Van ECK Associates Corp Acquires 3,135 Shares of Best Buy Co Inc (BBY)

Van ECK Associates Corp lifted its holdings in shares of Best Buy Co Inc (NYSE:BBY) by 18.2% during the 2nd quarter, HoldingsChannel reports. The fund owned 20,325 shares of the technology retailer’s stock after buying an additional 3,135 shares during the period. Van ECK Associates Corp’s holdings in Best Buy were worth $1,516,000 as of its most recent SEC filing.

Several other large investors have also bought and sold shares of BBY. Bristol John W & Co. Inc. NY acquired a new position in shares of Best Buy during the 1st quarter valued at $129,000. Private Capital Group LLC lifted its holdings in shares of Best Buy by 850.7% during the 1st quarter. Private Capital Group LLC now owns 2,852 shares of the technology retailer’s stock valued at $201,000 after acquiring an additional 2,552 shares in the last quarter. Squar Milner Financial Services LLC acquired a new position in shares of Best Buy during the 2nd quarter valued at $201,000. Capital Investment Advisors LLC acquired a new position in shares of Best Buy during the 2nd quarter valued at $210,000. Finally, RFG Advisory Group LLC acquired a new position in shares of Best Buy during the 2nd quarter valued at $210,000. Institutional investors and hedge funds own 82.08% of the company’s stock.

Several equities analysts recently weighed in on BBY shares. Zacks Investment Research upgraded shares of Best Buy from a “hold” rating to a “strong-buy” rating and set a $88.00 target price on the stock in a report on Tuesday, July 24th. Barclays restated a “buy” rating and set a $90.00 target price on shares of Best Buy in a report on Wednesday, August 29th. Loop Capital set a $85.00 price target on shares of Best Buy and gave the stock a “buy” rating in a research note on Thursday, May 24th. Morgan Stanley reaffirmed a “buy” rating on shares of Best Buy in a research note on Friday, June 8th. Finally, Wedbush set a $48.00 price target on shares of Best Buy and gave the stock a “sell” rating in a research note on Sunday, May 27th. Two analysts have rated the stock with a sell rating, fourteen have given a hold rating and five have issued a buy rating to the company. The stock has an average rating of “Hold” and an average price target of $79.35.

In other news, SVP Mathew Watson sold 2,131 shares of the business’s stock in a transaction dated Wednesday, September 12th. The shares were sold at an average price of $77.88, for a total value of $165,962.28. Following the completion of the sale, the senior vice president now owns 18,131 shares of the company’s stock, valued at approximately $1,412,042.28. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Patricia H. Walker sold 5,000 shares of the business’s stock in a transaction dated Wednesday, August 29th. The stock was sold at an average price of $77.66, for a total transaction of $388,300.00. Following the completion of the sale, the insider now directly owns 21,698 shares of the company’s stock, valued at approximately $1,685,066.68. The disclosure for this sale can be found here. Insiders sold a total of 66,913 shares of company stock valued at $5,351,384 in the last three months. Insiders own 0.75% of the company’s stock.

Best Buy stock opened at $78.39 on Friday. Best Buy Co Inc has a 12-month low of $51.61 and a 12-month high of $84.37. The firm has a market cap of $21.48 billion, a P/E ratio of 15.87, a PEG ratio of 1.24 and a beta of 0.98. The company has a current ratio of 1.21, a quick ratio of 0.52 and a debt-to-equity ratio of 0.25.

Best Buy (NYSE:BBY) last released its quarterly earnings results on Tuesday, August 28th. The technology retailer reported $0.91 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.83 by $0.08. Best Buy had a net margin of 2.44% and a return on equity of 40.28%. The firm had revenue of $9.38 billion for the quarter, compared to the consensus estimate of $9.25 billion. During the same quarter in the previous year, the firm posted $0.69 EPS. The firm’s quarterly revenue was up 4.6% on a year-over-year basis. equities analysts expect that Best Buy Co Inc will post 5.11 EPS for the current fiscal year.

The business also recently announced a quarterly dividend, which will be paid on Tuesday, October 9th. Stockholders of record on Tuesday, September 18th will be given a $0.45 dividend. This represents a $1.80 annualized dividend and a dividend yield of 2.30%. The ex-dividend date is Monday, September 17th. Best Buy’s payout ratio is currently 40.72%.

Best Buy Company Profile

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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