Meeder Asset Management Inc. increased its position in Best Buy Co Inc (NYSE:BBY) by 12.4% in the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 38,869 shares of the technology retailer’s stock after acquiring an additional 4,281 shares during the period. Meeder Asset Management Inc.’s holdings in Best Buy were worth $2,057,000 at the end of the most recent reporting period.
A number of other hedge funds and other institutional investors have also recently made changes to their positions in the stock. Bank of New York Mellon Corp grew its holdings in Best Buy by 10.0% during the 3rd quarter. Bank of New York Mellon Corp now owns 6,519,666 shares of the technology retailer’s stock valued at $517,400,000 after purchasing an additional 591,086 shares during the last quarter. State of Alaska Department of Revenue grew its holdings in Best Buy by 4.5% during the 4th quarter. State of Alaska Department of Revenue now owns 53,270 shares of the technology retailer’s stock valued at $2,819,000 after purchasing an additional 2,294 shares during the last quarter. NuWave Investment Management LLC grew its holdings in Best Buy by 7,828.4% during the 3rd 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 last quarter. Banco Santander S.A. grew its holdings in Best Buy by 9.9% during the 3rd quarter. Banco Santander S.A. now owns 9,415 shares of the technology retailer’s stock valued at $747,000 after purchasing an additional 851 shares during the last quarter. Finally, Russell Investments Group Ltd. grew its holdings in Best Buy by 37.8% during the 3rd quarter. Russell Investments Group Ltd. now owns 657,375 shares of the technology retailer’s stock valued at $51,841,000 after purchasing an additional 180,358 shares during the last quarter. Institutional investors own 85.33% of the company’s stock.
Several equities analysts recently commented on the stock. Zacks Investment Research downgraded shares of Best Buy from a “hold” rating to a “sell” rating in a report on Wednesday, January 23rd. Deutsche Bank restated a “buy” rating on shares of Best Buy in a research note on Friday, January 11th. Moffett Nathanson upgraded shares of Best Buy from a “sell” rating to a “neutral” rating in a research note on Wednesday, December 19th. Bank of America downgraded shares of Best Buy from a “neutral” rating to an “underperform” rating and dropped their target price for the stock from $70.00 to $50.00 in a research note on Monday, December 17th. Finally, Loop Capital restated a “buy” rating on shares of Best Buy in a research note on Tuesday, November 27th. Two research analysts have rated the stock with a sell rating, eleven have given a hold rating and five have given a buy rating to the company. The company presently has a consensus rating of “Hold” and a consensus price target of $75.81.
Shares of NYSE BBY traded up $0.09 during midday trading on Friday, reaching $58.95. The company had a trading volume of 1,701,516 shares, compared to its average volume of 2,576,496. The stock has a market cap of $15.84 billion, a P/E ratio of 13.34, a P/E/G 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. The company has a current ratio of 1.10, a quick ratio of 0.28 and a debt-to-equity ratio of 0.42.
Best Buy (NYSE:BBY) last released its quarterly earnings data on Tuesday, November 20th. The technology retailer reported $0.93 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.85 by $0.08. The firm had revenue of $9.59 billion for the quarter, compared to analyst estimates of $9.56 billion. Best Buy had a net margin of 2.52% and a return on equity of 44.41%. The business’s quarterly revenue was up 2.9% compared to the same quarter last year. During the same quarter in the prior year, the business earned $0.78 earnings per share. As a group, sell-side analysts forecast that Best Buy Co Inc will post 5.18 earnings per share for the current year.
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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