First Citizens Bank & Trust Co. Has $2.66 Million Stock Holdings in Best Buy Co Inc (NYSE:BBY)

First Citizens Bank & Trust Co. cut its holdings in Best Buy Co Inc (NYSE:BBY) by 2.3% in the third quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 38,564 shares of the technology retailer’s stock after selling 901 shares during the quarter. First Citizens Bank & Trust Co.’s holdings in Best Buy were worth $2,661,000 at the end of the most recent reporting period.

Several other large investors have also made changes to their positions in the company. Envestnet Asset Management Inc. increased its stake in shares of Best Buy by 12.8% in the third quarter. Envestnet Asset Management Inc. now owns 197,943 shares of the technology retailer’s stock valued at $13,656,000 after buying an additional 22,452 shares in the last quarter. Outlook Wealth Advisors LLC increased its stake in shares of Best Buy by 4.2% in the third quarter. Outlook Wealth Advisors LLC now owns 4,649 shares of the technology retailer’s stock valued at $321,000 after buying an additional 189 shares in the last quarter. Robeco Institutional Asset Management B.V. increased its stake in shares of Best Buy by 11.4% in the third quarter. Robeco Institutional Asset Management B.V. now owns 1,131,111 shares of the technology retailer’s stock valued at $78,036,000 after buying an additional 115,898 shares in the last quarter. Advisor Partners LLC increased its stake in shares of Best Buy by 14.8% in the third quarter. Advisor Partners LLC now owns 7,699 shares of the technology retailer’s stock valued at $531,000 after buying an additional 990 shares in the last quarter. Finally, Sumitomo Mitsui DS Asset Management Company Ltd increased its stake in shares of Best Buy by 19.3% in the third quarter. Sumitomo Mitsui DS Asset Management Company Ltd now owns 15,702 shares of the technology retailer’s stock valued at $1,083,000 after buying an additional 2,539 shares in the last quarter. Institutional investors own 78.49% of the company’s stock.

In other news, major shareholder Richard M. Schulze sold 430,600 shares of Best Buy stock in a transaction dated Monday, July 22nd. The stock was sold at an average price of $75.26, for a total transaction of $32,406,956.00. Following 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 document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CAO Mathew Watson sold 1,000 shares of Best Buy stock in a transaction dated Friday, September 27th. The shares were sold at an average price of $68.03, for a total value of $68,030.00. The disclosure for this sale can be found here. Insiders have sold a total of 839,513 shares of company stock worth $59,792,970 in the last quarter. 0.95% of the stock is currently owned by company insiders.

Shares of BBY opened at $70.52 on Friday. The company has a current ratio of 1.08, a quick ratio of 0.39 and a debt-to-equity ratio of 1.06. Best Buy Co Inc has a 1 year low of $47.72 and a 1 year high of $78.53. The stock has a market cap of $18.42 billion, a P/E ratio of 13.26, a price-to-earnings-growth ratio of 1.55 and a beta of 1.14. The stock’s 50-day moving average price is $67.03 and its two-hundred day moving average price is $69.47.

Best Buy (NYSE:BBY) last issued its earnings results on Thursday, August 29th. The technology retailer reported $1.08 earnings per share (EPS) for the quarter, topping 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 firm had revenue of $9.54 billion for the quarter, compared to analysts’ expectations of $9.55 billion. During the same quarter last year, the business earned $0.91 earnings per share. The company’s revenue was up 1.7% compared to the same quarter last year. As a group, equities analysts forecast that Best Buy Co Inc will post 5.7 EPS for the current year.

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, October 10th. Stockholders of record on Thursday, September 19th were issued a dividend of $0.50 per share. This represents a $2.00 annualized dividend and a dividend yield of 2.84%. The ex-dividend date was Wednesday, September 18th. Best Buy’s dividend payout ratio (DPR) is presently 37.59%.

A number of analysts have recently weighed in on the company. Wedbush restated a “buy” rating and issued a $63.00 target price on shares of Best Buy in a research note on Thursday, August 29th. Telsey Advisory Group lifted their price objective on Best Buy from $70.00 to $75.00 and gave the stock a “market perform” rating in a research report on Thursday, September 26th. Loop Capital set a $90.00 price objective on Best Buy and gave the stock a “buy” rating in a research report on Wednesday, September 18th. Guggenheim started coverage on Best Buy in a research report on Monday, July 8th. They issued a “buy” rating and a $80.00 price objective for the company. Finally, Goldman Sachs Group started coverage on Best Buy in a research report on Thursday, July 11th. They issued a “neutral” rating and a $73.00 price objective for the company. Eleven investment analysts have rated the stock with a hold rating, nine have issued a buy rating and one has issued a strong buy rating to the company’s stock. Best Buy presently has a consensus rating of “Buy” and an average price target of $78.56.

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.

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

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