Hammer Asset Management LLC Takes Position in Best Buy Co Inc (NYSE:BBY)

Hammer Asset Management LLC acquired a new stake in Best Buy Co Inc (NYSE:BBY) during the second quarter, according to its most recent filing with the Securities & Exchange Commission. The firm acquired 19,911 shares of the technology retailer’s stock, valued at approximately $1,388,000.

Other hedge funds and other institutional investors have also bought and sold shares of the company. USS Investment Management Ltd acquired a new position in Best Buy during the second quarter worth $25,256,000. BlackRock Inc. increased its holdings in Best Buy by 1.7% during the first quarter. BlackRock Inc. now owns 17,406,620 shares of the technology retailer’s stock worth $1,236,916,000 after buying an additional 295,060 shares during the last quarter. Spark Investment Management LLC increased its holdings in Best Buy by 699.0% during the first quarter. Spark Investment Management LLC now owns 330,800 shares of the technology retailer’s stock worth $23,506,000 after buying an additional 289,400 shares during the last quarter. Marshall Wace LLP acquired a new position in Best Buy during the first quarter worth $20,204,000. Finally, Apertura Capital LLC acquired a new position in Best Buy during the first quarter worth $17,054,000. Institutional investors own 78.16% of the company’s stock.

A number of equities analysts recently weighed in on the stock. ValuEngine upgraded shares of Best Buy from a “sell” rating to a “hold” rating in a report on Tuesday, August 13th. Cleveland Research restated a “neutral” rating on shares of Best Buy in a report on Tuesday, June 18th. Zacks Investment Research downgraded shares of Best Buy from a “buy” rating to a “hold” rating in a report on Tuesday, April 30th. Telsey Advisory Group restated a “market perform” rating on shares of Best Buy in a report on Thursday, July 25th. Finally, Goldman Sachs Group assumed coverage on shares of Best Buy in a report on Thursday, July 11th. They set a “neutral” rating and a $73.00 target price on the stock. Thirteen analysts have rated the stock with a hold rating and ten have given a buy rating to the stock. Best Buy has a consensus rating of “Hold” and an average price target of $77.67.

In other news, major shareholder Richard M. Schulze sold 206,188 shares of the business’s stock in a transaction dated Friday, July 5th. The shares were sold at an average price of $72.07, for a total value of $14,859,969.16. Following the completion of the sale, the insider now owns 1,732,500 shares of the company’s stock, valued at $124,861,275. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, major shareholder Richard M. Schulze sold 430,600 shares of the business’s stock in a transaction dated Monday, July 22nd. The shares were sold at an average price of $75.26, for a total transaction of $32,406,956.00. Following the completion of the sale, the insider now directly owns 1,732,500 shares of the company’s stock, valued at approximately $130,387,950. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 1,991,686 shares of company stock valued at $140,623,220. Company insiders own 0.95% of the company’s stock.

BBY stock traded up $0.39 during midday trading on Thursday, reaching $68.25. 102,843 shares of the company were exchanged, compared to its average volume of 2,673,411. The company has a debt-to-equity ratio of 1.00, a current ratio of 1.12 and a quick ratio of 0.39. The business has a 50-day moving average price of $71.63 and a two-hundred day moving average price of $68.86. Best Buy Co Inc has a one year low of $47.72 and a one year high of $84.37. The firm has a market capitalization of $17.69 billion, a price-to-earnings ratio of 12.84, a price-to-earnings-growth ratio of 1.31 and a beta of 1.06.

Best Buy (NYSE:BBY) last released its quarterly earnings data on Thursday, May 23rd. The technology retailer reported $1.02 EPS for the quarter, topping the Zacks’ consensus estimate of $0.88 by $0.14. Best Buy had a net margin of 3.54% and a return on equity of 47.91%. The firm had revenue of $9.14 billion during the quarter, compared to analysts’ expectations of $9.14 billion. During the same period in the previous year, the business posted $0.82 earnings per share. The company’s revenue for the quarter was up .4% compared to the same quarter last year. As a group, analysts anticipate that Best Buy Co Inc will post 5.74 earnings per share for the current fiscal year.

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 Computing and Mobile Phones, such as computing and peripherals, e-readers, networking products, tablets, and wearables, as well as mobile phones comprising related mobile network carrier commissions; consumer electronics, including digital imaging, health and fitness, home theater, portable audio, and smart home products; and entertainment products consisting of drones, movies, music, and toys, as well as gaming hardware and software, and virtual reality and other software products.

Further Reading: CD Ladder

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

Receive News & Ratings for Best Buy Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Best Buy and related companies with MarketBeat.com's FREE daily email newsletter.