Investors Sell Best Buy (BBY) on Strength (BBY)

Investors sold shares of Best Buy Co Inc (NYSE:BBY) on strength during trading hours on Wednesday. $19.25 million flowed into the stock on the tick-up and $35.12 million flowed out of the stock on the tick-down, for a money net flow of $15.87 million out of the stock. Of all equities tracked, Best Buy had the 25th highest net out-flow for the day. Best Buy traded up $0.34 for the day and closed at $68.36

BBY has been the topic of several research reports. Zacks Investment Research upgraded shares of 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. Jefferies Group restated a “hold” rating and issued a $60.00 target price on shares of Best Buy in a report on Monday, November 13th. They noted that the move was a valuation call. Loop Capital restated a “buy” rating and issued a $72.00 target price on shares of Best Buy in a report on Thursday, August 31st. Wedbush set a $33.00 target price on shares of Best Buy and gave the stock a “sell” rating in a report on Monday, November 13th. Finally, SunTrust Banks restated a “buy” rating on shares of Best Buy in a report on Thursday, August 31st. Four analysts have rated the stock with a sell rating, six have given a hold rating, thirteen have issued a buy rating and one has given a strong buy rating to the company’s stock. Best Buy currently has an average rating of “Hold” and a consensus target price of $58.81.

The company has a quick ratio of 0.52, a current ratio of 1.25 and a debt-to-equity ratio of 0.19. The stock has a market cap of $19,620.00, a PE ratio of 17.31, a price-to-earnings-growth ratio of 1.42 and a beta of 1.40.

Best Buy (NYSE:BBY) last released its quarterly earnings results on Thursday, November 16th. The technology retailer reported $0.78 earnings per share for the quarter, hitting the Thomson Reuters’ consensus estimate of $0.78. Best Buy had a net margin of 3.09% and a return on equity of 28.46%. The business had revenue of $9.32 billion for the quarter, compared to the consensus estimate of $9.36 billion. During the same period last year, the firm earned $0.60 earnings per share. The company’s quarterly revenue was up 4.2% on a year-over-year basis. equities analysts forecast that Best Buy Co Inc will post 4.02 earnings per share for the current fiscal year.

The firm also recently declared a quarterly dividend, which will be paid on Thursday, December 28th. Shareholders of record on Thursday, December 7th will be given a $0.34 dividend. The ex-dividend date is Wednesday, December 6th. This represents a $1.36 annualized dividend and a yield of 1.99%. Best Buy’s payout ratio is presently 34.43%.

In other news, CFO Corie S. Barry sold 3,134 shares of the firm’s stock in a transaction on Tuesday, October 3rd. The shares were sold at an average price of $57.26, for a total transaction of $179,452.84. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. Also, General Counsel Keith J. Nelsen sold 44,235 shares of the firm’s stock in a transaction on Wednesday, November 22nd. The shares were sold at an average price of $56.78, for a total transaction of $2,511,663.30. Following the sale, the general counsel now owns 107,503 shares in the company, valued at $6,104,020.34. The disclosure for this sale can be found here. Insiders have sold a total of 3,137,387 shares of company stock worth $191,242,577 over the last 90 days. Insiders own 0.84% of the company’s stock.

Hedge funds have recently made changes to their positions in the company. Renaissance Technologies LLC increased its holdings in Best Buy by 762.4% in the 2nd quarter. Renaissance Technologies LLC now owns 3,528,900 shares of the technology retailer’s stock valued at $202,312,000 after acquiring an additional 3,119,700 shares during the last quarter. Bank of New York Mellon Corp increased its holdings in 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 during the last quarter. Parametric Portfolio Associates LLC increased its holdings in 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 during the last quarter. APG Asset Management N.V. increased its holdings in 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 during the last quarter. Finally, 1060 Capital LLC bought a new stake in Best Buy in the 3rd quarter valued at $35,849,000. Hedge funds and other institutional investors own 88.45% of the company’s stock.

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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.

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