Best Buy Co Inc (BBY) Holdings Reduced by Chevy Chase Trust Holdings Inc.

Chevy Chase Trust Holdings Inc. lowered its stake in Best Buy Co Inc (NYSE:BBY) by 3.8% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 207,762 shares of the technology retailer’s stock after selling 8,133 shares during the quarter. Chevy Chase Trust Holdings Inc.’s holdings in Best Buy were worth $15,495,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently bought and sold shares of the business. Dana Investment Advisors Inc. increased its stake in shares of Best Buy by 34.9% during the second quarter. Dana Investment Advisors Inc. now owns 455,195 shares of the technology retailer’s stock worth $33,948,000 after buying an additional 117,856 shares during the period. Jaffetilchin Investment Partners LLC purchased a new stake in shares of Best Buy during the second quarter worth approximately $780,000. Sumitomo Mitsui Trust Holdings Inc. increased its stake in shares of Best Buy by 7.9% during the second quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 929,338 shares of the technology retailer’s stock worth $69,310,000 after buying an additional 68,020 shares during the period. Stoneridge Investment Partners LLC purchased a new stake in shares of Best Buy during the second quarter worth approximately $532,000. Finally, Aperio Group LLC increased its stake in shares of Best Buy by 5.7% during the second quarter. Aperio Group LLC now owns 223,510 shares of the technology retailer’s stock worth $16,669,000 after buying an additional 12,136 shares during the period. 87.63% of the stock is currently owned by institutional investors.

Shares of Best Buy opened at $78.68 on Friday, according to MarketBeat. The company has a debt-to-equity ratio of 0.23, a current ratio of 1.27 and a quick ratio of 0.56. The company has a market capitalization of $21.59 billion, a P/E ratio of 16.41, a price-to-earnings-growth ratio of 1.38 and a beta of 0.79. Best Buy Co Inc has a 52-week low of $51.61 and a 52-week high of $79.90.

Best Buy (NYSE:BBY) last announced its quarterly earnings results on Thursday, May 24th. The technology retailer reported $0.82 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.74 by $0.08. The firm had revenue of $9.11 billion during the quarter, compared to the consensus estimate of $8.75 billion. Best Buy had a return on equity of 36.16% and a net margin of 2.39%. The firm’s quarterly revenue was up 6.8% compared to the same quarter last year. During the same period in the prior year, the company posted $0.60 earnings per share. sell-side analysts predict that Best Buy Co Inc will post 5 EPS for the current fiscal year.

A number of analysts recently weighed in on BBY shares. Wells Fargo & Co started coverage on shares of Best Buy in a research note on Monday, April 23rd. They set a “market perform” rating and a $77.00 target price on the stock. Zacks Investment Research upgraded shares of Best Buy from a “hold” rating to a “buy” rating and set a $87.00 target price on the stock in a research note on Monday, May 14th. Wedbush restated a “sell” rating and set a $48.00 target price on shares of Best Buy in a research note on Monday, May 21st. Loop Capital set a $85.00 target price on shares of Best Buy and gave the stock a “buy” rating in a research note on Thursday, May 24th. Finally, ValuEngine lowered shares of Best Buy from a “buy” rating to a “hold” rating in a research note on Saturday, May 26th. Two investment analysts have rated the stock with a sell rating, ten have given a hold rating, seven have given a buy rating and two have issued a strong buy rating to the company’s stock. The company has an average rating of “Hold” and a consensus price target of $74.33.

In related news, insider Asheesh Saksena sold 18,570 shares of the company’s stock in a transaction that occurred on Thursday, June 14th. The stock was sold at an average price of $73.69, for a total value of $1,368,423.30. Following the completion of the transaction, the insider now directly owns 77,478 shares of the company’s stock, valued at $5,709,353.82. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Rajendra M. Mohan sold 2,617 shares of the company’s stock in a transaction that occurred on Friday, May 25th. The shares were sold at an average price of $70.98, for a total value of $185,754.66. Following the completion of the transaction, the insider now directly owns 97,897 shares of the company’s stock, valued at $6,948,729.06. The disclosure for this sale can be found here. Insiders sold 23,145 shares of company stock valued at $1,692,585 over the last ninety days. 0.75% of the stock is currently owned by corporate insiders.

Best Buy Company Profile

Best Buy Co, Inc operates as a retailer of technology products, services, and solutions in the United States, Canada, and Mexico. The company operates in two segments, Domestic and International. Its stores provide consumer electronics, including digital imaging, health and fitness, home automation, home theater, and portable audio products; computing and mobile phones, such as computing and peripherals, networking products, tablets, smart watches, and e-readers, as well as mobile phones comprising related mobile network carrier commissions; and entertainment products, including drones, movies, music, and technology toys, as well as gaming hardware and software, and virtual reality and other software products.

Read More: Leveraged Buyout (LBO) Explained

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

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