SPC Financial Inc. Boosts Stock Position in Best Buy Co., Inc. (NYSE:BBY)

SPC Financial Inc. increased its holdings in shares of Best Buy Co., Inc. (NYSE:BBY) by 4.0% during the third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 4,619 shares of the technology retailer’s stock after buying an additional 177 shares during the period. SPC Financial Inc.’s holdings in Best Buy were worth $477,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors have also recently added to or reduced their stakes in the company. Ninety One UK Ltd acquired a new stake in shares of Best Buy in the second quarter valued at about $121,325,000. Thrivent Financial for Lutherans lifted its stake in Best Buy by 4,337.6% in the 2nd quarter. Thrivent Financial for Lutherans now owns 1,099,495 shares of the technology retailer’s stock valued at $92,677,000 after buying an additional 1,074,718 shares in the last quarter. Bank of New York Mellon Corp boosted its holdings in Best Buy by 55.7% in the 2nd quarter. Bank of New York Mellon Corp now owns 2,863,291 shares of the technology retailer’s stock worth $241,347,000 after buying an additional 1,024,824 shares during the last quarter. Swedbank AB purchased a new stake in Best Buy during the 1st quarter worth approximately $43,522,000. Finally, AQR Capital Management LLC raised its holdings in shares of Best Buy by 55.4% during the second quarter. AQR Capital Management LLC now owns 1,379,195 shares of the technology retailer’s stock valued at $116,252,000 after acquiring an additional 491,781 shares during the last quarter. Institutional investors and hedge funds own 80.96% of the company’s stock.

Insider Activity at Best Buy

In other Best Buy news, Chairman Richard M. Schulze sold 88,542 shares of the business’s stock in a transaction dated Wednesday, July 24th. The shares were sold at an average price of $88.25, for a total transaction of $7,813,831.50. Following the sale, the chairman now directly owns 13,602,853 shares in the company, valued at $1,200,451,777.25. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. In related news, Chairman Richard M. Schulze sold 88,542 shares of Best Buy stock in a transaction that occurred on Wednesday, July 24th. The shares were sold at an average price of $88.25, for a total value of $7,813,831.50. Following the completion of the transaction, the chairman now owns 13,602,853 shares in the company, valued at approximately $1,200,451,777.25. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Chairman Richard M. Schulze sold 600,000 shares of the stock in a transaction that occurred on Monday, July 22nd. The stock was sold at an average price of $88.29, for a total transaction of $52,974,000.00. Following the sale, the chairman now owns 14,002,853 shares in the company, valued at approximately $1,236,311,891.37. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 0.59% of the stock is currently owned by company insiders.

Analysts Set New Price Targets

Several analysts recently commented on the company. BNP Paribas upgraded Best Buy to a “strong-buy” rating in a research report on Thursday, August 29th. Loop Capital upped their target price on shares of Best Buy from $100.00 to $110.00 and gave the stock a “buy” rating in a report on Friday, August 30th. Citigroup raised their price target on shares of Best Buy from $100.00 to $115.00 and gave the stock a “buy” rating in a research note on Friday, August 30th. Bank of America increased their price objective on shares of Best Buy from $70.00 to $80.00 and gave the company an “underperform” rating in a report on Friday, August 30th. Finally, DA Davidson restated a “buy” rating and issued a $117.00 price target on shares of Best Buy in a research report on Tuesday. One equities research analyst has rated the stock with a sell rating, eight have assigned a hold rating, nine have given a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $103.71.

Best Buy Price Performance

Shares of BBY opened at $96.27 on Friday. The firm has a 50-day simple moving average of $95.11 and a two-hundred day simple moving average of $86.07. The stock has a market cap of $20.77 billion, a PE ratio of 16.86, a P/E/G ratio of 2.58 and a beta of 1.46. Best Buy Co., Inc. has a 1-year low of $62.30 and a 1-year high of $103.71. The company has a debt-to-equity ratio of 0.37, a current ratio of 1.01 and a quick ratio of 0.34.

Best Buy (NYSE:BBY) last posted its earnings results on Thursday, August 29th. The technology retailer reported $1.34 earnings per share for the quarter, beating the consensus estimate of $1.16 by $0.18. Best Buy had a net margin of 2.96% and a return on equity of 47.19%. The firm had revenue of $9.29 billion during the quarter, compared to the consensus estimate of $9.23 billion. During the same quarter last year, the firm earned $1.22 EPS. The firm’s revenue for the quarter was down 3.1% on a year-over-year basis. As a group, analysts forecast that Best Buy Co., Inc. will post 6.28 EPS for the current year.

Best Buy Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Thursday, October 10th. Investors of record on Thursday, September 19th were paid a dividend of $0.94 per share. This represents a $3.76 annualized dividend and a yield of 3.91%. The ex-dividend date was Thursday, September 19th. Best Buy’s payout ratio is 65.85%.

Best Buy Profile

Best Buy Co, Inc engages in the retail of technology products in the United States, Canada, 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, portable audio comprising headphones and portable speakers, and smart home products, as well as home theaters, which includes home theater accessories, soundbars, and televisions.