Virtu Financial LLC Has $3.65 Million Position in Best Buy Co., Inc. (NYSE:BBY)

Virtu Financial LLC boosted its stake in shares of Best Buy Co., Inc. (NYSE:BBY) by 257.6% in the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 43,314 shares of the technology retailer’s stock after purchasing an additional 31,202 shares during the quarter. Virtu Financial LLC’s holdings in Best Buy were worth $3,651,000 at the end of the most recent reporting period.

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

Best Buy Trading Up 0.3 %

NYSE:BBY opened at $98.79 on Tuesday. Best Buy Co., Inc. has a 52 week low of $62.30 and a 52 week high of $103.71. The firm’s fifty day moving average is $89.14 and its 200-day moving average is $82.95. The firm has a market cap of $21.31 billion, a P/E ratio of 17.30, a P/E/G ratio of 2.56 and a beta of 1.46. The company has a debt-to-equity ratio of 0.37, a quick ratio of 0.34 and a current ratio of 1.01.

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

Best Buy Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Thursday, October 10th. Shareholders of record on Thursday, September 19th will be issued a $0.94 dividend. This represents a $3.76 dividend on an annualized basis and a yield of 3.81%. The ex-dividend date of this dividend is Thursday, September 19th. Best Buy’s payout ratio is 65.85%.

Analyst Ratings Changes

Several brokerages recently issued reports on BBY. Barclays boosted their price target on Best Buy from $81.00 to $95.00 and gave the company an “equal weight” rating in a research note on Friday, August 30th. Wells Fargo & Company increased their price objective on shares of Best Buy from $80.00 to $95.00 and gave the stock an “equal weight” rating in a research note on Friday, August 30th. DA Davidson boosted their target price on shares of Best Buy from $90.00 to $95.00 and gave the company a “buy” rating in a research report on Friday, May 31st. Citigroup increased their price target on shares of Best Buy from $100.00 to $115.00 and gave the stock a “buy” rating in a research report on Friday, August 30th. Finally, Loop Capital upped their target price on Best Buy from $100.00 to $110.00 and gave the stock a “buy” rating in a research note on Friday, August 30th. One equities research analyst has rated the stock with a sell rating, seven have assigned a hold rating, nine have given a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat.com, Best Buy has a consensus rating of “Moderate Buy” and an average price target of $102.56.

Insider Activity

In related news, Chairman Richard M. Schulze sold 691,328 shares of the business’s stock in a transaction dated Thursday, July 18th. The stock was sold at an average price of $88.46, for a total value of $61,154,874.88. Following the completion of the sale, the chairman now directly owns 14,911,525 shares of the company’s stock, valued at approximately $1,319,073,501.50. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. In other Best Buy news, EVP Jason J. Bonfig sold 3,500 shares of the business’s stock in a transaction 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 completion of the sale, 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 accessible through the SEC website. Also, Chairman Richard M. Schulze sold 691,328 shares of the firm’s stock in a transaction on Thursday, July 18th. The shares were sold at an average price of $88.46, for a total transaction of $61,154,874.88. Following the completion of the transaction, the chairman now directly owns 14,911,525 shares in the company, valued at $1,319,073,501.50. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 1,383,370 shares of company stock worth $122,233,276. Company insiders own 0.59% of the company’s stock.

About Best Buy

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.