Affinity Investment Advisors LLC raised its holdings in Best Buy Co., Inc. (NYSE:BBY) by 523.4% in the 3rd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 248,841 shares of the technology retailer’s stock after buying an additional 208,925 shares during the period. Best Buy Co. makes up approximately 1.6% of Affinity Investment Advisors LLC’s portfolio, making the stock its 16th largest position. Affinity Investment Advisors LLC owned 0.08% of Best Buy Co. worth $14,174,000 as of its most recent SEC filing.
Other hedge funds have also modified their holdings of the company. Spectrum Management Group Inc. boosted its position in Best Buy Co. by 25.7% in the 2nd quarter. Spectrum Management Group Inc. now owns 21,515 shares of the technology retailer’s stock valued at $1,233,000 after buying an additional 4,405 shares during the period. Bedrijfstakpensioenfonds Voor DE Media PNO purchased a new position in Best Buy Co. in the 2nd quarter valued at approximately $1,534,000. Commerzbank Aktiengesellschaft FI boosted its position in Best Buy Co. by 18.7% in the 2nd quarter. Commerzbank Aktiengesellschaft FI now owns 83,623 shares of the technology retailer’s stock valued at $4,794,000 after buying an additional 13,150 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank boosted its position in Best Buy Co. by 23.6% in the 2nd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 180,179 shares of the technology retailer’s stock valued at $10,330,000 after buying an additional 34,345 shares during the period. Finally, Xact Kapitalforvaltning AB boosted its position in Best Buy Co. by 6.5% in the 2nd quarter. Xact Kapitalforvaltning AB now owns 52,880 shares of the technology retailer’s stock valued at $3,032,000 after buying an additional 3,211 shares during the period. 88.31% of the stock is owned by institutional investors.
In other Best Buy Co. news, insider Shari L. Ballard sold 2,246 shares of the stock in a transaction on Monday, August 21st. The shares were sold at an average price of $59.92, for a total transaction of $134,580.32. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, CEO Hubert Joly sold 106,942 shares of the stock in a transaction on Tuesday, September 5th. The stock was sold at an average price of $54.68, for a total transaction of $5,847,588.56. Following the sale, the chief executive officer now directly owns 645,222 shares in the company, valued at $35,280,738.96. The disclosure for this sale can be found here. Insiders have sold 166,259 shares of company stock worth $9,182,693 over the last three months. 1.21% of the stock is owned by corporate insiders.
Several equities analysts have commented on BBY shares. Oppenheimer Holdings, Inc. reissued a “hold” rating on shares of Best Buy Co. in a research report on Tuesday, August 29th. Barclays PLC reissued a “buy” rating and issued a $65.00 price target on shares of Best Buy Co. in a research report on Monday, August 28th. Deutsche Bank AG reissued a “buy” rating and issued a $58.00 price target (down previously from $60.00) on shares of Best Buy Co. in a research report on Thursday, August 31st. Royal Bank Of Canada raised their price target on shares of Best Buy Co. from $60.00 to $61.00 and gave the company a “sector perform” rating in a research report on Wednesday, August 30th. Finally, UBS AG reissued a “buy” rating and issued a $60.00 price target (down previously from $62.00) on shares of Best Buy Co. in a research report on Thursday, August 31st. Three research analysts have rated the stock with a sell rating, three have assigned a hold rating, eighteen have given a buy rating and one has given a strong buy rating to the company. The stock has an average rating of “Buy” and an average price target of $58.97.
Best Buy Co. (NYSE:BBY) last issued its earnings results on Tuesday, August 29th. The technology retailer reported $0.69 earnings per share for the quarter, topping the Zacks’ 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%. The firm’s revenue was up 4.8% compared to the same quarter last year. During the same period in the prior year, the company earned $0.57 earnings per share.
The firm also recently announced a quarterly dividend, which was paid on Tuesday, October 10th. Shareholders of record on Tuesday, September 19th were issued 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 dividend yield of 2.43%. Best Buy Co.’s dividend payout ratio (DPR) is 35.88%.
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Best Buy Co. 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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