Oppenheimer Asset Management Inc. Sells 2,583 Shares of Best Buy Co., Inc. (BBY)

Oppenheimer Asset Management Inc. decreased its stake in shares of Best Buy Co., Inc. (NYSE:BBY) by 22.2% during the third quarter, according to its most recent filing with the SEC. The institutional investor owned 9,069 shares of the technology retailer’s stock after selling 2,583 shares during the period. Oppenheimer Asset Management Inc.’s holdings in Best Buy were worth $517,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds also recently modified their holdings of BBY. Renaissance Technologies LLC lifted its holdings in Best Buy by 762.4% during the 2nd quarter. Renaissance Technologies LLC now owns 3,528,900 shares of the technology retailer’s stock worth $202,312,000 after purchasing an additional 3,119,700 shares in the last quarter. Bank of New York Mellon Corp raised its holdings in shares of Best Buy by 27.5% in the 3rd quarter. Bank of New York Mellon Corp now owns 4,015,020 shares of the technology retailer’s stock valued at $228,696,000 after acquiring an additional 866,787 shares in the last quarter. Parametric Portfolio Associates LLC raised its holdings in shares of Best Buy by 125.4% in the 2nd quarter. Parametric Portfolio Associates LLC now owns 1,387,812 shares of the technology retailer’s stock valued at $79,563,000 after acquiring an additional 772,200 shares in the last quarter. APG Asset Management N.V. raised its holdings in shares of Best Buy by 27.6% in the 3rd quarter. APG Asset Management N.V. now owns 3,340,288 shares of the technology retailer’s stock valued at $190,263,000 after acquiring an additional 723,500 shares in the last quarter. Finally, 1060 Capital LLC purchased a new stake in shares of Best Buy in the 3rd quarter valued at about $35,849,000. 88.89% of the stock is currently owned by institutional investors and hedge funds.

Best Buy Co., Inc. (NYSE BBY) opened at $65.32 on Friday. The company has a current ratio of 1.25, a quick ratio of 0.52 and a debt-to-equity ratio of 0.19. The company has a market capitalization of $19,094.80, a PE ratio of 16.25, a PEG ratio of 1.38 and a beta of 1.40. Best Buy Co., Inc. has a 1 year low of $41.67 and a 1 year high of $65.54.

Best Buy (NYSE:BBY) last announced its quarterly earnings data on Thursday, November 16th. The technology retailer reported $0.78 EPS for the quarter, meeting the consensus estimate of $0.78. The firm had revenue of $9.32 billion for the quarter, compared to analyst estimates of $9.36 billion. Best Buy had a return on equity of 28.46% and a net margin of 3.09%. The company’s revenue was up 4.2% on a year-over-year basis. During the same period in the prior year, the company earned $0.60 EPS. sell-side analysts anticipate that Best Buy Co., Inc. will post 4.02 earnings per share for the current fiscal year.

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, December 28th. Stockholders of record on Thursday, December 7th will be given a dividend of $0.34 per share. The ex-dividend date is Wednesday, December 6th. This represents a $1.36 annualized dividend and a dividend yield of 2.08%. Best Buy’s dividend payout ratio (DPR) is presently 34.34%.

In related news, insider Kathleen Scarlett sold 10,797 shares of the firm’s stock in a transaction that occurred on Wednesday, September 20th. The stock was sold at an average price of $52.49, for a total transaction of $566,734.53. Following the transaction, the insider now directly owns 25,690 shares in the company, valued at approximately $1,348,468.10. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. Also, major shareholder Richard M. Schulze sold 75,000 shares of the firm’s stock in a transaction that occurred on Friday, December 15th. The stock was sold at an average price of $65.19, for a total value of $4,889,250.00. Following the transaction, the insider now owns 1,732,500 shares in the company, valued at $112,941,675. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 2,898,184 shares of company stock worth $175,101,812. 1.21% of the stock is owned by corporate insiders.

Several research firms have weighed in on BBY. Oppenheimer reaffirmed a “hold” rating on shares of Best Buy in a report on Tuesday, August 29th. BidaskClub raised Best Buy from a “buy” rating to a “strong-buy” rating in a report on Thursday, August 24th. Barclays reaffirmed a “buy” rating and issued a $65.00 price target on shares of Best Buy in a report on Monday, August 28th. Piper Jaffray Companies reaffirmed a “buy” rating and issued a $70.00 price target on shares of Best Buy in a report on Wednesday, August 23rd. Finally, Jefferies Group reaffirmed a “hold” rating and issued a $60.00 price target on shares of Best Buy in a report on Tuesday, August 22nd. Four research analysts have rated the stock with a sell rating, six have assigned a hold rating, thirteen have issued a buy rating and one has given a strong buy rating to the company. The stock currently has a consensus rating of “Hold” and a consensus target price of $58.81.

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About Best Buy

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.

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

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