QS Investors LLC Has $4.24 Million Stock Position in Best Buy Co., Inc. (NYSE:BBY)

QS Investors LLC grew its holdings in shares of Best Buy Co., Inc. (NYSE:BBY) by 5.3% in the 2nd quarter, Holdings Channel.com reports. The fund owned 36,837 shares of the technology retailer’s stock after purchasing an additional 1,849 shares during the period. QS Investors LLC’s holdings in Best Buy were worth $4,236,000 at the end of the most recent quarter.

Several other hedge funds have also added to or reduced their stakes in BBY. Penserra Capital Management LLC grew its holdings in shares of Best Buy by 18.0% during the first quarter. Penserra Capital Management LLC now owns 578 shares of the technology retailer’s stock valued at $66,000 after buying an additional 88 shares during the last quarter. C M Bidwell & Associates Ltd. boosted its stake in Best Buy by 4.7% in the first quarter. C M Bidwell & Associates Ltd. now owns 2,055 shares of the technology retailer’s stock valued at $236,000 after acquiring an additional 92 shares during the last quarter. Quest Capital Management Inc. ADV raised its position in shares of Best Buy by 1.1% in the second quarter. Quest Capital Management Inc. ADV now owns 8,662 shares of the technology retailer’s stock valued at $996,000 after purchasing an additional 95 shares during the period. MV Capital Management Inc. raised its position in shares of Best Buy by 64.2% in the second quarter. MV Capital Management Inc. now owns 266 shares of the technology retailer’s stock valued at $31,000 after purchasing an additional 104 shares during the period. Finally, Whittier Trust Co. of Nevada Inc. increased its holdings in Best Buy by 37.8% during the 2nd quarter. Whittier Trust Co. of Nevada Inc. now owns 390 shares of the technology retailer’s stock worth $45,000 after acquiring an additional 107 shares during the period. 76.10% of the stock is owned by hedge funds and other institutional investors.

Shares of Best Buy stock opened at $110.78 on Thursday. Best Buy Co., Inc. has a 52-week low of $95.93 and a 52-week high of $128.57. The stock has a market capitalization of $27.25 billion, a price-to-earnings ratio of 11.30, a price-to-earnings-growth ratio of 1.35 and a beta of 1.52. The company has a fifty day moving average of $111.66 and a 200-day moving average of $114.10. The company has a debt-to-equity ratio of 0.29, a quick ratio of 0.54 and a current ratio of 1.16.

Best Buy (NYSE:BBY) last announced its quarterly earnings data on Monday, August 23rd. The technology retailer reported $2.98 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $1.89 by $1.09. Best Buy had a net margin of 4.85% and a return on equity of 64.85%. The company had revenue of $11.85 billion during the quarter, compared to analysts’ expectations of $11.54 billion. During the same quarter in the prior year, the company earned $1.71 EPS. The firm’s revenue was up 19.6% on a year-over-year basis. On average, equities research analysts forecast that Best Buy Co., Inc. will post 9.95 earnings per share for the current fiscal year.

The company also recently declared a quarterly dividend, which was paid on Tuesday, October 5th. Shareholders of record on Tuesday, September 14th were given a dividend of $0.70 per share. The ex-dividend date of this dividend was Monday, September 13th. This represents a $2.80 annualized dividend and a yield of 2.53%. Best Buy’s payout ratio is currently 35.40%.

In other Best Buy news, CFO Matthew M. Bilunas sold 819 shares of the stock in a transaction on Monday, August 23rd. The shares were sold at an average price of $113.16, for a total transaction of $92,678.04. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Robert L. Bass sold 4,697 shares of the stock in a transaction on Tuesday, July 27th. The shares were sold at an average price of $114.37, for a total transaction of $537,195.89. The disclosure for this sale can be found here. Insiders have sold a total of 5,650 shares of company stock valued at $644,243 in the last three months. 0.36% of the stock is currently owned by corporate insiders.

A number of research firms recently weighed in on BBY. DA Davidson raised shares of Best Buy to a “buy” rating in a report on Wednesday, August 25th. Zacks Investment Research reissued a “buy” rating on shares of Best Buy in a research note on Friday, September 10th. Telsey Advisory Group boosted their price target on shares of Best Buy from $140.00 to $150.00 and gave the stock an “outperform” rating in a research note on Wednesday, August 25th. Wedbush raised shares of Best Buy to a “buy” rating in a research note on Wednesday, August 25th. Finally, Jefferies Financial Group boosted their price target on shares of Best Buy from $136.00 to $145.00 and gave the stock a “buy” rating in a research note on Wednesday, August 25th. One investment analyst has rated the stock with a sell rating, five have assigned a hold rating and thirteen have given a buy rating to the stock. Based on data from MarketBeat, the company has a consensus rating of “Buy” and an average price target of $127.38.

Best Buy Company Profile

Best Buy Co, Inc engages in the provision of consumer technology products and services. It operates through two business segments: Domestic and International. The Domestic segment comprises of the operations in all states, districts, and territories of the U.S., operating under various brand names, including Best Buy, Best Buy Mobile, Geek Squad, Magnolia Audio Video, Napster, and Pacific Sales.

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

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