Personal Wealth Partners acquired a new position in Best Buy Co Inc (NYSE:BBY) in the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm acquired 3,190 shares of the technology retailer’s stock, valued at approximately $227,000.
Several other large investors have also modified their holdings of the business. Quantitative Systematic Strategies LLC purchased a new position in shares of Best Buy in the 1st quarter worth $546,000. Raymond James Trust N.A. purchased a new position in shares of Best Buy in the 1st quarter worth $219,000. Sciencast Management LP purchased a new position in shares of Best Buy in the 1st quarter worth $336,000. Scout Investments Inc. grew its stake in shares of Best Buy by 12.0% in the 1st quarter. Scout Investments Inc. now owns 530,667 shares of the technology retailer’s stock worth $37,709,000 after buying an additional 56,733 shares in the last quarter. Finally, Carnick & Kubik Group LLC grew its stake in shares of Best Buy by 6.2% in the 1st quarter. Carnick & Kubik Group LLC now owns 41,000 shares of the technology retailer’s stock worth $2,913,000 after buying an additional 2,378 shares in the last quarter. 84.10% of the stock is owned by institutional investors and hedge funds.
In related news, CFO Corie S. Barry sold 27,788 shares of Best Buy stock in a transaction dated Friday, March 15th. The shares were sold at an average price of $68.55, for a total transaction of $1,904,867.40. Following the completion of the sale, the chief financial officer now owns 120,093 shares in the company, valued at approximately $8,232,375.15. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, SVP Mathew Watson sold 1,990 shares of Best Buy stock in a transaction dated Friday, March 15th. The shares were sold at an average price of $68.58, for a total transaction of $136,474.20. Following the sale, the senior vice president now owns 18,711 shares of the company’s stock, valued at approximately $1,283,200.38. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 1,239,284 shares of company stock valued at $85,077,082. 0.75% of the stock is owned by corporate insiders.
Shares of BBY stock traded up $0.73 during trading hours on Wednesday, reaching $73.89. 625,742 shares of the stock were exchanged, compared to its average volume of 2,711,423. Best Buy Co Inc has a 12-month low of $47.72 and a 12-month high of $84.37. The company has a current ratio of 1.18, a quick ratio of 0.46 and a debt-to-equity ratio of 0.40. The stock has a market cap of $19.59 billion, a PE ratio of 13.89, a P/E/G ratio of 1.44 and a beta of 0.94.
Best Buy (NYSE:BBY) last released its quarterly earnings results on Wednesday, February 27th. The technology retailer reported $2.72 EPS for the quarter, topping analysts’ consensus estimates of $2.57 by $0.15. Best Buy had a net margin of 3.41% and a return on equity of 46.33%. The firm had revenue of $14.80 billion during the quarter, compared to analysts’ expectations of $14.69 billion. During the same period in the previous year, the company earned $2.42 EPS. The firm’s revenue for the quarter was down 3.7% compared to the same quarter last year. Sell-side analysts forecast that Best Buy Co Inc will post 5.63 EPS for the current year.
Best Buy announced that its Board of Directors has authorized a share repurchase plan on Wednesday, February 27th that authorizes the company to buyback $3.00 billion in shares. This buyback authorization authorizes the technology retailer to reacquire up to 18.5% of its stock through open market purchases. Stock buyback plans are generally a sign that the company’s board of directors believes its stock is undervalued.
The company also recently declared a quarterly dividend, which was paid on Wednesday, April 10th. Investors of record on Wednesday, March 20th were paid a dividend of $0.50 per share. The ex-dividend date was Tuesday, March 19th. This is a boost from Best Buy’s previous quarterly dividend of $0.45. This represents a $2.00 dividend on an annualized basis and a dividend yield of 2.71%. Best Buy’s payout ratio is currently 37.59%.
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Best Buy 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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