PNC Financial Services Group Inc. Decreases Stock Holdings in Best Buy Co Inc (NYSE:BBY)

27 May 2020, 15:12 by Sarita Garza

PNC Financial Services Group Inc. trimmed its stake in shares of Best Buy Co Inc (NYSE:BBY) by 4.6% in the 1st quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 41,823 shares of the technology retailer’s stock after selling 2,035 shares during the period. PNC Financial Services Group Inc.’s holdings in Best Buy were worth $2,384,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. American International Group Inc. increased its holdings in Best Buy by 3,234.6% during the fourth quarter. American International Group Inc. now owns 4,132,941 shares of the technology retailer’s stock valued at $362,872,000 after buying an additional 4,009,000 shares during the last quarter. Norges Bank purchased a new stake in Best Buy during the fourth quarter valued at approximately $247,638,000. Janus Henderson Group PLC increased its holdings in Best Buy by 61.1% during the fourth quarter. Janus Henderson Group PLC now owns 3,080,001 shares of the technology retailer’s stock valued at $270,425,000 after buying an additional 1,168,359 shares during the last quarter. Robeco Institutional Asset Management B.V. increased its holdings in Best Buy by 66.7% during the first quarter. Robeco Institutional Asset Management B.V. now owns 2,019,859 shares of the technology retailer’s stock valued at $115,133,000 after buying an additional 807,879 shares during the last quarter. Finally, BlackRock Inc. increased its holdings in Best Buy by 4.4% during the first quarter. BlackRock Inc. now owns 18,601,382 shares of the technology retailer’s stock valued at $1,060,278,000 after buying an additional 783,926 shares during the last quarter. 77.40% of the stock is owned by hedge funds and other institutional investors.

In other Best Buy news, insider Brian A. Tilzer sold 916 shares of the stock in a transaction on Monday, March 23rd. The shares were sold at an average price of $51.75, for a total transaction of $47,403.00. Following the completion of the transaction, the insider now owns 20,903 shares in the company, valued at $1,081,730.25. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Kathleen Scarlett sold 1,057 shares of the stock in a transaction on Friday, March 13th. The shares were sold at an average price of $56.89, for a total transaction of $60,132.73. Following the transaction, the insider now owns 34,652 shares of the company’s stock, valued at approximately $1,971,352.28. The disclosure for this sale can be found here. Insiders have sold 224,750 shares of company stock valued at $16,023,290 in the last quarter. 0.95% of the stock is owned by company insiders.

Shares of NYSE:BBY opened at $79.47 on Wednesday. The company has a debt-to-equity ratio of 0.79, a quick ratio of 0.57 and a current ratio of 1.02. The firm has a fifty day moving average price of $72.84 and a 200 day moving average price of $77.93. Best Buy Co Inc has a fifty-two week low of $48.10 and a fifty-two week high of $91.99. The firm has a market cap of $19.81 billion, a price-to-earnings ratio of 14.61, a P/E/G ratio of 2.25 and a beta of 1.50.

Best Buy (NYSE:BBY) last issued its earnings results on Thursday, May 21st. The technology retailer reported $0.67 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.41 by $0.26. Best Buy had a net margin of 3.33% and a return on equity of 45.89%. The firm had revenue of $8.56 billion during the quarter, compared to analyst estimates of $8.26 billion. During the same quarter in the prior year, the business earned $1.02 earnings per share. Best Buy’s revenue for the quarter was down 6.3% on a year-over-year basis. As a group, research analysts predict that Best Buy Co Inc will post 4.48 earnings per share for the current year.

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, July 2nd. Shareholders of record on Thursday, June 11th will be given a dividend of $0.55 per share. The ex-dividend date of this dividend is Wednesday, June 10th. This represents a $2.20 annualized dividend and a yield of 2.77%. Best Buy’s dividend payout ratio (DPR) is currently 36.24%.

A number of brokerages have commented on BBY. Telsey Advisory Group raised shares of Best Buy from a “market perform” rating to an “outperform” rating and set a $90.00 target price for the company in a report on Monday, May 18th. ValuEngine raised shares of Best Buy from a “sell” rating to a “hold” rating in a report on Tuesday, March 17th. Loop Capital raised shares of Best Buy to a “buy” rating in a report on Friday, May 22nd. Cfra upped their target price on shares of Best Buy from $75.00 to $90.00 and gave the company a “buy” rating in a report on Wednesday, May 20th. Finally, Oppenheimer began coverage on shares of Best Buy in a research note on Thursday, May 21st. They issued a “buy” rating and a $105.00 price objective for the company. One research analyst has rated the stock with a sell rating, ten have given a hold rating and twelve have given a buy rating to the company’s stock. The stock presently has an average rating of “Hold” and a consensus price target of $86.52.

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.