Best Buy Co Inc (BBY) Holdings Boosted by Financial Advisors Network Inc.
Financial Advisors Network Inc. raised its stake in Best Buy Co Inc (NYSE:BBY) by 20.6% during the 4th quarter, Holdings Channel reports. The firm owned 9,025 shares of the technology retailer’s stock after acquiring an additional 1,541 shares during the period. Financial Advisors Network Inc.’s holdings in Best Buy were worth $618,000 as of its most recent SEC filing.
A number of other institutional investors also recently made changes to their positions in BBY. Viking Fund Management LLC boosted its holdings in shares of Best Buy by 66.7% in the third quarter. Viking Fund Management LLC now owns 10,000 shares of the technology retailer’s stock valued at $570,000 after acquiring an additional 4,000 shares during the period. Dana Investment Advisors Inc. acquired a new stake in shares of Best Buy in the third quarter valued at approximately $9,482,000. Nomura Asset Management Co. Ltd. boosted its holdings in shares of Best Buy by 5.2% in 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 acquiring an additional 2,390 shares during the period. Denali Advisors LLC acquired a new stake in shares of Best Buy in the third quarter valued at approximately $740,000. Finally, Unison Advisors LLC acquired a new stake in shares of Best Buy in the fourth quarter valued at approximately $1,420,000. Institutional investors own 88.49% of the company’s stock.
In other Best Buy 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 completion of the sale, the insider now owns 1,732,500 shares of the company’s stock, valued at $115,782,975. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. Also, major shareholder Richard M. Schulze sold 75,000 shares of the firm’s stock in a transaction on Friday, December 15th. The shares were sold at an average price of $65.19, for a total value of $4,889,250.00. Following the completion of the sale, the insider now directly owns 1,732,500 shares of the company’s stock, valued at approximately $112,941,675. The disclosure for this sale can be found here. In the last three months, insiders sold 3,134,253 shares of company stock valued at $191,063,125. 0.84% of the stock is owned by corporate insiders.
Best Buy (NYSE:BBY) last released its earnings results on Thursday, November 16th. The technology retailer reported $0.78 EPS for the quarter, meeting analysts’ consensus estimates of $0.78. Best Buy had a return on equity of 28.46% and a net margin of 3.09%. The company had revenue of $9.32 billion during the quarter, compared to the consensus estimate of $9.36 billion. During the same quarter last year, the company earned $0.60 earnings per share. Best Buy’s quarterly revenue was up 4.2% compared to the same quarter last year. analysts anticipate that Best Buy Co Inc will post 4.04 EPS for the current year.
Several equities research analysts have recently weighed in on BBY shares. Zacks Investment Research raised Best Buy from a “hold” rating to a “buy” rating and set a $62.00 price objective for the company in a report on Monday, October 16th. Loop Capital set a $72.00 price objective on Best Buy and gave the company a “buy” rating in a report on Tuesday, October 24th. KeyCorp reissued a “hold” rating on shares of Best Buy in a report on Friday, November 10th. Wedbush set a $33.00 price objective on Best Buy and gave the company a “sell” rating in a report on Monday, November 13th. Finally, Jefferies Group reaffirmed a “hold” rating and set a $60.00 price target on shares of Best Buy in a report on Monday, November 13th. They noted that the move was a valuation call. Four investment analysts have rated the stock with a sell rating, six have assigned a hold rating, eleven have given a buy rating and two have issued a strong buy rating to the company. Best Buy currently has an average rating of “Hold” and a consensus price target of $62.97.
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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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