Best Buy Co Inc (BBY) Position Raised by Oppenheimer & Co. Inc.

Oppenheimer & Co. Inc. increased its holdings in shares of Best Buy Co Inc (NYSE:BBY) by 37.7% in the 3rd quarter, Holdings Channel reports. The firm owned 5,162 shares of the technology retailer’s stock after acquiring an additional 1,414 shares during the quarter. Oppenheimer & Co. Inc.’s holdings in Best Buy were worth $410,000 as of its most recent SEC filing.

Other hedge funds have also bought and sold shares of the company. Barings LLC increased its position in Best Buy by 32.8% during the third quarter. Barings LLC now owns 51,000 shares of the technology retailer’s stock worth $4,047,000 after buying an additional 12,600 shares during the period. Sawtooth Solutions LLC acquired a new position in Best Buy during the third quarter worth approximately $267,000. Russell Investments Group Ltd. increased its position in Best Buy by 37.8% during the third quarter. Russell Investments Group Ltd. now owns 657,375 shares of the technology retailer’s stock worth $51,841,000 after buying an additional 180,358 shares during the period. Alps Advisors Inc. increased its position in Best Buy by 38.4% during the third quarter. Alps Advisors Inc. now owns 31,387 shares of the technology retailer’s stock worth $2,491,000 after buying an additional 8,702 shares during the period. Finally, Alpha Cubed Investments LLC increased its position in Best Buy by 3.9% during the third quarter. Alpha Cubed Investments LLC now owns 97,494 shares of the technology retailer’s stock worth $6,902,000 after buying an additional 3,661 shares during the period. Hedge funds and other institutional investors own 85.32% of the company’s stock.

NYSE:BBY opened at $73.23 on Friday. The company has a market capitalization of $19.68 billion, a PE ratio of 16.57, a P/E/G ratio of 1.11 and a beta of 1.01. 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 Co Inc has a 12-month low of $52.92 and a 12-month high of $84.37.

Best Buy (NYSE:BBY) last released its earnings results on Tuesday, August 28th. The technology retailer reported $0.91 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.83 by $0.08. Best Buy had a return on equity of 40.28% and a net margin of 2.44%. The business had revenue of $9.38 billion for the quarter, compared to analyst estimates of $9.25 billion. During the same quarter in the previous year, the company posted $0.69 earnings per share. The company’s revenue for the quarter was up 4.6% compared to the same quarter last year. Equities analysts predict that Best Buy Co Inc will post 5.11 earnings per share for the current year.

In related news, insider Patricia H. Walker sold 5,000 shares of Best Buy stock in a transaction that occurred on Wednesday, August 29th. The stock was sold at an average price of $77.66, for a total value of $388,300.00. Following the sale, the insider now directly owns 21,698 shares in the company, valued at $1,685,066.68. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Also, General Counsel Keith J. Nelsen sold 33,473 shares of Best Buy stock in a transaction that occurred on Tuesday, September 4th. The shares were sold at an average price of $80.38, for a total value of $2,690,559.74. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 76,711 shares of company stock worth $6,081,426. Company insiders own 0.75% of the company’s stock.

BBY has been the topic of several research analyst reports. Zacks Investment Research raised Best Buy from a “hold” rating to a “strong-buy” rating and set a $88.00 price target on the stock in a research report on Tuesday, July 24th. Morgan Stanley lifted their price target on Best Buy from $74.00 to $78.00 and gave the stock an “equal weight” rating in a research report on Wednesday, August 29th. Telsey Advisory Group lifted their price target on Best Buy from $76.00 to $80.00 and gave the stock a “market perform” rating in a research report on Wednesday, August 29th. JPMorgan Chase & Co. boosted their target price on Best Buy from $76.00 to $79.00 and gave the company a “neutral” rating in a report on Wednesday, August 29th. Finally, Raymond James boosted their target price on Best Buy from $87.00 to $90.00 and gave the company a “buy” rating in a report on Wednesday, August 29th. Two equities research analysts have rated the stock with a sell rating, thirteen have given a hold rating and five have assigned a buy rating to the stock. The company presently has a consensus rating of “Hold” and a consensus target price of $80.63.

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Best Buy 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.

Featured Story: Market Capitalization

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

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