Minneapolis Portfolio Management Group Lowers stake in Best Buy Co Inc (BBY)

Best Buy Co Inc (BBY) : Minneapolis Portfolio Management Group reduced its stake in Best Buy Co Inc by 4.1% during the most recent quarter end. The investment management company now holds a total of 658,215 shares of Best Buy Co Inc which is valued at $21,990,963 after selling 28,170 shares in Best Buy Co Inc , the firm said in a disclosure report filed with the SEC on Aug 1, 2016.Best Buy Co Inc makes up approximately 3.77% of Minneapolis Portfolio Management Group’s portfolio.

Other Hedge Funds, Including , Evercore Wealth Management added BBY to its portfolio by purchasing 1,902 company shares during the most recent quarter which is valued at $63,546.Checchi Capital Advisers reduced its stake in BBY by selling 430 shares or 15.16% in the most recent quarter. The Hedge Fund company now holds 2,406 shares of BBY which is valued at $77,329. Best Buy Co Inc makes up approx 0.02% of Checchi Capital Advisers’s portfolio. Nikko Asset Management Americas added BBY to its portfolio by purchasing 16,400 company shares during the most recent quarter which is valued at $521,356. Best Buy Co Inc makes up approx 0.05% of Nikko Asset Management Americas’s portfolio.State Of Alaska Department Of Revenue reduced its stake in BBY by selling 910 shares or 3.9% in the most recent quarter. The Hedge Fund company now holds 22,440 shares of BBY which is valued at $713,368. Best Buy Co Inc makes up approx 0.07% of State Of Alaska Department Of Revenue’s portfolio.

Best Buy Co Inc opened for trading at $33.4 and hit $33.859 on the upside on Thursday, eventually ending the session at $33.45, with a gain of 0.12% or 0.04 points. The heightened volatility saw the trading volume jump to 27,22,104 shares. Company has a market cap of $10,796 M.

On the company’s financial health, Best Buy Co Inc reported $0.44 EPS for the quarter, beating the analyst consensus estimate by $ 0.09 according to the earnings call on May 24, 2016. Analyst had a consensus of $0.35. The company had revenue of $8443.00 million for the quarter, compared to analysts expectations of $8295.77 million. The company’s revenue was down -1.3 % compared to the same quarter last year.During the same quarter in the previous year, the company posted $0.37 EPS.

Investors should note that on Jun 22, 2016, Best Buy Co Inc announced a cash dividend of $0.1250. The company’s management has announced Sep 14, 2016 as the ex-dividend date and fixed the record date on Sep 16, 2016. The payable date has been fixed on Oct 18, 2016.

Many Wall Street Analysts have commented on Best Buy Co Inc. Best Buy Co Inc was Downgraded by Credit Suisse to ” Neutral” on Jun 15, 2016. Shares were Reiterated by Telsey Advisory Group on May 25, 2016 to “Outperform” and Lowered the Price Target to $ 36 from a previous price target of $38 .Shares were Downgraded by Deutsche Bank on May 25, 2016 to ” Hold” and Lowered the Price Target to $ 32 from a previous price target of $38 .

Best Buy Co. Inc. is a provider of technology products services and solutions. The Company offers service to the consumers small business owners and educators who visit its stores engage with Geek Squad agents or use its Websites or mobile applications. It has retail and online operations in the United States Canada and Mexico. It operates through two segments: Domestic and International. The Domestic segment consists of all operations within the United States and its territories operating e-commerce retail store and call center operations under a range of brand names including Best Buy (bestbuy.com) Best Buy Mobile Geek Squad Magnolia Audio Video and Pacific Sales. The International segment consists of all operations outside the United States and its territories. In addition the Company operates Magnolia Home Theater Magnolia Design Center and Pacific Kitchen and Home store-within-a-store experiences in the United States Best Buy stores.

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