Two Sigma Advisers LP Acquires 827,499 Shares of Best Buy Co Inc (NYSE:BBY)

Two Sigma Advisers LP grew its holdings in Best Buy Co Inc (NYSE:BBY) by 116.3% during the 2nd quarter, according to the company in its most recent filing with the SEC. The fund owned 1,539,099 shares of the technology retailer’s stock after purchasing an additional 827,499 shares during the period. Two Sigma Advisers LP owned approximately 0.59% of Best Buy worth $134,317,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also modified their holdings of the company. Vanguard Group Inc. grew its position in Best Buy by 6.0% during the 2nd quarter. Vanguard Group Inc. now owns 29,346,566 shares of the technology retailer’s stock worth $2,561,075,000 after acquiring an additional 1,662,640 shares during the last quarter. APG Asset Management N.V. grew its position in Best Buy by 65.7% during the 1st quarter. APG Asset Management N.V. now owns 3,221,797 shares of the technology retailer’s stock worth $203,893,000 after acquiring an additional 1,277,308 shares during the last quarter. AQR Capital Management LLC grew its position in Best Buy by 34.2% during the 1st quarter. AQR Capital Management LLC now owns 4,044,130 shares of the technology retailer’s stock worth $230,516,000 after acquiring an additional 1,029,966 shares during the last quarter. Charles Schwab Investment Management Inc. grew its position in Best Buy by 46.5% during the 2nd quarter. Charles Schwab Investment Management Inc. now owns 3,172,487 shares of the technology retailer’s stock worth $276,863,000 after acquiring an additional 1,007,028 shares during the last quarter. Finally, Janus Henderson Group PLC grew its position in Best Buy by 26.6% during the 1st quarter. Janus Henderson Group PLC now owns 3,899,726 shares of the technology retailer’s stock worth $222,287,000 after acquiring an additional 819,725 shares during the last quarter. Institutional investors own 78.92% of the company’s stock.

In other Best Buy news, CAO Mathew Watson sold 5,677 shares of the stock in a transaction on Thursday, August 27th. The stock was sold at an average price of $112.58, for a total transaction of $639,116.66. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, COO Rajendra M. Mohan sold 65,000 shares of the stock in a transaction on Wednesday, August 26th. The shares were sold at an average price of $112.89, for a total value of $7,337,850.00. Following the transaction, the chief operating officer now directly owns 179,483 shares of the company’s stock, valued at $20,261,835.87. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 831,230 shares of company stock valued at $73,599,179. 0.64% of the stock is currently owned by corporate insiders.

A number of equities research analysts have commented on BBY shares. Nomura Instinet reduced their price target on Best Buy from $85.00 to $84.00 and set a “neutral” rating on the stock in a research report on Friday, May 22nd. Telsey Advisory Group upped their price target on Best Buy from $120.00 to $135.00 and gave the company an “outperform” rating in a research report on Wednesday, August 26th. ValuEngine lowered Best Buy from a “hold” rating to a “sell” rating in a research report on Friday, August 28th. Wedbush upgraded Best Buy from a “neutral” rating to an “outperform” rating and upped their price target for the company from $95.00 to $130.00 in a research report on Monday, August 17th. Finally, Raymond James reiterated a “buy” rating on shares of Best Buy in a research report on Tuesday, August 25th. One analyst has rated the stock with a sell rating, six have issued a hold rating and sixteen have assigned a buy rating to the stock. Best Buy has a consensus rating of “Buy” and a consensus price target of $100.48.

BBY traded down $0.88 during midday trading on Wednesday, reaching $107.08. 1,723,335 shares of the company were exchanged, compared to its average volume of 2,763,384. The company has a market cap of $27.72 billion, a price-to-earnings ratio of 17.27, a price-to-earnings-growth ratio of 1.78 and a beta of 1.64. The company has a debt-to-equity ratio of 0.17, a quick ratio of 0.65 and a current ratio of 1.06. The company’s fifty day moving average price is $107.07 and its 200 day moving average price is $83.38. Best Buy Co Inc has a one year low of $48.10 and a one year high of $119.48.

Best Buy (NYSE:BBY) last released its earnings results on Tuesday, August 25th. The technology retailer reported $1.71 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.09 by $0.62. The company had revenue of $9.91 billion during the quarter, compared to analyst estimates of $9.79 billion. Best Buy had a return on equity of 48.82% and a net margin of 3.75%. Best Buy’s quarterly revenue was up 3.9% on a year-over-year basis. During the same period in the prior year, the company posted $1.08 earnings per share. As a group, sell-side analysts anticipate that Best Buy Co Inc will post 7.12 earnings per share for the current fiscal year.

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, October 6th. Stockholders of record on Tuesday, September 15th will be issued a $0.55 dividend. This represents a $2.20 annualized dividend and a dividend yield of 2.05%. The ex-dividend date is Monday, September 14th. Best Buy’s dividend payout ratio is presently 36.24%.

About Best Buy

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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