Best Buy Co Inc (NYSE:BBY) Shares Sold by Tiverton Asset Management LLC

Tiverton Asset Management LLC reduced its position in shares of Best Buy Co Inc (NYSE:BBY) by 24.9% during the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 3,457 shares of the technology retailer’s stock after selling 1,147 shares during the period. Tiverton Asset Management LLC’s holdings in Best Buy were worth $241,000 at the end of the most recent reporting period.

Other hedge funds have also recently bought and sold shares of the company. Advisors Preferred LLC acquired a new stake in shares of Best Buy during the 2nd quarter valued at approximately $27,000. TRUE Private Wealth Advisors acquired a new stake in Best Buy in the second quarter worth $27,000. Oppenheimer Asset Management Inc. acquired a new stake in Best Buy in the first quarter worth $34,000. Braun Bostich & Associates Inc. acquired a new stake in Best Buy in the first quarter worth $40,000. Finally, NEXT Financial Group Inc increased its position in Best Buy by 67.2% in the second quarter. NEXT Financial Group Inc now owns 667 shares of the technology retailer’s stock worth $47,000 after buying an additional 268 shares during the period. 78.45% of the stock is currently owned by institutional investors and hedge funds.

In related news, major shareholder Richard M. Schulze sold 430,600 shares of the stock in a transaction on Monday, July 22nd. The stock was sold at an average price of $75.26, for a total value of $32,406,956.00. Following the completion of the transaction, the insider now owns 1,732,500 shares in the company, valued at approximately $130,387,950. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, major shareholder Richard M. Schulze sold 418,812 shares of the stock in a transaction on Tuesday, July 9th. The shares were sold at an average price of $72.06, for a total value of $30,179,592.72. Following the completion of the transaction, the insider now owns 1,732,500 shares of the company’s stock, valued at approximately $124,843,950. The disclosure for this sale can be found here. Insiders sold a total of 1,381,448 shares of company stock valued at $101,304,357 in the last quarter. 0.95% of the stock is currently owned by corporate insiders.

BBY has been the subject of several research reports. Morgan Stanley decreased their target price on Best Buy from $77.00 to $70.00 and set an “equal weight” rating for the company in a research note on Friday, August 30th. Telsey Advisory Group decreased their target price on Best Buy from $76.00 to $70.00 and set a “market perform” rating for the company in a research note on Friday, August 30th. Bank of America set a $75.00 target price on Best Buy and gave the company a “hold” rating in a research note on Monday, August 26th. Guggenheim initiated coverage on Best Buy in a research note on Monday, July 8th. They set a “buy” rating and a $80.00 target price for the company. Finally, Goldman Sachs Group initiated coverage on Best Buy in a research note on Thursday, July 11th. They set a “neutral” rating and a $73.00 target price for the company. Eleven equities research analysts have rated the stock with a hold rating and ten have issued a buy rating to the company’s stock. Best Buy has an average rating of “Hold” and a consensus price target of $77.13.

Shares of NYSE:BBY traded up $0.23 during midday trading on Thursday, reaching $68.07. The company had a trading volume of 250,023 shares, compared to its average volume of 3,083,134. The company has a debt-to-equity ratio of 1.06, a quick ratio of 0.39 and a current ratio of 1.08. Best Buy Co Inc has a 1-year low of $47.72 and a 1-year high of $81.66. The firm has a market cap of $18.24 billion, a price-to-earnings ratio of 12.79, a price-to-earnings-growth ratio of 1.38 and a beta of 1.11. The company has a fifty day simple moving average of $68.44 and a two-hundred day simple moving average of $69.55.

Best Buy (NYSE:BBY) last released its quarterly earnings results on Thursday, August 29th. The technology retailer reported $1.08 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.99 by $0.09. Best Buy had a return on equity of 48.56% and a net margin of 3.52%. The business had revenue of $9.54 billion during the quarter, compared to analyst estimates of $9.55 billion. During the same quarter last year, the company posted $0.91 EPS. Best Buy’s revenue for the quarter was up 1.7% on a year-over-year basis. Analysts expect that Best Buy Co Inc will post 5.75 EPS for the current year.

The business also recently declared a quarterly dividend, which will be paid on Thursday, October 10th. Investors of record on Thursday, September 19th will be given a $0.50 dividend. The ex-dividend date is Wednesday, September 18th. This represents a $2.00 dividend on an annualized basis and a dividend yield of 2.94%. Best Buy’s dividend payout ratio (DPR) is 37.59%.

Best Buy 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.

See Also: Diversification

Want to see what other hedge funds are holding BBY? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Best Buy Co Inc (NYSE:BBY).

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.