DnB Asset Management AS Purchases 2,463 Shares of Best Buy Co., Inc. (NYSE:BBY)

DnB Asset Management AS increased its position in shares of Best Buy Co., Inc. (NYSE:BBYGet Rating) by 2.8% during the second quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 89,487 shares of the technology retailer’s stock after acquiring an additional 2,463 shares during the period. DnB Asset Management AS’s holdings in Best Buy were worth $5,834,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also bought and sold shares of the company. Level Four Advisory Services LLC acquired a new position in shares of Best Buy in the fourth quarter valued at approximately $279,000. American International Group Inc. raised its stake in shares of Best Buy by 7.2% during the fourth quarter. American International Group Inc. now owns 73,724 shares of the technology retailer’s stock valued at $7,490,000 after acquiring an additional 4,957 shares during the last quarter. Invesco Ltd. lifted its holdings in shares of Best Buy by 24.7% during the fourth quarter. Invesco Ltd. now owns 1,691,744 shares of the technology retailer’s stock worth $171,880,000 after purchasing an additional 335,265 shares during the period. Hilltop Holdings Inc. grew its stake in shares of Best Buy by 5.1% in the fourth quarter. Hilltop Holdings Inc. now owns 2,486 shares of the technology retailer’s stock worth $252,000 after purchasing an additional 121 shares during the last quarter. Finally, Gotham Asset Management LLC increased its holdings in Best Buy by 35.5% in the fourth quarter. Gotham Asset Management LLC now owns 26,238 shares of the technology retailer’s stock valued at $2,666,000 after purchasing an additional 6,874 shares during the period. Institutional investors and hedge funds own 79.86% of the company’s stock.

Analyst Ratings Changes

Several brokerages have commented on BBY. Wedbush lifted their target price on Best Buy from $75.00 to $80.00 and gave the stock a “buy” rating in a report on Wednesday, August 31st. Telsey Advisory Group decreased their target price on shares of Best Buy from $88.00 to $82.00 and set an “outperform” rating for the company in a research report on Thursday, July 28th. Jefferies Financial Group downgraded shares of Best Buy from a “buy” rating to a “hold” rating and dropped their price target for the stock from $106.00 to $71.00 in a research report on Thursday, July 28th. UBS Group decreased their price objective on shares of Best Buy from $80.00 to $76.00 and set a “neutral” rating for the company in a research report on Thursday, July 28th. Finally, Citigroup boosted their target price on shares of Best Buy from $59.00 to $61.00 and gave the company a “sell” rating in a report on Wednesday, August 31st. Two research analysts have rated the stock with a sell rating, nine have assigned a hold rating and six have given a buy rating to the company. According to MarketBeat, the stock currently has a consensus rating of “Hold” and an average price target of $86.13.

Insiders Place Their Bets

In related news, CFO Matthew M. Bilunas sold 890 shares of Best Buy stock in a transaction that occurred on Tuesday, August 23rd. The stock was sold at an average price of $79.09, for a total transaction of $70,390.10. Following the transaction, the chief financial officer now owns 59,513 shares of the company’s stock, valued at $4,706,883.17. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. In other Best Buy news, EVP Damien Harmon sold 1,308 shares of the stock in a transaction dated Friday, September 9th. The shares were sold at an average price of $76.58, for a total value of $100,166.64. Following the completion of the sale, the executive vice president now owns 44,910 shares in the company, valued at approximately $3,439,207.80. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, CFO Matthew M. Bilunas sold 890 shares of the business’s stock in a transaction that occurred on Tuesday, August 23rd. The stock was sold at an average price of $79.09, for a total value of $70,390.10. Following the completion of the transaction, the chief financial officer now owns 59,513 shares in the company, valued at approximately $4,706,883.17. The disclosure for this sale can be found here. In the last ninety days, insiders sold 2,254 shares of company stock valued at $174,545. Corporate insiders own 0.44% of the company’s stock.

Best Buy Price Performance

Shares of NYSE:BBY opened at $72.63 on Monday. Best Buy Co., Inc. has a twelve month low of $64.29 and a twelve month high of $141.97. The stock’s 50 day moving average is $75.70 and its 200-day moving average is $82.52. The company has a quick ratio of 0.27, a current ratio of 0.96 and a debt-to-equity ratio of 0.41. The firm has a market capitalization of $16.35 billion, a price-to-earnings ratio of 9.74, a PEG ratio of 0.66 and a beta of 1.50.

Best Buy (NYSE:BBYGet Rating) last released its quarterly earnings data on Tuesday, August 30th. The technology retailer reported $1.54 earnings per share for the quarter, topping the consensus estimate of $1.27 by $0.27. The firm had revenue of $10.33 billion for the quarter, compared to the consensus estimate of $10.25 billion. Best Buy had a net margin of 3.60% and a return on equity of 57.98%. The business’s revenue was down 12.8% on a year-over-year basis. During the same quarter in the prior year, the company posted $2.98 earnings per share. Sell-side analysts forecast that Best Buy Co., Inc. will post 6.17 EPS for the current fiscal year.

Best Buy Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, October 11th. Shareholders of record on Tuesday, September 20th will be issued a dividend of $0.88 per share. This represents a $3.52 dividend on an annualized basis and a yield of 4.85%. The ex-dividend date is Monday, September 19th. Best Buy’s dividend payout ratio is currently 47.18%.

Best Buy Profile

(Get Rating)

Best Buy Co, Inc retails technology products in the United States and Canada. The company operates in two segments, Domestic and International. Its stores provide computing products, such as desktops, notebooks, and peripherals; mobile phones comprising related mobile network carrier commissions; networking products; tablets covering e-readers; smartwatches; and consumer electronics consisting of digital imaging, health and fitness, home theater, portable audio comprising headphones and portable speakers, and smart home products.

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

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