Alps Advisors Inc. Has $966,000 Holdings in Best Buy Co Inc (BBY)

Alps Advisors Inc. lessened its holdings in Best Buy Co Inc (NYSE:BBY) by 41.9% in the fourth quarter, according to its most recent filing with the SEC. The institutional investor owned 18,235 shares of the technology retailer’s stock after selling 13,152 shares during the period. Alps Advisors Inc.’s holdings in Best Buy were worth $966,000 as of its most recent SEC filing.

A number of other hedge funds have also modified their holdings of the business. Financial Gravity Companies Inc. purchased a new position in shares of Best Buy during the fourth quarter valued at about $312,000. M&T Bank Corp grew its position in Best Buy by 3.8% in the fourth quarter. M&T Bank Corp now owns 45,155 shares of the technology retailer’s stock worth $2,393,000 after acquiring an additional 1,647 shares in the last quarter. Wright Investors Service Inc. grew its position in Best Buy by 17.9% in the fourth quarter. Wright Investors Service Inc. now owns 29,448 shares of the technology retailer’s stock worth $1,560,000 after acquiring an additional 4,479 shares in the last quarter. Arrow Investment Advisors LLC grew its position in Best Buy by 7.7% in the fourth quarter. Arrow Investment Advisors LLC now owns 11,662 shares of the technology retailer’s stock worth $618,000 after acquiring an additional 830 shares in the last quarter. Finally, State Treasurer State of Michigan grew its position in Best Buy by 504.0% in the fourth quarter. State Treasurer State of Michigan now owns 437,304 shares of the technology retailer’s stock worth $23,160,000 after acquiring an additional 364,900 shares in the last quarter. Institutional investors and hedge funds own 86.73% of the company’s stock.

Shares of NYSE BBY opened at $58.45 on Tuesday. The company has a quick ratio of 0.28, a current ratio of 1.10 and a debt-to-equity ratio of 0.42. The stock has a market capitalization of $15.86 billion, a price-to-earnings ratio of 13.22, a PEG ratio of 0.98 and a beta of 0.94. Best Buy Co Inc has a 1 year low of $47.72 and a 1 year high of $84.37.

Best Buy (NYSE:BBY) last announced its quarterly earnings data on Tuesday, November 20th. The technology retailer reported $0.93 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.85 by $0.08. The business had revenue of $9.59 billion during the quarter, compared to the consensus estimate of $9.56 billion. Best Buy had a net margin of 2.52% and a return on equity of 44.41%. The firm’s quarterly revenue was up 2.9% compared to the same quarter last year. During the same quarter last year, the firm earned $0.78 earnings per share. On average, sell-side analysts predict that Best Buy Co Inc will post 5.18 earnings per share for the current fiscal year.

Several research firms recently commented on BBY. Credit Suisse Group set a $70.00 price target on Best Buy and gave the stock a “hold” rating in a research report on Wednesday, November 21st. Raymond James dropped their price target on Best Buy from $90.00 to $85.00 and set a “buy” rating for the company in a research report on Wednesday, November 21st. Piper Jaffray Companies dropped their price target on Best Buy from $87.00 to $81.00 and set a “buy” rating for the company in a research report on Wednesday, November 21st. Morgan Stanley dropped their price target on Best Buy from $80.00 to $75.00 and set an “equal weight” rating for the company in a research report on Friday, November 23rd. Finally, Deutsche Bank set a $72.00 price target on Best Buy and gave the stock a “hold” rating in a research report on Wednesday, November 21st. Two research analysts have rated the stock with a sell rating, eleven have given a hold rating and five have issued a buy rating to the company. The company presently has a consensus rating of “Hold” and an average price target of $75.81.

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About Best Buy

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 consumer electronics, including digital imaging, health and fitness, home automation, home theater, and portable audio products; computing and mobile phones, such as computing and peripherals, networking products, tablets, smart watches, and e-readers, as well as mobile phones comprising related mobile network carrier commissions; and entertainment products, including drones, movies, music, and technology toys, as well as gaming hardware and software, and virtual reality and other software products.

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

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