Bluemountain Capital Management buys $69.7 Million stake in Best Buy Co Inc (BBY)

Best Buy Co Inc (BBY) : Bluemountain Capital Management scooped up 411,059 additional shares in Best Buy Co Inc during the most recent quarter end , the firm said in a disclosure report filed with the SEC on May 13, 2016. The investment management firm now holds a total of 2,250,517 shares of Best Buy Co Inc which is valued at $69.7 Million.Best Buy Co Inc makes up approximately 2.62% of Bluemountain Capital Management’s portfolio.

Other Hedge Funds, Including , Alliancebernstein boosted its stake in BBY in the latest quarter, The investment management firm added 608,588 additional shares and now holds a total of 2,008,821 shares of Best Buy Co Inc which is valued at $62.2 Million. Best Buy Co Inc makes up approx 0.05% of Alliancebernstein’s portfolio. Engineers Gate Manager Lp added BBY to its portfolio by purchasing 81,225 company shares during the most recent quarter which is valued at $2.5 Million. Best Buy Co Inc makes up approx 0.20% of Engineers Gate Manager Lp’s portfolio.Neuberger Berman Group reduced its stake in BBY by selling 7,228 shares or 0.27% in the most recent quarter. The Hedge Fund company now holds 2,710,332 shares of BBY which is valued at $86.7 Million. Best Buy Co Inc makes up approx 0.12% of Neuberger Berman Group’s portfolio.Swiss National Bank boosted its stake in BBY in the latest quarter, The investment management firm added 231,400 additional shares and now holds a total of 805,660 shares of Best Buy Co Inc which is valued at $25.8 Million. Best Buy Co Inc makes up approx 0.05% of Swiss National Bank’s portfolio.

Best Buy Co Inc opened for trading at $30.3 and hit $32.25 on the upside on Wednesday, eventually ending the session at $32.07, with a gain of 4.98% or 1.52 points. The heightened volatility saw the trading volume jump to 1,34,56,865 shares. Company has a market cap of $10,370 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.

Many Wall Street Analysts have commented on Best Buy Co Inc. 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 was Downgraded by Citigroup to ” Neutral” on May 24, 2016.

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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