Point72 Asia Hong Kong Ltd Acquires 3,804 Shares of Best Buy Co Inc (BBY)

Point72 Asia Hong Kong Ltd grew its holdings in Best Buy Co Inc (NYSE:BBY) by 389.0% in the 1st quarter, HoldingsChannel.com reports. The firm owned 4,782 shares of the technology retailer’s stock after purchasing an additional 3,804 shares during the quarter. Point72 Asia Hong Kong Ltd’s holdings in Best Buy were worth $335,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also bought and sold shares of BBY. LS Investment Advisors LLC boosted its stake in shares of Best Buy by 23.7% in the fourth quarter. LS Investment Advisors LLC now owns 10,326 shares of the technology retailer’s stock valued at $707,000 after purchasing an additional 1,977 shares during the period. Candriam Luxembourg S.C.A. boosted its stake in shares of Best Buy by 20.7% in the fourth quarter. Candriam Luxembourg S.C.A. now owns 26,578 shares of the technology retailer’s stock valued at $1,820,000 after purchasing an additional 4,563 shares during the period. Carnick & Kubik Group LLC boosted its stake in shares of Best Buy by 7.0% in the fourth quarter. Carnick & Kubik Group LLC now owns 30,633 shares of the technology retailer’s stock valued at $2,097,000 after purchasing an additional 1,999 shares during the period. New Mexico Educational Retirement Board boosted its stake in shares of Best Buy by 3.7% in the fourth quarter. New Mexico Educational Retirement Board now owns 25,521 shares of the technology retailer’s stock valued at $1,747,000 after purchasing an additional 900 shares during the period. Finally, Retirement Systems of Alabama boosted its stake in shares of Best Buy by 0.7% in the fourth quarter. Retirement Systems of Alabama now owns 215,368 shares of the technology retailer’s stock valued at $14,746,000 after purchasing an additional 1,403 shares during the period. 87.80% of the stock is owned by institutional investors and hedge funds.

Several research analysts have recently commented on the stock. Zacks Investment Research raised shares of Best Buy from a “hold” rating to a “buy” rating and set a $87.00 price objective for the company in a research note on Monday, May 14th. Wedbush reiterated a “sell” rating and issued a $48.00 price target on shares of Best Buy in a research note on Monday, May 21st. UBS Group reiterated a “neutral” rating and issued a $77.00 price target (up previously from $70.00) on shares of Best Buy in a research note on Friday, March 2nd. Telsey Advisory Group reiterated a “market perform” rating and issued a $76.00 price target (up previously from $74.00) on shares of Best Buy in a research note on Friday, March 2nd. Finally, Loop Capital upgraded shares of Best Buy to a “buy” rating in a research note on Thursday, March 1st. Three analysts have rated the stock with a sell rating, eleven have given a hold rating, seven have given a buy rating and one has issued a strong buy rating to the company. The stock currently has a consensus rating of “Hold” and a consensus target price of $72.41.

In other news, SVP Mathew Watson sold 457 shares of Best Buy stock in a transaction on Monday, June 11th. The shares were sold at an average price of $72.54, for a total value of $33,150.78. Following the transaction, the senior vice president now directly owns 20,241 shares of the company’s stock, valued at approximately $1,468,282.14. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Hubert Joly sold 240,468 shares of Best Buy stock in a transaction on Friday, March 16th. The shares were sold at an average price of $69.61, for a total transaction of $16,738,977.48. Following the completion of the transaction, the chief executive officer now directly owns 698,769 shares in the company, valued at $48,641,310.09. The disclosure for this sale can be found here. In the last three months, insiders have sold 309,785 shares of company stock worth $21,615,977. 0.75% of the stock is owned by corporate insiders.

BBY stock opened at $73.26 on Thursday. The company has a debt-to-equity ratio of 0.23, a quick ratio of 0.56 and a current ratio of 1.27. Best Buy Co Inc has a twelve month low of $51.61 and a twelve month high of $79.90. The company has a market cap of $20.57 billion, a price-to-earnings ratio of 16.57, a P/E/G ratio of 1.21 and a beta of 0.86.

Best Buy (NYSE:BBY) last released its quarterly earnings data on Thursday, May 24th. The technology retailer reported $0.82 earnings per share for the quarter, topping analysts’ consensus estimates of $0.74 by $0.08. Best Buy had a net margin of 2.39% and a return on equity of 36.16%. The company had revenue of $9.11 billion for the quarter, compared to analysts’ expectations of $8.75 billion. During the same quarter last year, the company earned $0.60 earnings per share. The firm’s revenue for the quarter was up 6.8% on a year-over-year basis. analysts predict that Best Buy Co Inc will post 5.01 earnings per share for the current year.

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, July 5th. Shareholders of record on Thursday, June 14th will be issued a dividend of $0.45 per share. The ex-dividend date is Wednesday, June 13th. This represents a $1.80 dividend on an annualized basis and a yield of 2.46%. Best Buy’s payout ratio is currently 40.72%.

About Best Buy

Best Buy Co, Inc operates as a retailer of technology products, services, and solutions in the United States, Canada, and Mexico. The company operates in two segments, Domestic and International. Its stores provide consumer electronics, including digital imaging, health and fitness, home automation, home theater, and portable audio products; computing and mobile phones, such as computing and peripherals, networking products, tablets, smart watches, and e-readers, as well as mobile phones comprising related mobile network carrier commissions; and entertainment products, including drones, movies, music, and technology toys, as well as gaming hardware and software, and virtual reality and other software products.

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

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