Gyroscope Capital Management Group LLC lowered its stake in shares of Best Buy Co Inc (NYSE:BBY) by 11.4% during the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 92,671 shares of the technology retailer’s stock after selling 11,982 shares during the period. Best Buy comprises 3.1% of Gyroscope Capital Management Group LLC’s portfolio, making the stock its 10th largest holding. Gyroscope Capital Management Group LLC’s holdings in Best Buy were worth $6,486,000 as of its most recent filing with the Securities and Exchange Commission.
A number of other hedge funds also recently added to or reduced their stakes in BBY. OppenheimerFunds Inc. lifted its holdings in shares of Best Buy by 448.0% in the first quarter. OppenheimerFunds Inc. now owns 2,893,720 shares of the technology retailer’s stock valued at $202,532,000 after purchasing an additional 2,365,675 shares in the last quarter. Renaissance Technologies LLC lifted its holdings in shares of Best Buy by 61.0% in the fourth quarter. Renaissance Technologies LLC now owns 3,379,200 shares of the technology retailer’s stock valued at $231,374,000 after purchasing an additional 1,280,600 shares in the last quarter. Amundi Pioneer Asset Management Inc. purchased a new stake in shares of Best Buy in the fourth quarter valued at about $86,840,000. Bank of New York Mellon Corp lifted its holdings in shares of Best Buy by 31.5% in the fourth quarter. Bank of New York Mellon Corp now owns 5,279,548 shares of the technology retailer’s stock valued at $361,491,000 after purchasing an additional 1,264,528 shares in the last quarter. Finally, Mackay Shields LLC purchased a new stake in shares of Best Buy in the first quarter valued at about $38,919,000. 88.29% of the stock is currently owned by hedge funds and other institutional investors.
In related news, insider Patricia H. Walker sold 8,854 shares of the company’s stock in a transaction that occurred on Tuesday, April 24th. The shares were sold at an average price of $73.63, for a total transaction of $651,920.02. Following the completion of the transaction, the insider now owns 26,698 shares of the company’s stock, valued at $1,965,773.74. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Kathleen Scarlett sold 1,225 shares of the company’s stock in a transaction that occurred on Monday, June 4th. The stock was sold at an average price of $68.85, for a total transaction of $84,341.25. The disclosure for this sale can be found here. Insiders have sold 31,999 shares of company stock valued at $2,344,505 in the last ninety days. 0.75% of the stock is currently owned by company insiders.
Best Buy (NYSE:BBY) last announced its quarterly earnings data on Thursday, May 24th. The technology retailer reported $0.82 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.74 by $0.08. The business had revenue of $9.11 billion for the quarter, compared to the consensus estimate of $8.75 billion. Best Buy had a net margin of 2.39% and a return on equity of 36.16%. The company’s quarterly revenue was up 6.8% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $0.60 earnings per share. equities analysts predict that Best Buy Co Inc will post 5.01 EPS for the current year.
The business also recently declared a quarterly dividend, which will be paid on Thursday, July 5th. Investors of record on Thursday, June 14th will be given a dividend of $0.45 per share. This represents a $1.80 annualized dividend and a yield of 2.36%. The ex-dividend date is Wednesday, June 13th. Best Buy’s dividend payout ratio (DPR) is 40.72%.
Several analysts have issued reports on BBY shares. Zacks Investment Research downgraded shares of Best Buy from a “buy” rating to a “hold” rating in a report on Monday, May 28th. Jefferies Financial Group reaffirmed a “buy” rating and issued a $74.00 price target (up previously from $60.00) on shares of Best Buy in a report on Tuesday, February 27th. Wedbush reaffirmed a “sell” rating and issued a $38.00 price target on shares of Best Buy in a report on Monday, February 26th. UBS Group reaffirmed a “neutral” rating and issued a $77.00 price target (up previously from $70.00) on shares of Best Buy in a report on Friday, March 2nd. Finally, Wells Fargo & Co set a $77.00 price target on shares of Best Buy and gave the company a “hold” rating in a report on Thursday, May 24th. Three analysts have rated the stock with a sell rating, eleven have assigned a hold rating, seven have assigned a buy rating and one has given a strong buy rating to the company’s stock. The company presently has an average rating of “Hold” and a consensus target price of $72.41.
Best Buy Company Profile
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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