Neuberger Berman Group LLC lowered its stake in shares of Best Buy Co. (NYSE:BBY) by 10.0% during the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 2,440,967 shares of the technology retailer’s stock after selling 271,298 shares during the period. Neuberger Berman Group LLC owned approximately 0.77% of Best Buy worth $93,196,000 as of its most recent filing with the SEC.
Several other institutional investors have also recently made changes to their positions in the stock. Boston Partners boosted its stake in Best Buy by 1.8% in the second quarter. Boston Partners now owns 8,248,785 shares of the technology retailer’s stock valued at $252,412,000 after buying an additional 148,547 shares during the period. BlackRock Institutional Trust Company N.A. boosted its stake in Best Buy by 3.0% in the second quarter. BlackRock Institutional Trust Company N.A. now owns 7,815,142 shares of the technology retailer’s stock valued at $239,143,000 after buying an additional 226,284 shares during the period. Skandinaviska Enskilda Banken AB publ boosted its stake in Best Buy by 1.7% in the second quarter. Skandinaviska Enskilda Banken AB publ now owns 6,317,039 shares of the technology retailer’s stock valued at $193,301,000 after buying an additional 106,227 shares during the period. BlackRock Fund Advisors boosted its stake in Best Buy by 4.2% in the second quarter. BlackRock Fund Advisors now owns 4,539,217 shares of the technology retailer’s stock valued at $138,900,000 after buying an additional 182,792 shares during the period. Finally, Dimensional Fund Advisors LP boosted its stake in Best Buy by 9.1% in the second quarter. Dimensional Fund Advisors LP now owns 4,291,758 shares of the technology retailer’s stock valued at $131,326,000 after buying an additional 357,016 shares during the period. Hedge funds and other institutional investors own 86.45% of the company’s stock.
Shares of Best Buy Co. (NYSE:BBY) traded down 2.25% during midday trading on Monday, hitting $45.53. The stock had a trading volume of 4,764,769 shares. The stock has a market cap of $14.40 billion, a PE ratio of 13.59 and a beta of 1.51. Best Buy Co. has a 52-week low of $25.31 and a 52-week high of $47.29. The firm has a 50 day moving average price of $40.31 and a 200-day moving average price of $35.40.
Best Buy (NYSE:BBY) last announced its quarterly earnings results on Thursday, November 17th. The technology retailer reported $0.62 earnings per share for the quarter, topping the consensus estimate of $0.47 by $0.15. The company had revenue of $8.95 billion for the quarter, compared to the consensus estimate of $8.85 billion. Best Buy had a return on equity of 24.18% and a net margin of 2.78%. The firm’s revenue for the quarter was up 1.4% compared to the same quarter last year. During the same period last year, the firm earned $0.41 EPS. Equities analysts predict that Best Buy Co. will post $3.27 EPS for the current fiscal year.
The business also recently declared a quarterly dividend, which will be paid on Thursday, December 29th. Shareholders of record on Thursday, December 8th will be given a dividend of $0.28 per share. This represents a $1.12 annualized dividend and a yield of 2.40%. The ex-dividend date of this dividend is Tuesday, December 6th. Best Buy’s dividend payout ratio is currently 33.73%.
Several equities research analysts have weighed in on BBY shares. Bank of America Corp. reiterated a “sell” rating and issued a $29.00 price objective on shares of Best Buy in a report on Wednesday, August 24th. Zacks Investment Research upgraded Best Buy from a “hold” rating to a “buy” rating and set a $43.00 price objective for the company in a report on Tuesday, October 4th. SunTrust Banks Inc. reiterated a “buy” rating on shares of Best Buy in a report on Wednesday, October 12th. Vetr raised Best Buy from a “hold” rating to a “buy” rating and set a $39.59 target price for the company in a research report on Thursday, September 8th. Finally, Citigroup Inc. increased their target price on Best Buy from $32.00 to $40.00 and gave the stock a “neutral” rating in a research report on Wednesday, August 24th. Three analysts have rated the stock with a sell rating, fourteen have issued a hold rating and nine have issued a buy rating to the stock. Best Buy currently has an average rating of “Hold” and an average price target of $37.67.
Best Buy Company Profile
Best Buy Co, Inc is a provider of technology products, services and solutions. The Company offers products and services to the customers visiting its stores, engaging with Geek Squad agents or using its Websites or mobile applications. It operates through two segments: Domestic and International. The Domestic segment consists of the operations in all states, districts and territories of the United States, under various brand names, including Best Buy, bestbuy.com, Best Buy Mobile, Best Buy Direct, Best Buy Express, Geek Squad, Magnolia Home Theater, and Pacific Kitchen and Home.