State of Alaska Department of Revenue increased its stake in Best Buy Co Inc (NYSE:BBY) by 2.2% in the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 85,658 shares of the technology retailer’s stock after buying an additional 1,853 shares during the quarter. State of Alaska Department of Revenue’s holdings in Best Buy were worth $5,971,000 as of its most recent SEC filing.
A number of other institutional investors and hedge funds also recently modified their holdings of BBY. Oppenheimer Asset Management Inc. bought a new stake in shares of Best Buy during the first quarter worth $34,000. Braun Bostich & Associates Inc. bought a new stake in shares of Best Buy in the first quarter valued at about $40,000. NEXT Financial Group Inc raised its holdings in shares of Best Buy by 67.2% in the second quarter. NEXT Financial Group Inc now owns 667 shares of the technology retailer’s stock valued at $47,000 after acquiring an additional 268 shares in the last quarter. Alpha Omega Wealth Management LLC raised its holdings in shares of Best Buy by 28.0% in the first quarter. Alpha Omega Wealth Management LLC now owns 768 shares of the technology retailer’s stock valued at $55,000 after acquiring an additional 168 shares in the last quarter. Finally, Cornerstone Advisors Inc. raised its holdings in shares of Best Buy by 32.4% in the first quarter. Cornerstone Advisors Inc. now owns 809 shares of the technology retailer’s stock valued at $57,000 after acquiring an additional 198 shares in the last quarter. Institutional investors own 78.39% of the company’s stock.
BBY has been the subject of several recent research reports. Cleveland Research restated a “neutral” rating on shares of Best Buy in a report on Tuesday, June 18th. Jefferies Financial Group upgraded Best Buy from a “hold” rating to a “buy” rating and lifted their price objective for the company from $72.00 to $88.00 in a report on Wednesday, April 24th. Guggenheim initiated coverage on Best Buy in a report on Monday, July 8th. They issued a “buy” rating and a $80.00 price objective for the company. Goldman Sachs Group initiated coverage on Best Buy in a report on Thursday, July 11th. They issued a “neutral” rating and a $73.00 price objective for the company. Finally, Telsey Advisory Group restated a “market perform” rating on shares of Best Buy in a report on Thursday, July 25th. Thirteen investment analysts have rated the stock with a hold rating and ten have issued a buy rating to the company’s stock. The stock presently has an average rating of “Hold” and a consensus price target of $77.67.
Best Buy (NYSE:BBY) last announced its earnings results on Thursday, May 23rd. The technology retailer reported $1.02 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.88 by $0.14. Best Buy had a return on equity of 47.91% and a net margin of 3.54%. The business had revenue of $9.14 billion during the quarter, compared to the consensus estimate of $9.14 billion. During the same period in the prior year, the company posted $0.82 EPS. The business’s quarterly revenue was up .4% on a year-over-year basis. On average, equities analysts anticipate that Best Buy Co Inc will post 5.74 earnings per share for the current year.
The firm also recently declared a quarterly dividend, which was paid on Friday, July 5th. Stockholders of record on Thursday, June 13th were issued a dividend of $0.50 per share. This represents a $2.00 dividend on an annualized basis and a dividend yield of 2.91%. The ex-dividend date of this dividend was Wednesday, June 12th. Best Buy’s dividend payout ratio is presently 37.59%.
In other news, CEO Hubert Joly sold 600,826 shares of the stock in a transaction on Friday, May 24th. The stock was sold at an average price of $64.42, for a total transaction of $38,705,210.92. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, major shareholder Richard M. Schulze sold 430,600 shares of the stock in a transaction on Monday, July 22nd. The stock was sold at an average price of $75.26, for a total value of $32,406,956.00. Following the transaction, the insider now owns 1,732,500 shares of the company’s stock, valued at $130,387,950. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 1,994,710 shares of company stock valued at $140,841,959. Company insiders own 0.95% of the company’s stock.
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 Computing and Mobile Phones, such as computing and peripherals, e-readers, networking products, tablets, and wearables, as well as mobile phones comprising related mobile network carrier commissions; consumer electronics, including digital imaging, health and fitness, home theater, portable audio, and smart home products; and entertainment products consisting of drones, movies, music, and toys, as well as gaming hardware and software, and virtual reality and other software products.
Featured Story: What does the Producer Price Index (PPI) tell investors?
Receive News & Ratings for Best Buy Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Best Buy and related companies with MarketBeat.com's FREE daily email newsletter.