Investors Buy Best Buy Co., Inc. (BBY) on Weakness

Investors bought shares of Best Buy Co., Inc. (NYSE:BBY) on weakness during trading hours on Tuesday. $58.19 million flowed into the stock on the tick-up and $38.70 million flowed out of the stock on the tick-down, for a money net flow of $19.49 million into the stock. Of all stocks tracked, Best Buy Co. had the 30th highest net in-flow for the day. Best Buy Co. traded down ($1.87) for the day and closed at $57.17

A number of research firms have commented on BBY. Oppenheimer Holdings, Inc. reaffirmed a “hold” rating on shares of Best Buy Co. in a research report on Tuesday, August 29th. BidaskClub raised shares of Best Buy Co. from a “buy” rating to a “strong-buy” rating in a research report on Thursday, August 24th. Barclays PLC reissued a “buy” rating and set a $65.00 price target on shares of Best Buy Co. in a research report on Monday, August 28th. Piper Jaffray Companies reissued a “buy” rating and set a $70.00 price target on shares of Best Buy Co. in a research report on Wednesday, August 23rd. Finally, Jefferies Group LLC reissued a “hold” rating and set a $60.00 price target on shares of Best Buy Co. in a research report on Wednesday, August 9th. Three analysts have rated the stock with a sell rating, two have given a hold rating, nineteen have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. The company has an average rating of “Buy” and a consensus price target of $59.19.

The firm has a 50 day moving average of $56.75 and a 200 day moving average of $55.21. The company has a market capitalization of $16.60 billion, a PE ratio of 14.68 and a beta of 1.51.

Best Buy Co. (NYSE:BBY) last issued its quarterly earnings data on Tuesday, August 29th. The technology retailer reported $0.69 EPS for the quarter, topping the Zacks’ consensus estimate of $0.63 by $0.06. The firm had revenue of $8.94 billion during the quarter, compared to the consensus estimate of $8.67 billion. Best Buy Co. had a return on equity of 27.41% and a net margin of 3.00%. The firm’s revenue was up 4.8% on a year-over-year basis. During the same period in the prior year, the business earned $0.57 EPS. On average, analysts anticipate that Best Buy Co., Inc. will post $4.06 EPS for the current year.

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, October 10th. Investors of record on Tuesday, September 19th were paid a dividend of $0.34 per share. The ex-dividend date was Monday, September 18th. This represents a $1.36 dividend on an annualized basis and a yield of 2.45%. Best Buy Co.’s payout ratio is currently 35.88%.

In other news, CEO Hubert Joly sold 14,734 shares of the stock in a transaction on Monday, August 21st. The stock was sold at an average price of $59.92, for a total value of $882,861.28. Following the completion of the transaction, the chief executive officer now owns 540,694 shares of the company’s stock, valued at $32,398,384.48. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, CFO Corie S. Barry sold 787 shares of the stock in a transaction on Monday, August 21st. The stock was sold at an average price of $59.92, for a total value of $47,157.04. Following the completion of the transaction, the chief financial officer now directly owns 54,159 shares of the company’s stock, valued at approximately $3,245,207.28. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 166,259 shares of company stock valued at $9,182,693. 1.21% of the stock is owned by company insiders.

Several large investors have recently added to or reduced their stakes in BBY. FNY Managed Accounts LLC lifted its holdings in shares of Best Buy Co. by 18,281.8% in the second quarter. FNY Managed Accounts LLC now owns 2,000 shares of the technology retailer’s stock valued at $114,000 after buying an additional 2,011 shares during the period. Huntington National Bank lifted its holdings 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 buying an additional 318 shares during the period. Exane Derivatives lifted its holdings 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 buying an additional 1,010 shares during the period. Harbour Capital Advisors LLC acquired a new stake in shares of Best Buy Co. in the first quarter valued at $147,000. Finally, Northwestern Mutual Wealth Management Co. lifted its holdings in shares of Best Buy Co. by 6.2% in the second quarter. Northwestern Mutual Wealth Management Co. now owns 2,774 shares of the technology retailer’s stock valued at $159,000 after buying an additional 163 shares during the period. 88.11% of the stock is owned by institutional investors.

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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.

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