Quadrant Capital Group LLC boosted its holdings in shares of Best Buy Co Inc by 28.2% in the first quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 922 shares of the technology retailer’s stock after acquiring an additional 203 shares during the quarter. Quadrant Capital Group LLC’s holdings in Best Buy were worth $61,000 as of its most recent SEC filing.
A number of other institutional investors and hedge funds have also bought and sold shares of BBY. State of Alaska Department of Revenue lifted its holdings in shares of Best Buy by 4.5% in the 4th quarter. State of Alaska Department of Revenue now owns 53,270 shares of the technology retailer’s stock worth $2,819,000 after buying an additional 2,294 shares during the period. PGGM Investments purchased a new stake in shares of Best Buy in the 4th quarter worth $40,447,000. QUANTRES ASSET MANAGEMENT Ltd purchased a new stake in shares of Best Buy in the 4th quarter worth $1,441,000. Clean Yield Group purchased a new stake in shares of Best Buy in the 4th quarter worth $42,000. Finally, HRT Financial LLC purchased a new stake in shares of Best Buy in the 4th quarter worth $1,105,000. Institutional investors own 78.58% of the company’s stock.
In related news, insider Kathleen Scarlett sold 4,098 shares of the company’s stock in a transaction dated Wednesday, May 29th. The stock was sold at an average price of $65.29, for a total transaction of $267,558.42. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. Also, major shareholder Richard M. Schulze sold 25,443 shares of the company’s stock in a transaction dated Monday, March 4th. The shares were sold at an average price of $68.22, for a total value of $1,735,721.46. Following the transaction, the insider now directly owns 1,732,500 shares in the company, valued at $118,191,150. The disclosure for this sale can be found here. Over the last three months, insiders sold 1,558,563 shares of company stock valued at $105,538,655. Corporate insiders own 0.95% of the company’s stock.
BBY has been the subject of several research reports. ValuEngine upgraded Best Buy from a “sell” rating to a “hold” rating in a report on Monday, March 11th. Wedbush set a $71.00 target price on Best Buy and gave the stock a “hold” rating in a report on Friday, May 24th. Zacks Investment Research cut Best Buy from a “buy” rating to a “hold” rating in a report on Tuesday, April 30th. Wolfe Research upgraded Best Buy from a “market perform” rating to a “buy” rating in a report on Wednesday, March 6th. Finally, Oppenheimer upgraded Best Buy from a “market perform” rating to an “outperform” rating and set a $86.00 target price for the company in a report on Friday, March 22nd. Eleven equities research analysts have rated the stock with a hold rating and nine have given a buy rating to the stock. The stock currently has a consensus rating of “Hold” and a consensus price target of $77.81.
Shares of BBY traded down $2.34 during trading hours on Friday, hitting $62.67. The company had a trading volume of 3,541,742 shares, compared to its average volume of 3,509,333. The firm has a market cap of $17.39 billion, a price-to-earnings ratio of 11.78, a PEG ratio of 1.29 and a beta of 0.94. The company has a current ratio of 1.12, a quick ratio of 0.39 and a debt-to-equity ratio of 1.00. Best Buy Co Inc has a one year low of $47.72 and a one year high of $84.37.
Best Buy last released its quarterly earnings results on Thursday, May 23rd. The technology retailer reported $1.02 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.88 by $0.14. The firm had revenue of $9.14 billion during the quarter, compared to analyst estimates of $9.14 billion. Best Buy had a return on equity of 47.91% and a net margin of 3.54%. The business’s revenue for the quarter was up .4% compared to the same quarter last year. During the same period in the previous year, the company posted $0.82 EPS. On average, equities research analysts forecast that Best Buy Co Inc will post 5.73 EPS for the current year.
Best Buy declared that its Board of Directors has initiated a stock buyback plan on Wednesday, February 27th that allows the company to buyback $3.00 billion in outstanding shares. This buyback authorization allows the technology retailer to purchase up to 18.5% of its shares through open market purchases. Shares buyback plans are often a sign that the company’s board of directors believes its stock is undervalued.
The business also recently declared a quarterly dividend, which will be paid on Friday, July 5th. Stockholders of record on Thursday, June 13th will be given a $0.50 dividend. This represents a $2.00 annualized dividend and a dividend yield of 3.19%. The ex-dividend date of this dividend is Wednesday, June 12th. Best Buy’s payout ratio is 37.59%.
Date: June 06, 2019
Source: MayField Recorder