Axa S.A. Buys 23,577 Shares of Best Buy Co., Inc. (NYSE:BBY)

Axa S.A. raised its stake in Best Buy Co., Inc. (NYSE:BBY) by 5.6% in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 444,322 shares of the technology retailer’s stock after purchasing an additional 23,577 shares during the period. Axa S.A.’s holdings in Best Buy were worth $37,452,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently bought and sold shares of the stock. Tobam increased its position in shares of Best Buy by 15.6% during the second quarter. Tobam now owns 895 shares of the technology retailer’s stock valued at $75,000 after purchasing an additional 121 shares during the period. LVW Advisors LLC boosted its stake in Best Buy by 2.3% during the second quarter. LVW Advisors LLC now owns 5,716 shares of the technology retailer’s stock worth $482,000 after buying an additional 130 shares in the last quarter. Rise Advisors LLC increased its holdings in Best Buy by 69.5% in the 1st quarter. Rise Advisors LLC now owns 322 shares of the technology retailer’s stock valued at $26,000 after buying an additional 132 shares during the period. MCF Advisors LLC raised its stake in shares of Best Buy by 2.7% in 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 lifted its holdings in shares of Best Buy by 34.7% during the 2nd quarter. Continuum Advisory LLC now owns 578 shares of the technology retailer’s stock worth $49,000 after acquiring an additional 149 shares during the period. 80.96% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of analysts recently weighed in on the stock. Wells Fargo & Company upped their target price on shares of Best Buy from $80.00 to $95.00 and gave the company an “equal weight” rating in a research note on Friday, August 30th. StockNews.com raised Best Buy from a “hold” rating to a “buy” rating in a report on Monday. Citigroup raised their target price on Best Buy from $100.00 to $115.00 and gave the stock a “buy” rating in a research report on Friday, August 30th. DA Davidson upped their price target 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, Wedbush lifted their price objective on Best Buy from $85.00 to $95.00 and gave the company a “neutral” rating in a report on Friday, August 30th. One analyst has rated the stock with a sell rating, seven have issued a hold rating, ten have given a buy rating and one has given a strong buy rating to the company. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $102.41.

Insider Buying and Selling at Best Buy

In other news, EVP Jason J. Bonfig sold 3,500 shares of the firm’s stock in a transaction on Monday, July 8th. The stock was sold at an average price of $83.02, for a total value of $290,570.00. Following the transaction, the executive vice president now directly owns 50,714 shares in the company, valued at approximately $4,210,276.28. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In related news, Chairman Richard M. Schulze sold 691,328 shares of the stock in a transaction that occurred on Thursday, July 18th. The shares were sold at an average price of $88.46, for a total value of $61,154,874.88. Following the sale, the chairman now directly owns 14,911,525 shares in the company, valued at approximately $1,319,073,501.50. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, EVP Jason J. Bonfig sold 3,500 shares of Best Buy stock in a transaction that occurred on Monday, July 8th. The stock was sold at an average price of $83.02, for a total transaction of $290,570.00. Following the transaction, the executive vice president now directly owns 50,714 shares in the company, valued at approximately $4,210,276.28. The disclosure for this sale can be found here. In the last 90 days, insiders sold 1,383,370 shares of company stock worth $122,233,276. Insiders own 0.59% of the company’s stock.

Best Buy Trading Up 2.2 %

BBY stock opened at $100.00 on Friday. The business has a fifty day moving average of $90.80 and a 200-day moving average of $83.91. The company has a market cap of $21.47 billion, a P/E ratio of 17.51, a PEG ratio of 2.56 and a beta of 1.46. Best Buy Co., Inc. has a twelve month low of $62.30 and a twelve month high of $103.71. The company has a quick ratio of 0.34, a current ratio of 1.01 and a debt-to-equity ratio of 0.37.

Best Buy (NYSE:BBY) last announced its quarterly earnings data on Thursday, August 29th. The technology retailer reported $1.34 earnings per share for the quarter, topping the consensus estimate 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 return on equity of 47.19% and a net margin of 2.96%. The company’s quarterly revenue was down 3.1% compared to the same quarter last year. During the same period in the previous year, the business posted $1.22 EPS. As a group, equities research analysts expect that Best Buy Co., Inc. will post 6.28 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. Shareholders of record on Thursday, September 19th will be issued a dividend of $0.94 per share. This represents a $3.76 dividend on an annualized basis and a yield of 3.76%. The ex-dividend date is Thursday, September 19th. Best Buy’s dividend payout ratio is presently 65.85%.

About Best Buy

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.