Renaissance Technologies LLC lifted its stake in Best Buy Co Inc (NYSE:BBY) by 61.0% in the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 3,379,200 shares of the technology retailer’s stock after purchasing an additional 1,280,600 shares during the quarter. Renaissance Technologies LLC owned 1.16% of Best Buy worth $231,374,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
Several other hedge funds and other institutional investors also recently bought and sold shares of BBY. Dana Investment Advisors Inc. bought a new position in Best Buy during the third quarter valued at approximately $9,482,000. Unison Advisors LLC acquired a new position in Best Buy during the fourth quarter valued at approximately $1,420,000. Nomura Asset Management Co. Ltd. grew its holdings in Best Buy by 5.2% during the third quarter. Nomura Asset Management Co. Ltd. now owns 48,397 shares of the technology retailer’s stock valued at $2,756,000 after purchasing an additional 2,390 shares during the last quarter. Sit Investment Associates Inc. grew its holdings in Best Buy by 783,437.5% during the fourth quarter. Sit Investment Associates Inc. now owns 188,049 shares of the technology retailer’s stock valued at $12,876,000 after purchasing an additional 188,025 shares during the last quarter. Finally, Schwab Charles Investment Management Inc. grew its holdings in Best Buy by 0.7% during the fourth quarter. Schwab Charles Investment Management Inc. now owns 1,568,216 shares of the technology retailer’s stock valued at $107,256,000 after purchasing an additional 10,511 shares during the last quarter. 85.73% of the stock is owned by institutional investors and hedge funds.
Several brokerages have recently issued reports on BBY. Zacks Investment Research downgraded shares of Best Buy from a “strong-buy” rating to a “hold” rating in a research note on Wednesday. Telsey Advisory Group restated a “market perform” rating and issued a $76.00 price objective (up previously from $74.00) on shares of Best Buy in a research note on Friday, March 2nd. Credit Suisse Group restated a “hold” rating and issued a $74.00 price objective (up previously from $60.00) on shares of Best Buy in a research note on Monday, March 5th. Wedbush reiterated an “underperform” rating and set a $48.00 price target (up previously from $45.00) on shares of Best Buy in a research note on Monday, March 5th. Finally, Morgan Stanley reiterated an “equal weight” rating and set a $74.00 price target (up previously from $66.00) on shares of Best Buy in a research note on Friday, March 2nd. Four research analysts have rated the stock with a sell rating, ten have assigned a hold rating, eight have issued a buy rating and one has given a strong buy rating to the company. Best Buy has a consensus rating of “Hold” and a consensus price target of $69.25.
Best Buy (NYSE:BBY) last posted its earnings results on Thursday, March 1st. The technology retailer reported $2.42 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $2.05 by $0.37. Best Buy had a return on equity of 32.68% and a net margin of 2.37%. The company had revenue of $15.36 billion during the quarter, compared to analyst estimates of $14.52 billion. During the same period in the previous year, the company earned $1.93 EPS. The company’s revenue for the quarter was up 14.0% compared to the same quarter last year. equities research analysts expect that Best Buy Co Inc will post 4.97 EPS for the current fiscal year.
The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, April 12th. Investors of record on Thursday, March 22nd will be given a $0.45 dividend. The ex-dividend date is Wednesday, March 21st. This is a positive change from Best Buy’s previous quarterly dividend of $0.34. This represents a $1.80 annualized dividend and a dividend yield of 2.58%. Best Buy’s payout ratio is currently 32.15%.
In related news, CEO Hubert Joly sold 9,591 shares of the business’s stock in a transaction that occurred on Tuesday, March 13th. The stock was sold at an average price of $72.45, for a total value of $694,867.95. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CFO Corie S. Barry sold 399 shares of the business’s stock in a transaction that occurred on Tuesday, March 13th. The shares were sold at an average price of $72.45, for a total value of $28,907.55. The disclosure for this sale can be found here. Insiders sold a total of 364,791 shares of company stock valued at $24,523,873 over the last quarter. 0.84% of the stock is owned by insiders.
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Best Buy Profile
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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