Bridgewater Associates LP Sells 91,187 Shares of Best Buy Co., Inc. (NYSE:BBY)

Bridgewater Associates LP cut its holdings in Best Buy Co., Inc. (NYSE:BBY - Free Report) by 68.6% during the 4th quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 41,742 shares of the technology retailer's stock after selling 91,187 shares during the quarter. Bridgewater Associates LP's holdings in Best Buy were worth $3,581,000 at the end of the most recent reporting period.

Several other large investors have also bought and sold shares of the business. Rakuten Securities Inc. boosted its position in Best Buy by 971.9% during the 4th quarter. Rakuten Securities Inc. now owns 343 shares of the technology retailer's stock worth $29,000 after buying an additional 311 shares during the period. Golden State Wealth Management LLC acquired a new position in Best Buy in the 4th quarter valued at approximately $32,000. Atlas Capital Advisors Inc. increased its position in Best Buy by 186.9% in the 4th quarter. Atlas Capital Advisors Inc. now owns 373 shares of the technology retailer's stock valued at $32,000 after acquiring an additional 243 shares during the period. OFI Invest Asset Management acquired a new position in Best Buy in the 4th quarter valued at approximately $34,000. Finally, Trust Co. of Vermont increased its position in Best Buy by 1,200.0% in the 4th quarter. Trust Co. of Vermont now owns 416 shares of the technology retailer's stock valued at $36,000 after acquiring an additional 384 shares during the period. 80.96% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several brokerages have issued reports on BBY. Wedbush restated a "neutral" rating and issued a $90.00 price target on shares of Best Buy in a research report on Monday, March 3rd. Barclays decreased their price objective on shares of Best Buy from $95.00 to $89.00 and set an "equal weight" rating for the company in a research report on Thursday, January 9th. Telsey Advisory Group decreased their price objective on shares of Best Buy from $110.00 to $100.00 and set an "outperform" rating for the company in a research report on Wednesday, March 5th. JPMorgan Chase & Co. decreased their price objective on shares of Best Buy from $115.00 to $110.00 and set an "overweight" rating for the company in a research report on Wednesday, March 5th. Finally, KeyCorp reiterated a "sector weight" rating on shares of Best Buy in a research report on Wednesday, March 5th. Two equities research analysts have rated the stock with a sell rating, ten have given a hold rating, eight have given a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, Best Buy currently has an average rating of "Hold" and an average target price of $91.28.

Best Buy Stock Up 1.8 %

Shares of BBY traded up $1.14 on Wednesday, reaching $64.52. The company's stock had a trading volume of 2,421,450 shares, compared to its average volume of 3,700,160. The stock has a market capitalization of $13.64 billion, a PE ratio of 11.03, a PEG ratio of 2.10 and a beta of 1.42. The company has a current ratio of 1.00, a quick ratio of 0.22 and a debt-to-equity ratio of 0.37. Best Buy Co., Inc. has a twelve month low of $54.99 and a twelve month high of $103.71. The firm has a fifty day moving average of $73.92 and a 200-day moving average of $83.56.

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

Best Buy Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Tuesday, April 15th. Investors of record on Tuesday, March 25th were issued a dividend of $0.95 per share. The ex-dividend date of this dividend was Tuesday, March 25th. This is a boost from Best Buy's previous quarterly dividend of $0.94. This represents a $3.80 annualized dividend and a yield of 5.89%. Best Buy's payout ratio is 88.99%.

Insiders Place Their Bets

In other news, CFO Matthew M. Bilunas sold 51,000 shares of the firm's stock in a transaction that occurred on Monday, March 24th. The shares were sold at an average price of $74.20, for a total transaction of $3,784,200.00. Following the completion of the sale, the chief financial officer now owns 55,856 shares in the company, valued at $4,144,515.20. This trade represents a 47.73 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CAO Mathew Watson sold 2,951 shares of the company's stock in a transaction that occurred on Friday, March 21st. The shares were sold at an average price of $72.65, for a total value of $214,390.15. Following the completion of the transaction, the chief accounting officer now owns 21,371 shares in the company, valued at approximately $1,552,603.15. The trade was a 12.13 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders sold 78,355 shares of company stock valued at $5,767,213. Corporate insiders own 0.59% of the company's stock.

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.