James Investment Research Inc. Cuts Stake in Best Buy Co Inc (NYSE:BBY)

James Investment Research Inc. reduced its position in Best Buy Co Inc (NYSE:BBY) by 2.3% during the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 317,349 shares of the technology retailer’s stock after selling 7,481 shares during the quarter. Best Buy comprises approximately 1.6% of James Investment Research Inc.’s investment portfolio, making the stock its 12th biggest holding. James Investment Research Inc. owned about 0.12% of Best Buy worth $22,129,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in BBY. Dimensional Fund Advisors LP grew its position in shares of Best Buy by 7.6% in the 4th quarter. Dimensional Fund Advisors LP now owns 2,414,905 shares of the technology retailer’s stock valued at $127,879,000 after buying an additional 171,050 shares during the last quarter. Thrivent Financial for Lutherans grew its position in Best Buy by 1.8% during the 4th quarter. Thrivent Financial for Lutherans now owns 10,719 shares of the technology retailer’s stock worth $568,000 after purchasing an additional 189 shares during the last quarter. Millennium Management LLC purchased a new position in Best Buy during the 4th quarter worth $11,771,000. First Hawaiian Bank grew its position in Best Buy by 7.8% during the 1st quarter. First Hawaiian Bank now owns 6,292 shares of the technology retailer’s stock worth $447,000 after purchasing an additional 454 shares during the last quarter. Finally, Hennessy Advisors Inc. grew its position in Best Buy by 2.8% during the 1st quarter. Hennessy Advisors Inc. now owns 87,100 shares of the technology retailer’s stock worth $6,189,000 after purchasing an additional 2,400 shares during the last quarter. 78.39% of the stock is currently owned by institutional investors and hedge funds.

Shares of NYSE BBY opened at $68.53 on Friday. The company has a debt-to-equity ratio of 1.00, a current ratio of 1.12 and a quick ratio of 0.39. Best Buy Co Inc has a 52 week low of $47.72 and a 52 week high of $84.37. The company has a 50-day moving average of $72.06. The firm has a market capitalization of $18.30 billion, a PE ratio of 12.88, a price-to-earnings-growth ratio of 1.52 and a beta of 1.06.

Best Buy (NYSE:BBY) last announced its quarterly earnings data on Thursday, May 23rd. The technology retailer reported $1.02 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.88 by $0.14. Best Buy had a net margin of 3.54% and a return on equity of 47.91%. The firm had revenue of $9.14 billion during the quarter, compared to analysts’ expectations of $9.14 billion. During the same quarter last year, the business earned $0.82 earnings per share. The business’s revenue for the quarter was up .4% compared to the same quarter last year. Research analysts forecast that Best Buy Co Inc will post 5.74 earnings per share for the current fiscal year.

The business also recently disclosed a quarterly dividend, which was paid on Friday, July 5th. Investors of record on Thursday, June 13th were paid a $0.50 dividend. This represents a $2.00 annualized dividend and a dividend yield of 2.92%. The ex-dividend date was Wednesday, June 12th. Best Buy’s dividend payout ratio (DPR) is 37.59%.

BBY has been the topic of several research reports. Guggenheim initiated coverage on shares of Best Buy in a research report on Monday, July 8th. They set a “buy” rating and a $80.00 price objective on the stock. Wedbush set a $71.00 price objective on shares of Best Buy and gave the stock a “hold” rating in a research report on Friday, May 24th. Zacks Investment Research downgraded shares of Best Buy from a “buy” rating to a “hold” rating in a report on Tuesday, April 30th. Cleveland Research reaffirmed a “neutral” rating on shares of Best Buy in a report on Tuesday, June 18th. Finally, ValuEngine downgraded shares of Best Buy from a “hold” rating to a “sell” rating in a report on Thursday. One research analyst has rated the stock with a sell rating, twelve have given a hold rating and ten have issued a buy rating to the company. Best Buy presently has an average rating of “Hold” and a consensus price target of $77.67.

In related news, Director Lisa Caputo sold 2,500 shares of the firm’s stock in a transaction dated Monday, July 15th. The shares were sold at an average price of $75.20, for a total value of $188,000.00. Following the completion of the sale, the director now owns 45,936 shares in the company, valued at $3,454,387.20. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Brian A. Tilzer sold 2,739 shares of Best Buy stock in a transaction dated Wednesday, May 8th. The stock was sold at an average price of $72.88, for a total transaction of $199,618.32. The disclosure for this sale can be found here. Insiders sold 1,994,710 shares of company stock valued at $140,841,959 in the last quarter. Company insiders own 0.95% of the company’s stock.

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 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.

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Institutional Ownership by Quarter for Best Buy (NYSE:BBY)

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