Tokio Marine Asset Management Co. Ltd. purchased a new stake in Best Buy Co Inc (NYSE:BBY) in the third quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund purchased 12,453 shares of the technology retailer’s stock, valued at approximately $988,000.
A number of other institutional investors and hedge funds also recently made changes to their positions in BBY. NuWave Investment Management LLC increased its stake in Best Buy by 7,828.4% in the third quarter. NuWave Investment Management LLC now owns 5,312 shares of the technology retailer’s stock valued at $421,000 after purchasing an additional 5,245 shares during the period. Andesa Financial Management Inc. acquired a new position in shares of Best Buy during the second quarter worth about $424,000. Schroder Investment Management Group increased its stake in shares of Best Buy by 1.1% during the second quarter. Schroder Investment Management Group now owns 65,132 shares of the technology retailer’s stock worth $4,884,000 after acquiring an additional 725 shares during the period. Lido Advisors LLC acquired a new position in shares of Best Buy during the second quarter worth about $299,000. Finally, Principal Financial Group Inc. increased its stake in shares of Best Buy by 5.9% during the first quarter. Principal Financial Group Inc. now owns 970,027 shares of the technology retailer’s stock worth $67,891,000 after acquiring an additional 53,983 shares during the period. 85.32% of the stock is owned by hedge funds and other institutional investors.
In related news, insider Asheesh Saksena sold 26,309 shares of the company’s stock in a transaction that occurred on Wednesday, September 5th. The shares were sold at an average price of $80.07, for a total transaction of $2,106,561.63. The sale was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, CFO Corie S. Barry sold 2,982 shares of the company’s stock in a transaction that occurred on Tuesday, October 2nd. The shares were sold at an average price of $78.35, for a total transaction of $233,639.70. Following the transaction, the chief financial officer now directly owns 72,838 shares in the company, valued at approximately $5,706,857.30. The disclosure for this sale can be found here. Insiders have sold 76,711 shares of company stock worth $6,081,426 in the last three months. Insiders own 0.75% of the company’s stock.
Shares of NYSE BBY opened at $72.81 on Thursday. Best Buy Co Inc has a 12-month low of $52.92 and a 12-month high of $84.37. The stock has a market capitalization of $19.74 billion, a price-to-earnings ratio of 16.47, a price-to-earnings-growth ratio of 1.11 and a beta of 1.01. The company has a current ratio of 1.21, a quick ratio of 0.52 and a debt-to-equity ratio of 0.25.
Best Buy (NYSE:BBY) last announced its quarterly earnings results on Tuesday, August 28th. The technology retailer reported $0.91 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.83 by $0.08. The company had revenue of $9.38 billion for the quarter, compared to the consensus estimate of $9.25 billion. Best Buy had a net margin of 2.44% and a return on equity of 40.28%. The company’s revenue for the quarter was up 4.6% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $0.69 earnings per share. On average, equities analysts predict that Best Buy Co Inc will post 5.11 EPS for the current fiscal year.
The company also recently disclosed a quarterly dividend, which was paid on Tuesday, October 9th. Investors of record on Tuesday, September 18th were paid a dividend of $0.45 per share. This represents a $1.80 annualized dividend and a dividend yield of 2.47%. The ex-dividend date of this dividend was Monday, September 17th. Best Buy’s payout ratio is 40.72%.
BBY has been the topic of a number of recent analyst reports. Zacks Investment Research upgraded shares of Best Buy from a “hold” rating to a “buy” rating and set a $85.00 price target on the stock in a research note on Monday, July 16th. ValuEngine upgraded shares of Best Buy from a “hold” rating to a “buy” rating in a research report on Thursday, July 19th. Jefferies Financial Group started coverage on shares of Best Buy in a research report on Tuesday, August 21st. They set a “hold” rating and a $79.00 target price on the stock. Wedbush set a $65.00 target price on shares of Best Buy and gave the stock a “sell” rating in a research report on Thursday, August 23rd. Finally, Wells Fargo & Co restated a “hold” rating and set a $78.00 target price on shares of Best Buy in a research report on Tuesday, August 28th. Two analysts have rated the stock with a sell rating, thirteen have issued a hold rating and five have assigned a buy rating to the company’s stock. The stock currently has an average rating of “Hold” and an average price target of $80.63.
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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