Best Buy Co., Inc. (NYSE:BBY) Shares Sold by OMERS ADMINISTRATION Corp

OMERS ADMINISTRATION Corp trimmed its holdings in shares of Best Buy Co., Inc. (NYSE:BBY - Free Report) by 22.7% in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 18,852 shares of the technology retailer's stock after selling 5,527 shares during the period. OMERS ADMINISTRATION Corp's holdings in Best Buy were worth $1,618,000 as of its most recent SEC filing.

Several other institutional investors have also recently modified their holdings of the stock. Vanguard Group Inc. increased its position in Best Buy by 0.8% during the fourth quarter. Vanguard Group Inc. now owns 22,982,608 shares of the technology retailer's stock worth $1,971,908,000 after buying an additional 191,161 shares in the last quarter. Charles Schwab Investment Management Inc. increased its position in Best Buy by 6.4% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 6,560,368 shares of the technology retailer's stock worth $562,880,000 after purchasing an additional 395,415 shares in the last quarter. Raymond James Financial Inc. acquired a new position in Best Buy in the 4th quarter valued at about $514,483,000. Geode Capital Management LLC raised its stake in Best Buy by 4.9% in the 4th quarter. Geode Capital Management LLC now owns 5,092,820 shares of the technology retailer's stock valued at $436,210,000 after purchasing an additional 239,840 shares during the last quarter. Finally, Bank of New York Mellon Corp lifted its holdings in Best Buy by 13.7% in the 4th quarter. Bank of New York Mellon Corp now owns 3,824,425 shares of the technology retailer's stock valued at $328,136,000 after purchasing an additional 459,353 shares in the last quarter. 80.96% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity at Best Buy

In other Best Buy news, CAO Mathew Watson sold 2,951 shares of the business's stock in a transaction dated Friday, March 21st. The shares were sold at an average price of $72.65, for a total transaction of $214,390.15. Following the completion of the transaction, the chief accounting officer now directly owns 21,371 shares of the company's stock, valued at $1,552,603.15. The trade was a 12.13% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CFO Matthew M. Bilunas sold 51,000 shares of the business's stock in a transaction on Monday, March 24th. The stock was sold at an average price of $74.20, for a total value of $3,784,200.00. Following the transaction, the chief financial officer now owns 55,856 shares of the company's stock, valued at $4,144,515.20. This trade represents a 47.73% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 78,355 shares of company stock valued at $5,767,213 in the last quarter. Insiders own 0.47% of the company's stock.

Analyst Upgrades and Downgrades

A number of equities analysts have recently weighed in on BBY shares. UBS Group set a $105.00 price objective on shares of Best Buy in a research report on Wednesday, March 5th. Citigroup reiterated a "neutral" rating and issued a $70.00 price target (down from $93.00) on shares of Best Buy in a report on Thursday, April 3rd. Morgan Stanley decreased their price objective on Best Buy from $100.00 to $85.00 and set an "equal weight" rating on the stock in a report on Wednesday, March 5th. Loop Capital reiterated a "negative" rating on shares of Best Buy in a research note on Wednesday, March 5th. Finally, Evercore ISI reduced their target price on Best Buy from $95.00 to $80.00 and set an "in-line" rating on the stock in a research report on Wednesday, March 5th. Two equities research analysts have rated the stock with a sell rating, ten have issued a hold rating, eight have assigned a buy rating and one has assigned a strong buy rating to the company's stock. According to MarketBeat, the company presently has an average rating of "Hold" and a consensus price target of $90.72.

Best Buy Stock Down 3.1%

Shares of NYSE BBY traded down $2.27 during midday trading on Monday, reaching $71.53. 3,356,402 shares of the company's stock were exchanged, compared to its average volume of 3,356,667. The company has a debt-to-equity ratio of 0.37, a quick ratio of 0.22 and a current ratio of 1.00. Best Buy Co., Inc. has a 52-week low of $54.99 and a 52-week high of $103.71. The business's fifty day moving average price is $67.90 and its two-hundred day moving average price is $80.21. The stock has a market capitalization of $15.14 billion, a PE ratio of 12.23, a price-to-earnings-growth ratio of 2.10 and a beta of 1.27.

Best Buy (NYSE:BBY - Get Free Report) last released its quarterly earnings results on Tuesday, March 4th. The technology retailer reported $2.58 earnings per share for the quarter, topping analysts' consensus estimates of $2.40 by $0.18. The business had revenue of $13.95 billion during the quarter, compared to the consensus estimate of $13.69 billion. Best Buy had a net margin of 3.01% and a return on equity of 45.93%. During the same quarter last year, the company earned $2.72 earnings per share. Analysts forecast that Best Buy Co., Inc. will post 6.18 EPS for the current year.

Best Buy Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, April 15th. Shareholders of record on Tuesday, March 25th were issued a $0.95 dividend. This represents a $3.80 dividend on an annualized basis and a yield of 5.31%. The ex-dividend date of this dividend was Tuesday, March 25th. This is an increase from Best Buy's previous quarterly dividend of $0.94. Best Buy's payout ratio is currently 88.99%.

Best Buy 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.