Thoroughbred Financial Services LLC Purchases New Stake in Best Buy Co., Inc. (NYSE:BBY)

Thoroughbred Financial Services LLC purchased a new position in Best Buy Co., Inc. (NYSE:BBY) during the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm purchased 3,401 shares of the technology retailer’s stock, valued at approximately $286,000.

A number of other hedge funds have also recently modified their holdings of the company. Private Advisor Group LLC purchased a new stake in Best Buy in the fourth quarter worth about $328,000. ING Groep NV increased its position in Best Buy by 61.5% during the 4th quarter. ING Groep NV now owns 5,612 shares of the technology retailer’s stock valued at $439,000 after buying an additional 2,137 shares in the last quarter. Norges Bank purchased a new position in Best Buy during the fourth quarter valued at $165,164,000. BI Asset Management Fondsmaeglerselskab A S boosted its holdings in Best Buy by 275.9% in the fourth quarter. BI Asset Management Fondsmaeglerselskab A S now owns 18,153 shares of the technology retailer’s stock worth $1,421,000 after acquiring an additional 13,324 shares in the last quarter. Finally, Wells Fargo & Company MN boosted its holdings in Best Buy by 52.9% in the fourth quarter. Wells Fargo & Company MN now owns 212,594 shares of the technology retailer’s stock worth $16,642,000 after acquiring an additional 73,579 shares in the last quarter. Hedge funds and other institutional investors own 80.96% of the company’s stock.

Best Buy Stock Up 0.7 %

Shares of NYSE BBY opened at $99.48 on Wednesday. The stock has a market capitalization of $21.46 billion, a PE ratio of 17.42, a price-to-earnings-growth ratio of 2.56 and a beta of 1.46. The company has a current ratio of 1.01, a quick ratio of 0.34 and a debt-to-equity ratio of 0.37. Best Buy Co., Inc. has a 12-month low of $62.30 and a 12-month high of $103.71. The stock’s fifty day simple moving average is $89.41 and its two-hundred day simple moving average is $83.10.

Best Buy (NYSE:BBY) last announced its earnings results on Thursday, August 29th. The technology retailer reported $1.34 EPS for the quarter, topping analysts’ consensus estimates of $1.16 by $0.18. Best Buy had a net margin of 2.96% and a return on equity of 47.19%. The business had revenue of $9.29 billion during the quarter, compared to the consensus estimate of $9.23 billion. During the same period in the previous year, the company posted $1.22 earnings per share. The firm’s revenue was down 3.1% on a year-over-year basis. As a group, analysts expect that Best Buy Co., Inc. will post 6.26 EPS for the current fiscal year.

Best Buy Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Thursday, October 10th. Stockholders of record on Thursday, September 19th will be given a dividend of $0.94 per share. This represents a $3.76 dividend on an annualized basis and a dividend yield of 3.78%. The ex-dividend date of this dividend is Thursday, September 19th. Best Buy’s payout ratio is presently 65.85%.

Insider Activity

In related news, EVP Jason J. Bonfig sold 3,500 shares of the company’s stock in a transaction dated Monday, July 8th. The stock was sold at an average price of $83.02, for a total transaction of $290,570.00. Following the transaction, the executive vice president now directly owns 50,714 shares of the company’s stock, valued at approximately $4,210,276.28. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. In other Best Buy news, EVP Jason J. Bonfig sold 3,500 shares of the company’s stock in a transaction that occurred on Monday, July 8th. The shares were sold at an average price of $83.02, for a total transaction of $290,570.00. Following the transaction, the executive vice president now owns 50,714 shares in the company, valued at approximately $4,210,276.28. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, Chairman Richard M. Schulze sold 691,328 shares of Best Buy stock in a transaction on Thursday, July 18th. The stock was sold at an average price of $88.46, for a total transaction of $61,154,874.88. Following the sale, the chairman now owns 14,911,525 shares of the company’s stock, valued at $1,319,073,501.50. The disclosure for this sale can be found here. In the last quarter, insiders sold 1,383,370 shares of company stock worth $122,233,276. Insiders own 0.59% of the company’s stock.

Analysts Set New Price Targets

BBY has been the topic of several analyst reports. DA Davidson upped their target price on shares of Best Buy from $90.00 to $95.00 and gave the stock a “buy” rating in a research note on Friday, May 31st. UBS Group increased their target price on Best Buy from $106.00 to $123.00 and gave the company a “buy” rating in a research note on Friday, August 30th. Citigroup boosted their price target on Best Buy from $100.00 to $115.00 and gave the stock a “buy” rating in a research note on Friday, August 30th. Wedbush increased their price objective on Best Buy from $85.00 to $95.00 and gave the company a “neutral” rating in a research report on Friday, August 30th. Finally, Telsey Advisory Group boosted their target price on Best Buy from $95.00 to $115.00 and gave the stock an “outperform” rating in a research report on Friday, August 30th. One analyst has rated the stock with a sell rating, seven have given a hold rating, nine have issued a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price of $102.56.

Best Buy Company Profile

Best Buy Co, Inc engages in the retail of technology products in the United States, Canada, and international. Its stores provide computing and mobile phone products, such as desktops, notebooks, and peripherals; mobile phones comprising related mobile network carrier commissions; networking products; tablets covering e-readers; smartwatches; and consumer electronics consisting of digital imaging, health and fitness products, portable audio comprising headphones and portable speakers, and smart home products, as well as home theaters, which includes home theater accessories, soundbars, and televisions.