Municipal Employees Retirement System of Michigan cut its position in shares of Best Buy Co., Inc. (NYSE:BBY) by 16.1% in the third quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 10,540 shares of the technology retailer’s stock after selling 2,020 shares during the quarter. Municipal Employees Retirement System of Michigan’s holdings in Best Buy were worth $600,000 at the end of the most recent quarter.
Other hedge funds have also recently bought and sold shares of the company. FNY Managed Accounts LLC lifted its stake in Best Buy by 18,281.8% during the second quarter. FNY Managed Accounts LLC now owns 2,000 shares of the technology retailer’s stock valued at $114,000 after buying an additional 2,011 shares in the last quarter. Northwestern Mutual Wealth Management Co. increased its holdings in shares of Best Buy by 6.2% in the 2nd quarter. Northwestern Mutual Wealth Management Co. now owns 2,774 shares of the technology retailer’s stock valued at $159,000 after purchasing an additional 163 shares during the period. Smithfield Trust Co. acquired a new position in shares of Best Buy in the 3rd quarter valued at about $178,000. Keybank National Association OH acquired a new position in shares of Best Buy in the 2nd quarter valued at about $200,000. Finally, IBM Retirement Fund increased its holdings in shares of Best Buy by 26.9% in the 2nd quarter. IBM Retirement Fund now owns 3,918 shares of the technology retailer’s stock valued at $225,000 after purchasing an additional 830 shares during the period. 86.44% of the stock is owned by institutional investors.
In related news, VP Mathew Watson sold 1,129 shares of the stock in a transaction that occurred on Tuesday, September 5th. The stock was sold at an average price of $54.68, for a total value of $61,733.72. Following the transaction, the vice president now owns 17,764 shares in the company, valued at $971,335.52. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, major shareholder Richard M. Schulze sold 1,000,000 shares of the stock in a transaction that occurred on Wednesday, November 29th. The stock was sold at an average price of $58.80, for a total value of $58,800,000.00. The disclosure for this sale can be found here. Insiders sold 1,230,052 shares of company stock worth $71,516,604 in the last 90 days. 1.21% of the stock is currently owned by corporate insiders.
Best Buy (NYSE:BBY) last released its quarterly earnings data on Thursday, November 16th. The technology retailer reported $0.78 EPS for the quarter, hitting analysts’ consensus estimates of $0.78. Best Buy had a return on equity of 28.46% and a net margin of 3.09%. The firm had revenue of $9.32 billion for the quarter, compared to the consensus estimate of $9.36 billion. During the same quarter in the prior year, the company posted $0.60 earnings per share. The firm’s revenue was up 4.2% on a year-over-year basis. analysts expect that Best Buy Co., Inc. will post 4.03 EPS for the current fiscal year.
The company also recently disclosed a quarterly dividend, which will be paid on Thursday, December 28th. Investors of record on Thursday, December 7th will be issued a $0.34 dividend. The ex-dividend date of this dividend is Wednesday, December 6th. This represents a $1.36 dividend on an annualized basis and a yield of 2.25%. Best Buy’s dividend payout ratio is currently 34.34%.
A number of equities analysts have recently weighed in on BBY shares. Barclays reiterated a “buy” rating and issued a $65.00 target price on shares of Best Buy in a report on Monday, August 28th. KeyCorp reiterated a “hold” rating on shares of Best Buy in a report on Friday, November 10th. Wedbush set a $32.00 target price on Best Buy and gave the company a “sell” rating in a report on Wednesday. Zacks Investment Research upgraded Best Buy from a “hold” rating to a “buy” rating and set a $66.00 target price on the stock in a report on Tuesday, October 10th. Finally, Deutsche Bank set a $56.00 target price on Best Buy and gave the company a “hold” rating in a report on Friday, November 17th. Three analysts have rated the stock with a sell rating, six have issued a hold rating, fourteen have issued a buy rating and one has issued a strong buy rating to the stock. The company has an average rating of “Buy” and a consensus target price of $58.81.
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Best Buy Company Profile
Best Buy Co, Inc is a provider of technology products, services and solutions. The Company offers products and services to the customers visiting its stores, engaging with Geek Squad agents, or using its Websites or mobile applications. It has operations in the United States, Canada and Mexico. The Company operates through two segments: Domestic and International.
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