CIBC Asset Management Inc grew its stake in shares of Best Buy Co Inc (NYSE:BBY) by 1.4% in the second quarter, according to the company in its most recent filing with the SEC. The firm owned 21,329 shares of the technology retailer’s stock after acquiring an additional 299 shares during the quarter. CIBC Asset Management Inc’s holdings in Best Buy were worth $1,861,000 as of its most recent SEC filing.
Other large investors also recently added to or reduced their stakes in the company. Wells Fargo & Company MN lifted its position in shares of Best Buy by 8.5% during the 1st quarter. Wells Fargo & Company MN now owns 901,538 shares of the technology retailer’s stock valued at $51,387,000 after acquiring an additional 70,958 shares during the period. Cetera Advisor Networks LLC lifted its position in shares of Best Buy by 11.3% during the 1st quarter. Cetera Advisor Networks LLC now owns 3,565 shares of the technology retailer’s stock worth $203,000 after buying an additional 363 shares during the last quarter. Schroder Investment Management Group lifted its position in shares of Best Buy by 136.7% during the 1st quarter. Schroder Investment Management Group now owns 182,938 shares of the technology retailer’s stock worth $11,005,000 after buying an additional 105,656 shares during the last quarter. Advisor Group Holdings Inc. bought a new stake in shares of Best Buy during the 1st quarter worth $2,607,000. Finally, FinTrust Capital Advisors LLC bought a new stake in shares of Best Buy during the 1st quarter worth $28,000. Hedge funds and other institutional investors own 77.43% of the company’s stock.
In related news, CAO Mathew Watson sold 1,218 shares of the firm’s stock in a transaction that occurred on Friday, May 22nd. The stock was sold at an average price of $77.41, for a total transaction of $94,285.38. Following the completion of the sale, the chief accounting officer now owns 26,312 shares of the company’s stock, valued at $2,036,811.92. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Allison Peterson sold 5,000 shares of the firm’s stock in a transaction that occurred on Friday, May 29th. The stock was sold at an average price of $77.37, for a total value of $386,850.00. Following the sale, the insider now directly owns 29,511 shares of the company’s stock, valued at approximately $2,283,266.07. The disclosure for this sale can be found here. In the last three months, insiders sold 1,081,697 shares of company stock valued at $90,464,182. Insiders own 0.64% of the company’s stock.
Several analysts recently weighed in on BBY shares. UBS Group upped their price objective on Best Buy from $74.00 to $80.00 and gave the stock a “neutral” rating in a research report on Monday, May 18th. Barclays upped their price objective on Best Buy from $85.00 to $95.00 and gave the stock an “overweight” rating in a research report on Wednesday, July 8th. Nomura dropped their price objective on Best Buy from $85.00 to $84.00 and set a “neutral” rating for the company in a research report on Friday, May 22nd. Cfra upped their price objective on Best Buy from $75.00 to $90.00 and gave the stock a “buy” rating in a research report on Wednesday, May 20th. Finally, Zacks Investment Research restated a “buy” rating on shares of Best Buy in a research report on Tuesday, July 28th. One research analyst has rated the stock with a sell rating, six have given a hold rating and fifteen have given a buy rating to the stock. The company currently has a consensus rating of “Buy” and a consensus price target of $90.25.
Shares of BBY stock opened at $99.59 on Friday. The stock has a market cap of $25.64 billion, a price-to-earnings ratio of 17.23, a PEG ratio of 2.19 and a beta of 1.48. The stock has a 50-day moving average of $87.12 and a 200-day moving average of $79.02. The company has a current ratio of 1.02, a quick ratio of 0.57 and a debt-to-equity ratio of 0.18. Best Buy Co Inc has a 1-year low of $48.10 and a 1-year high of $100.68.
Best Buy (NYSE:BBY) last issued its quarterly earnings results on Thursday, May 21st. The technology retailer reported $0.67 earnings per share for the quarter, beating the consensus estimate of $0.41 by $0.26. The company had revenue of $8.56 billion during the quarter, compared to analysts’ expectations of $8.26 billion. Best Buy had a return on equity of 45.89% and a net margin of 3.33%. The business’s quarterly revenue was down 6.3% on a year-over-year basis. During the same quarter in the prior year, the firm posted $1.02 earnings per share. Sell-side analysts forecast that Best Buy Co Inc will post 5.57 earnings per share for the current year.
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 Computing and Mobile Phones, such as computing and peripherals, e-readers, networking products, tablets, and wearables, as well as mobile phones comprising related mobile network carrier commissions; consumer electronics, including digital imaging, health and fitness, home theater, portable audio, and smart home products; and entertainment products consisting of drones, movies, music, and toys, as well as gaming hardware and software, and virtual reality and other software products.
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