Sumitomo Mitsui Trust Holdings Inc. lessened its holdings in Best Buy Co., Inc. (NYSE:BBY – Free Report) by 28.4% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 676,040 shares of the technology retailer’s stock after selling 267,866 shares during the quarter. Sumitomo Mitsui Trust Holdings Inc. owned 0.31% of Best Buy worth $52,914,000 as of its most recent SEC filing.
Several other institutional investors and hedge funds have also recently bought and sold shares of BBY. International Assets Investment Management LLC bought a new stake in shares of Best Buy in the 4th quarter worth about $26,000. Arlington Partners LLC bought a new stake in shares of Best Buy in the 1st quarter worth about $28,000. Mitsubishi UFJ Morgan Stanley Securities Co. Ltd. bought a new stake in shares of Best Buy in the 4th quarter worth about $30,000. Hanson & Doremus Investment Management bought a new stake in shares of Best Buy in the 4th quarter worth about $37,000. Finally, CoreCap Advisors LLC bought a new stake in shares of Best Buy in the 4th quarter worth about $39,000. Institutional investors own 77.44% of the company’s stock.
Insider Activity at Best Buy
In related news, CEO Corie S. Barry sold 17,382 shares of the stock in a transaction that occurred on Thursday, June 1st. The shares were sold at an average price of $71.82, for a total value of $1,248,375.24. Following the sale, the chief executive officer now directly owns 383,081 shares in the company, valued at approximately $27,512,877.42. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In related news, CEO Corie S. Barry sold 17,382 shares of the stock in a transaction that occurred on Thursday, June 1st. The stock was sold at an average price of $71.82, for a total transaction of $1,248,375.24. Following the completion of the sale, the chief executive officer now directly owns 383,081 shares of the company’s stock, valued at approximately $27,512,877.42. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, Chairman Richard M. Schulze sold 250,000 shares of the stock in a transaction that occurred on Tuesday, June 27th. The stock was sold at an average price of $82.90, for a total value of $20,725,000.00. Following the sale, the chairman now directly owns 390,148 shares of the company’s stock, valued at $32,343,269.20. The disclosure for this sale can be found here. Insiders have sold 308,034 shares of company stock worth $25,217,133 in the last ninety days. Company insiders own 0.56% of the company’s stock.
Best Buy Stock Performance
Best Buy (NYSE:BBY – Get Free Report) last announced its quarterly earnings results on Thursday, May 25th. The technology retailer reported $1.15 earnings per share for the quarter, beating analysts’ consensus estimates of $1.12 by $0.03. The business had revenue of $9.47 billion for the quarter, compared to the consensus estimate of $9.53 billion. Best Buy had a net margin of 2.93% and a return on equity of 51.95%. Best Buy’s revenue for the quarter was down 11.1% on a year-over-year basis. During the same period last year, the company posted $1.57 EPS. Equities analysts anticipate that Best Buy Co., Inc. will post 6.01 earnings per share for the current year.
Best Buy Announces Dividend
The company also recently declared a quarterly dividend, which was paid on Thursday, July 6th. Investors of record on Thursday, June 15th were given a $0.92 dividend. The ex-dividend date of this dividend was Wednesday, June 14th. This represents a $3.68 dividend on an annualized basis and a dividend yield of 4.41%. Best Buy’s dividend payout ratio is 62.27%.
Analyst Upgrades and Downgrades
BBY has been the topic of several analyst reports. StockNews.com initiated coverage on shares of Best Buy in a report on Thursday, May 18th. They issued a “hold” rating on the stock. DA Davidson lowered their target price on shares of Best Buy from $96.00 to $87.00 and set a “buy” rating on the stock in a report on Friday, May 26th. 58.com reiterated a “maintains” rating on shares of Best Buy in a research report on Thursday, May 11th. TheStreet downgraded shares of Best Buy from a “b-” rating to a “c” rating in a research report on Thursday, May 25th. Finally, Wells Fargo & Company reduced their price target on shares of Best Buy from $80.00 to $75.00 and set a “buy” rating on the stock in a research report on Friday, May 26th. One equities research analyst has rated the stock with a sell rating, seven have assigned a hold rating and ten have assigned a buy rating to the company’s stock. Based on data from MarketBeat, Best Buy currently has an average rating of “Moderate Buy” and an average target price of $78.44.
Best Buy Profile
Best Buy Co, Inc engages in the retail of technology products in the United States and Canada. The company operates in two segments, Domestic and International. Its stores provide computing and mobile phone products, such as desktops, notebooks, and peripherals; mobile phones comprising related mobile network carrier commissions; networking products; tablets covering e-readers; smartwatches; and consumer electronics consisting of digital imaging, health and fitness products, home theater, portable audio comprising headphones and portable speakers, and smart home products.
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