Arjuna Capital Acquires 30,799 Shares of Best Buy Co., Inc. (NYSE:BBY)

Arjuna Capital boosted its position in Best Buy Co., Inc. (NYSE:BBYFree Report) by 233.1% in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 44,009 shares of the technology retailer’s stock after buying an additional 30,799 shares during the quarter. Best Buy makes up approximately 1.1% of Arjuna Capital’s portfolio, making the stock its 28th biggest position. Arjuna Capital’s holdings in Best Buy were worth $3,057,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently bought and sold shares of BBY. BlackRock Inc. raised its holdings in Best Buy by 4.0% in the second quarter. BlackRock Inc. now owns 20,391,369 shares of the technology retailer’s stock worth $1,671,073,000 after purchasing an additional 778,412 shares in the last quarter. State Street Corp raised its stake in shares of Best Buy by 1.2% in the first quarter. State Street Corp now owns 10,152,129 shares of the technology retailer’s stock worth $803,778,000 after buying an additional 123,256 shares during the period. Price T Rowe Associates Inc. MD raised its stake in Best Buy by 32.2% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 9,885,308 shares of the technology retailer’s stock valued at $773,724,000 after purchasing an additional 2,409,006 shares during the period. Charles Schwab Investment Management Inc. raised its stake in Best Buy by 1.5% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 4,478,759 shares of the technology retailer’s stock valued at $311,139,000 after purchasing an additional 66,770 shares during the period. Finally, Geode Capital Management LLC grew its holdings in Best Buy by 0.9% during the 2nd quarter. Geode Capital Management LLC now owns 4,258,309 shares of the technology retailer’s stock valued at $348,308,000 after buying an additional 39,341 shares in the last quarter. Institutional investors own 76.10% of the company’s stock.

Wall Street Analyst Weigh In

A number of research firms recently issued reports on BBY. The Goldman Sachs Group upgraded Best Buy from a “neutral” rating to a “buy” rating and boosted their price objective for the company from $79.00 to $85.00 in a report on Thursday, October 19th. Telsey Advisory Group reduced their price target on Best Buy from $80.00 to $75.00 and set a “market perform” rating for the company in a research report on Friday, November 17th. Wedbush boosted their price target on Best Buy from $70.00 to $75.00 and gave the stock a “neutral” rating in a research report on Wednesday, January 24th. Evercore ISI reduced their target price on Best Buy from $75.00 to $70.00 and set an “in-line” rating on the stock in a research report on Wednesday, November 22nd. Finally, UBS Group dropped their price target on Best Buy from $85.00 to $76.00 and set a “neutral” rating on the stock in a research note on Monday, November 13th. Eight analysts have rated the stock with a hold rating and seven have issued a buy rating to the company. According to data from MarketBeat.com, the company has a consensus rating of “Hold” and an average price target of $77.43.

Read Our Latest Stock Analysis on BBY

Insider Buying and Selling

In related news, Chairman Richard M. Schulze sold 110,974 shares of the company’s stock in a transaction dated Wednesday, December 20th. The stock was sold at an average price of $77.00, for a total value of $8,544,998.00. Following the completion of the transaction, the chairman now owns 19,566,458 shares of the company’s stock, valued at approximately $1,506,617,266. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. In other news, Chairman Richard M. Schulze sold 48,401 shares of the firm’s stock in a transaction that occurred on Monday, December 11th. The stock was sold at an average price of $75.07, for a total value of $3,633,463.07. Following the transaction, the chairman now owns 253,370 shares in the company, valued at $19,020,485.90. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Chairman Richard M. Schulze sold 110,974 shares of the firm’s stock in a transaction that occurred on Wednesday, December 20th. The shares were sold at an average price of $77.00, for a total value of $8,544,998.00. Following the completion of the transaction, the chairman now owns 19,566,458 shares in the company, valued at approximately $1,506,617,266. The disclosure for this sale can be found here. In the last 90 days, insiders sold 686,796 shares of company stock valued at $52,374,450. 0.56% of the stock is owned by company insiders.

Best Buy Stock Performance

Shares of BBY traded up $0.49 during mid-day trading on Monday, reaching $76.09. The company had a trading volume of 292,811 shares, compared to its average volume of 2,569,193. Best Buy Co., Inc. has a 52-week low of $62.30 and a 52-week high of $89.23. The company has a quick ratio of 0.23, a current ratio of 0.99 and a debt-to-equity ratio of 0.40. The stock has a market capitalization of $16.39 billion, a P/E ratio of 13.03, a PEG ratio of 1.98 and a beta of 1.49. The stock has a 50 day moving average of $74.99 and a two-hundred day moving average of $72.95.

Best Buy (NYSE:BBYGet Free Report) last issued its earnings results on Tuesday, November 21st. The technology retailer reported $1.29 EPS for the quarter, topping analysts’ consensus estimates of $1.19 by $0.10. The firm had revenue of $9.76 billion for the quarter, compared to the consensus estimate of $9.90 billion. Best Buy had a return on equity of 49.13% and a net margin of 2.93%. The company’s revenue was down 7.8% compared to the same quarter last year. During the same quarter in the prior year, the business earned $1.38 earnings per share. On average, analysts expect that Best Buy Co., Inc. will post 6.16 earnings per share for the current year.

Best Buy Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Tuesday, January 2nd. Investors of record on Tuesday, December 12th were issued a $0.92 dividend. The ex-dividend date of this dividend was Monday, December 11th. This represents a $3.68 dividend on an annualized basis and a yield of 4.84%. Best Buy’s payout ratio is 63.45%.

About Best Buy

(Free Report)

Best Buy Co, Inc engages in the retail of technology products in the United States and Canada. The company operates in two segments, Domestic 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, home theater, portable audio comprising headphones and portable speakers, and smart home products.

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

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