Brown Advisory Inc. Trims Holdings in Best Buy Co Inc (BBY)
Brown Advisory Inc. lessened its position in Best Buy Co Inc (NYSE:BBY) by 2.8% in the fourth quarter, according to its most recent disclosure with the SEC. The firm owned 247,554 shares of the technology retailer’s stock after selling 7,261 shares during the period. Brown Advisory Inc.’s holdings in Best Buy were worth $13,110,000 as of its most recent filing with the SEC.
A number of other institutional investors have also recently made changes to their positions in BBY. Signet Investment Advisory Group Inc. acquired a new stake in Best Buy in the fourth quarter valued at approximately $31,000. Larson Financial Group LLC acquired a new stake in Best Buy in the fourth quarter valued at approximately $33,000. Pearl River Capital LLC bought a new position in shares of Best Buy in the fourth quarter valued at approximately $34,000. Lindbrook Capital LLC bought a new position in shares of Best Buy in the fourth quarter valued at approximately $37,000. Finally, Clean Yield Group bought a new position in shares of Best Buy in the fourth quarter valued at approximately $42,000. 82.76% of the stock is owned by hedge funds and other institutional investors.
A number of research analysts have recently weighed in on the company. Zacks Investment Research upgraded Best Buy from a “sell” rating to a “hold” rating in a report on Wednesday, November 21st. Piper Jaffray Companies dropped their target price on Best Buy from $87.00 to $81.00 and set a “buy” rating on the stock in a report on Wednesday, November 21st. ValuEngine upgraded Best Buy from a “sell” rating to a “hold” rating in a report on Thursday, February 28th. Credit Suisse Group upgraded Best Buy from a “neutral” rating to a “buy” rating and raised their target price for the company from $70.00 to $78.00 in a report on Thursday, February 28th. Finally, Morgan Stanley raised their target price on Best Buy from $65.00 to $77.00 and gave the company an “equal weight” rating in a report on Thursday, February 28th. One analyst has rated the stock with a sell rating, nine have issued a hold rating and eight have assigned a buy rating to the company’s stock. The stock presently has a consensus rating of “Hold” and a consensus target price of $76.33.
Best Buy (NYSE:BBY) last issued its quarterly earnings results on Wednesday, February 27th. The technology retailer reported $2.72 EPS for the quarter, topping the Zacks’ consensus estimate of $2.57 by $0.15. The business had revenue of $14.80 billion for the quarter, compared to analyst estimates of $14.69 billion. Best Buy had a return on equity of 46.33% and a net margin of 3.41%. Best Buy’s quarterly revenue was down 3.7% compared to the same quarter last year. During the same period last year, the company posted $2.42 earnings per share. Research analysts anticipate that Best Buy Co Inc will post 5.62 EPS for the current year.
The firm also recently declared a quarterly dividend, which will be paid on Wednesday, April 10th. Investors of record on Wednesday, March 20th will be issued a dividend of $0.50 per share. This is a positive change from Best Buy’s previous quarterly dividend of $0.45. This represents a $2.00 dividend on an annualized basis and a yield of 2.90%. The ex-dividend date is Tuesday, March 19th. Best Buy’s dividend payout ratio (DPR) is 33.83%.
Best Buy announced that its Board of Directors has approved a share buyback program on Wednesday, February 27th that allows the company to buyback $3.00 billion in outstanding shares. This buyback authorization allows the technology retailer to repurchase up to 18.5% of its stock through open market purchases. Stock buyback programs are usually a sign that the company’s management believes its stock is undervalued.
In related news, CAO Mathew Watson sold 1,000 shares of Best Buy stock in a transaction on Thursday, February 28th. The stock was sold at an average price of $69.99, for a total transaction of $69,990.00. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, major shareholder Richard M. Schulze sold 482,557 shares of Best Buy stock in a transaction on Monday, March 11th. The stock was sold at an average price of $68.88, for a total value of $33,238,526.16. Following the sale, the insider now owns 1,732,500 shares in the company, valued at $119,334,600. The disclosure for this sale can be found here. Insiders have sold 1,001,380 shares of company stock worth $68,772,378 over the last quarter. 0.75% of the stock is currently owned by corporate insiders.
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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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