BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp Acquires 13,900 Shares of Best Buy Co., Inc. (NYSE:BBY)

BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp boosted its holdings in Best Buy Co., Inc. (NYSE:BBY) by 59.8% in the 2nd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 37,127 shares of the technology retailer’s stock after purchasing an additional 13,900 shares during the period. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp’s holdings in Best Buy were worth $3,129,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently modified their holdings of the company. Raymond James & Associates raised its stake in shares of Best Buy by 17.0% during the second quarter. Raymond James & Associates now owns 3,377,763 shares of the technology retailer’s stock valued at $284,712,000 after acquiring an additional 490,801 shares during the last quarter. Dimensional Fund Advisors LP raised its stake in shares of Best Buy by 8.3% during the second quarter. Dimensional Fund Advisors LP now owns 3,055,743 shares of the technology retailer’s stock valued at $257,569,000 after acquiring an additional 235,478 shares during the last quarter. Bank of New York Mellon Corp raised its stake in shares of Best Buy by 55.7% during the second quarter. Bank of New York Mellon Corp now owns 2,863,291 shares of the technology retailer’s stock valued at $241,347,000 after acquiring an additional 1,024,824 shares during the last quarter. Ninety One UK Ltd bought a new position in shares of Best Buy during the second quarter valued at about $121,325,000. Finally, Thrivent Financial for Lutherans increased its position in shares of Best Buy by 4,337.6% during the second 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 during the period. 80.96% of the stock is owned by institutional investors.

Insider Activity at Best Buy

In other news, Chairman Richard M. Schulze sold 691,328 shares of the business’s stock in a transaction on Thursday, July 18th. The shares were sold at an average price of $88.46, for a total transaction of $61,154,874.88. Following the completion of the sale, the chairman now owns 14,911,525 shares of the company’s stock, valued at approximately $1,319,073,501.50. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. In related 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 of the company’s stock, valued at approximately $4,210,276.28. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, Chairman Richard M. Schulze sold 691,328 shares of the firm’s stock in a transaction on Thursday, July 18th. The stock was sold at an average price of $88.46, for a total value of $61,154,874.88. Following the completion of the transaction, the chairman now directly owns 14,911,525 shares in the company, valued at $1,319,073,501.50. 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 over the last quarter. Company insiders own 0.59% of the company’s stock.

Analyst Ratings Changes

Several equities analysts recently issued reports on BBY shares. The Goldman Sachs Group boosted their price target on shares of Best Buy from $95.00 to $116.00 and gave the company a “buy” rating in a research report on Tuesday, September 3rd. Barclays boosted their price target on shares of Best Buy from $81.00 to $95.00 and gave the company an “equal weight” rating in a research report on Friday, August 30th. Bank of America boosted their price target on shares of Best Buy from $70.00 to $80.00 and gave the company an “underperform” rating in a research report on Friday, August 30th. Melius Research began coverage on shares of Best Buy in a research report on Monday, September 23rd. They set a “hold” rating and a $100.00 price target on the stock. Finally, BNP Paribas upgraded shares of Best Buy to a “strong-buy” rating in a report on Thursday, August 29th. One equities research analyst has rated the stock with a sell rating, seven have given a hold rating, ten have given a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $102.41.

Best Buy Stock Up 2.3 %

Shares of Best Buy stock opened at $102.26 on Friday. The company has a market cap of $22.06 billion, a price-to-earnings ratio of 17.91, a price-to-earnings-growth ratio of 2.56 and a beta of 1.46. The company’s 50 day moving average is $91.04 and its 200 day moving average is $84.02. 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 issued its quarterly earnings data on Thursday, August 29th. The technology retailer reported $1.34 earnings per share for the quarter, beating analysts’ consensus estimates of $1.16 by $0.18. The company had revenue of $9.29 billion for the quarter, compared to the consensus estimate of $9.23 billion. Best Buy had a net margin of 2.96% and a return on equity of 47.19%. The firm’s revenue for the quarter was down 3.1% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $1.22 earnings per share. Research analysts anticipate that Best Buy Co., Inc. will post 6.28 EPS for the current year.

Best Buy Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, October 10th. Investors of record on Thursday, September 19th will be given a dividend of $0.94 per share. The ex-dividend date is Thursday, September 19th. This represents a $3.76 dividend on an annualized basis and a yield of 3.68%. Best Buy’s dividend payout ratio (DPR) is 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.