CIBC Asset Management Inc Sells 989 Shares of Best Buy Co., Inc. (NYSE:BBY)

CIBC Asset Management Inc lowered its holdings in shares of Best Buy Co., Inc. (NYSE:BBY) by 3.1% in the 2nd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 31,361 shares of the technology retailer’s stock after selling 989 shares during the quarter. CIBC Asset Management Inc’s holdings in Best Buy were worth $2,643,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in the stock. Tobam raised its holdings in shares of Best Buy by 15.6% in the second quarter. Tobam now owns 895 shares of the technology retailer’s stock worth $75,000 after buying an additional 121 shares during the period. LVW Advisors LLC grew its position in shares of Best Buy by 2.3% in the 2nd quarter. LVW Advisors LLC now owns 5,716 shares of the technology retailer’s stock worth $482,000 after buying an additional 130 shares during the last quarter. Rise Advisors LLC increased its position in shares of Best Buy by 69.5% during the first quarter. Rise Advisors LLC now owns 322 shares of the technology retailer’s stock worth $26,000 after purchasing an additional 132 shares in the last quarter. MCF Advisors LLC increased its position in Best Buy by 2.7% during the 1st quarter. MCF Advisors LLC now owns 5,087 shares of the technology retailer’s stock valued at $422,000 after buying an additional 134 shares in the last quarter. Finally, Continuum Advisory LLC increased its holdings in shares of Best Buy by 34.7% during the second quarter. Continuum Advisory LLC now owns 578 shares of the technology retailer’s stock valued at $49,000 after acquiring an additional 149 shares in the last quarter. Hedge funds and other institutional investors own 80.96% of the company’s stock.

Insiders Place Their Bets

In other Best Buy news, Chairman Richard M. Schulze sold 88,542 shares of the business’s stock in a transaction 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 $1,200,451,777.25. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. In other news, Chairman Richard M. Schulze sold 600,000 shares of the business’s stock in a transaction dated 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 completion of the transaction, the chairman now directly owns 14,002,853 shares of the company’s stock, valued at $1,236,311,891.37. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, Chairman Richard M. Schulze sold 88,542 shares of the firm’s stock in a transaction that occurred on 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 completion of the sale, the chairman now directly owns 13,602,853 shares in the company, valued at approximately $1,200,451,777.25. The disclosure for this sale can be found here. Insiders have sold a total of 1,383,370 shares of company stock worth $122,233,276 in the last ninety days. 0.59% of the stock is owned by corporate insiders.

Best Buy Trading Down 0.5 %

BBY opened at $99.42 on Friday. The business’s 50 day moving average price is $87.06 and its 200 day moving average price is $81.82. The company has a debt-to-equity ratio of 0.37, a quick ratio of 0.33 and a current ratio of 1.01. The stock has a market capitalization of $21.45 billion, a PE ratio of 17.41, a P/E/G ratio of 3.20 and a beta of 1.46. Best Buy Co., Inc. has a one year low of $62.30 and a one year high of $103.71.

Best Buy (NYSE:BBY) last posted its quarterly earnings data on Thursday, August 29th. The technology retailer reported $1.34 earnings per share for the quarter, topping analysts’ consensus estimates of $1.16 by $0.18. The firm had revenue of $9.29 billion during the quarter, compared to analysts’ expectations of $9.23 billion. Best Buy had a net margin of 2.96% and a return on equity of 47.19%. The firm’s quarterly revenue was down 3.1% on a year-over-year basis. During the same quarter last year, the company posted $1.22 EPS. As a group, equities research analysts expect that Best Buy Co., Inc. will post 6.27 EPS for the current year.

Best Buy Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Thursday, October 10th. Investors of record on Thursday, September 19th will be paid a dividend of $0.94 per share. This represents a $3.76 annualized dividend and a yield of 3.78%. The ex-dividend date of this dividend is Thursday, September 19th. Best Buy’s payout ratio is currently 65.85%.

Analysts Set New Price Targets

A number of brokerages have recently weighed in on BBY. JPMorgan Chase & Co. boosted their price objective on shares of Best Buy from $101.00 to $111.00 and gave the company an “overweight” rating in a report on Friday, August 30th. Wells Fargo & Company boosted their price target on Best Buy from $80.00 to $95.00 and gave the company an “equal weight” rating in a report on Friday, August 30th. Evercore ISI lifted their price objective on shares of Best Buy from $90.00 to $94.00 and gave the company an “in-line” rating in a report on Friday, August 30th. DA Davidson boosted their price objective on Best Buy from $90.00 to $95.00 and gave the company a “buy” rating in a research report on Friday, May 31st. Finally, Citigroup upped their price target on shares of Best Buy from $100.00 to $115.00 and gave the stock a “buy” rating in a research report on Friday, August 30th. One investment analyst has rated the stock with a sell rating, seven have issued a hold rating, nine have assigned a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, Best Buy has an average rating of “Moderate Buy” and a consensus price target of $102.56.

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.