derivatives raised its position in shares of Best Buy Co. by 65.5% in the second quarter. Exane Derivatives now owns 2,553 shares of the technology retailer’s stock valued at $146,000 after purchasing an additional 1,010 shares during the period. Finally, Harbour Capital Advisors LLC bought a new position in shares of Best Buy Co. in the first quarter valued at about $147,000. 86.46% of the stock is currently owned by institutional investors.

BBY has been the topic of several research analyst reports. Loop Capital raised shares of Best Buy Co. from a “sell” rating to a “hold” rating and dropped their price objective for the company from $37.00 to $35.00 in a research report on Monday, May 15th. Wedbush reissued an “underperform” rating and issued a $29.00 price objective on shares of Best Buy Co. in a research report on Monday, May 22nd. UBS AG reissued a “buy” rating and issued a $51.00 price objective (up from $47.00) on shares of Best Buy Co. in a research report on Wednesday, May 24th. Jefferies Group LLC increased their price objective on shares of Best Buy Co. from $43.00 to $51.00 and gave the company a “hold – buy” rating in a research report on Thursday, May 25th. Finally, Oppenheimer Holdings, Inc. reaffirmed a “hold” rating on shares of Best Buy Co. in a research report on Thursday, May 25th. Three analysts have rated the stock with a sell rating, four have issued a hold rating, seventeen have given a buy rating and one has issued a strong buy rating to the company’s stock. The stock presently has an average rating of “Buy” and an average price target of $58.92.

In related news, VP Mathew Watson sold 1,129 shares of the company’s stock in a transaction that occurred on Tuesday, September 5th. The shares were sold at an average price of $54.68, for a total value of $61,733.72. Following the transaction, the vice president now directly owns 17,764 shares in the company, valued at $971,335.52. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, CFO Corie S. Barry sold 787 shares of the company’s stock in a transaction that occurred on Monday, August 21st. The stock was sold at an average price of $59.92, for a total transaction of $47,157.04. Following the completion of the transaction, the chief financial officer now owns 54,159 shares in the company, valued at $3,245,207.28. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 193,289 shares of company stock worth $10,742,957. 0.84% of the stock is owned by company insiders.

Best Buy Co., Inc. (NYSE:BBY) traded up 0.14% during midday trading on Monday, hitting $55.58. 663,988 shares of the stock were exchanged. The company’s 50 day moving average is $58.60 and its 200 day moving average is $53.33. Best Buy Co., Inc. has a 1-year low of $36.51 and a 1-year high of $63.32. The company has a market capitalization of $16.90 billion, a P/E ratio of 14.71 and a beta of 1.48.

Best Buy Co. (NYSE:BBY) last posted its quarterly earnings data on Tuesday, August 29th. The technology retailer reported $0.69 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.63 by $0.06. The company had revenue of $8.94 billion for the quarter, compared to analysts’ expectations of $8.67 billion. Best Buy Co. had a net margin of 3.00% and a return on equity of 27.41%. Best Buy Co.’s revenue for the quarter was up 4.8% compared to the same quarter last year. During the same period in the prior year, the business earned $0.57 earnings per share. Analysts predict that Best Buy Co., Inc. will post $4.05 earnings per share for the current fiscal year.

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, October 10th. Investors of record on Tuesday, September 19th will be given a $0.34 dividend. This represents a $1.36 annualized dividend and a dividend yield of 2.45%. The ex-dividend date is Monday, September 18th. Best Buy Co.’s dividend payout ratio (DPR) is 35.88%.

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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.

Institutional Ownership by Quarter for Best Buy Co. (NYSE:BBY)

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