Hancock Whitney Corp lessened its holdings in shares of Best Buy Co Inc (NYSE:BBY) by 66.2% during the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 91,065 shares of the technology retailer’s stock after selling 178,263 shares during the period. Hancock Whitney Corp’s holdings in Best Buy were worth $4,824,000 at the end of the most recent reporting period.
A number of other large investors have also made changes to their positions in the stock. Bank of New York Mellon Corp grew its holdings in shares of Best Buy by 10.0% during the 3rd quarter. Bank of New York Mellon Corp now owns 6,519,666 shares of the technology retailer’s stock worth $517,400,000 after acquiring an additional 591,086 shares during the period. State of Alaska Department of Revenue grew its holdings in shares of Best Buy by 4.5% during the 4th quarter. State of Alaska Department of Revenue now owns 53,270 shares of the technology retailer’s stock worth $2,819,000 after acquiring an additional 2,294 shares during the period. Banco Santander S.A. grew its holdings in shares of Best Buy by 9.9% during the 3rd quarter. Banco Santander S.A. now owns 9,415 shares of the technology retailer’s stock worth $747,000 after acquiring an additional 851 shares during the period. PGGM Investments purchased a new position in shares of Best Buy during the 4th quarter worth approximately $40,447,000. Finally, QUANTRES ASSET MANAGEMENT Ltd purchased a new position in shares of Best Buy during the 4th quarter worth approximately $1,441,000. Institutional investors own 84.11% of the company’s stock.
A number of research firms have weighed in on BBY. Oppenheimer upgraded Best Buy from a “market perform” rating to an “outperform” rating and set a $86.00 target price on the stock in a report on Friday, March 22nd. Evercore ISI began coverage on Best Buy in a report on Wednesday, March 20th. They set an “in-line” rating and a $75.00 target price on the stock. Bank of America upgraded Best Buy from an “underperform” rating to a “neutral” rating and set a $50.00 target price on the stock in a report on Wednesday, February 27th. Citigroup upped their target price on Best Buy from $72.00 to $77.00 and gave the stock a “neutral” rating in a report on Friday, March 1st. Finally, Telsey Advisory Group reiterated a “market perform” rating and set a $74.00 target price (up previously from $67.00) on shares of Best Buy in a report on Thursday, February 28th. One research analyst has rated the stock with a sell rating, eleven have assigned a hold rating and eight have issued a buy rating to the company. Best Buy has an average rating of “Hold” and an average target price of $76.82.
Shares of Best Buy stock traded down $0.33 during midday trading on Monday, hitting $73.24. The company had a trading volume of 2,295,841 shares, compared to its average volume of 3,385,833. The company has a quick ratio of 0.46, a current ratio of 1.18 and a debt-to-equity ratio of 0.40. The company has a market capitalization of $19.55 billion, a P/E ratio of 13.77, a PEG ratio of 1.45 and a beta of 0.94. Best Buy Co Inc has a 52-week low of $47.72 and a 52-week high of $84.37.
Best Buy (NYSE:BBY) last posted its quarterly earnings results on Wednesday, February 27th. The technology retailer reported $2.72 earnings per share for the quarter, topping the consensus estimate of $2.57 by $0.15. The company had revenue of $14.80 billion for the quarter, compared to the consensus estimate of $14.69 billion. Best Buy had a return on equity of 46.33% and a net margin of 3.41%. The firm’s quarterly revenue was down 3.7% compared to the same quarter last year. During the same quarter in the prior year, the business posted $2.42 EPS. As a group, equities analysts expect that Best Buy Co Inc will post 5.63 EPS for the current year.
The business also recently declared a quarterly dividend, which was paid on Wednesday, April 10th. Investors of record on Wednesday, March 20th were paid a $0.50 dividend. The ex-dividend date of this dividend was Tuesday, March 19th. This represents a $2.00 annualized dividend and a dividend yield of 2.73%. This is an increase from Best Buy’s previous quarterly dividend of $0.45. Best Buy’s dividend payout ratio is presently 37.59%.
Best Buy declared that its board has initiated a stock repurchase plan on Wednesday, February 27th that allows the company to repurchase $3.00 billion in outstanding shares. This repurchase authorization allows the technology retailer to repurchase up to 18.5% of its shares through open market purchases. Shares repurchase plans are generally a sign that the company’s management believes its stock is undervalued.
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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