Best Buy Co Inc (BBY) Position Raised by Foster & Motley Inc.
Foster & Motley Inc. boosted its holdings in shares of Best Buy Co Inc (NYSE:BBY) by 32.3% in the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 7,709 shares of the technology retailer’s stock after purchasing an additional 1,884 shares during the period. Foster & Motley Inc.’s holdings in Best Buy were worth $528,000 as of its most recent SEC filing.
Other hedge funds have also added to or reduced their stakes in the company. Fieldpoint Private Securities LLC acquired a new stake in Best Buy during the 3rd quarter valued at $139,000. Smithfield Trust Co. acquired a new stake in Best Buy during the 3rd quarter valued at $178,000. Dalton Greiner Hartman Maher & Co. acquired a new stake in Best Buy during the 4th quarter valued at $231,000. Dumont & Blake Investment Advisors LLC acquired a new stake in Best Buy during the 3rd quarter valued at $232,000. Finally, Commerce Bank acquired a new stake in Best Buy during the 3rd quarter valued at $234,000. 88.57% of the stock is owned by hedge funds and other institutional investors.
In other news, major shareholder Richard M. Schulze sold 250,000 shares of the firm’s stock in a transaction on Monday, December 18th. The stock was sold at an average price of $66.83, for a total value of $16,707,500.00. Following the transaction, the insider now directly owns 1,732,500 shares in the company, valued at approximately $115,782,975. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, General Counsel Keith J. Nelsen sold 44,235 shares of the firm’s stock in a transaction on Wednesday, November 22nd. The stock was sold at an average price of $56.78, for a total value of $2,511,663.30. Following the completion of the transaction, the general counsel now owns 107,503 shares in the company, valued at $6,104,020.34. The disclosure for this sale can be found here. Insiders sold a total of 3,134,253 shares of company stock valued at $191,063,125 over the last three months. Insiders own 0.84% of the company’s stock.
Best Buy (NYSE:BBY) last released its earnings results on Thursday, November 16th. The technology retailer reported $0.78 EPS for the quarter, meeting the Thomson Reuters’ consensus estimate of $0.78. The company had revenue of $9.32 billion during the quarter, compared to analysts’ expectations of $9.36 billion. Best Buy had a return on equity of 28.46% and a net margin of 3.09%. The business’s revenue for the quarter was up 4.2% on a year-over-year basis. During the same period last year, the firm earned $0.60 EPS. sell-side analysts predict that Best Buy Co Inc will post 4.03 earnings per share for the current fiscal year.
The company also recently announced a quarterly dividend, which was paid on Thursday, December 28th. Stockholders of record on Thursday, December 7th were paid a $0.34 dividend. The ex-dividend date of this dividend was Wednesday, December 6th. This represents a $1.36 annualized dividend and a dividend yield of 1.75%. Best Buy’s dividend payout ratio (DPR) is currently 34.34%.
A number of equities research analysts recently weighed in on the company. Loop Capital set a $80.00 price target on Best Buy and gave the company a “buy” rating in a report on Tuesday, January 16th. Moffett Nathanson assumed coverage on Best Buy in a report on Monday, December 4th. They set a “sell” rating for the company. Oppenheimer reaffirmed a “hold” rating on shares of Best Buy in a report on Thursday, November 16th. Wedbush set a $38.00 price target on Best Buy and gave the company a “sell” rating in a report on Monday, January 8th. Finally, KeyCorp reaffirmed a “hold” rating on shares of Best Buy in a report on Friday, November 10th. Four investment analysts have rated the stock with a sell rating, six have issued a hold rating, twelve have given a buy rating and one has assigned a strong buy rating to the company. Best Buy has a consensus rating of “Hold” and an average target price of $59.58.
Best Buy Company 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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