Cresset Asset Management LLC Trims Stock Holdings in Best Buy Co., Inc. (NYSE:BBY)

Cresset Asset Management LLC reduced its stake in shares of Best Buy Co., Inc. (NYSE:BBY - Free Report) by 86.3% in the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 3,774 shares of the technology retailer's stock after selling 23,817 shares during the period. Cresset Asset Management LLC's holdings in Best Buy were worth $325,000 at the end of the most recent quarter.

Several other hedge funds have also recently made changes to their positions in BBY. Rakuten Securities Inc. grew its stake in shares of 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 purchasing an additional 311 shares during the period. Golden State Wealth Management LLC acquired a new stake in shares of Best Buy during the 4th quarter worth approximately $32,000. Atlas Capital Advisors Inc. grew its stake in shares of Best Buy by 186.9% during the 4th quarter. Atlas Capital Advisors Inc. now owns 373 shares of the technology retailer's stock worth $32,000 after purchasing an additional 243 shares during the period. Ancora Advisors LLC grew its stake in Best Buy by 18,700.0% in the 4th quarter. Ancora Advisors LLC now owns 376 shares of the technology retailer's stock valued at $32,000 after acquiring an additional 374 shares during the period. Finally, OFI Invest Asset Management acquired a new stake in Best Buy in the 4th quarter valued at $34,000. 80.96% of the stock is owned by institutional investors and hedge funds.

Best Buy Trading Down 0.8%

Shares of NYSE:BBY traded down $0.56 during midday trading on Tuesday, reaching $71.04. 4,253,957 shares of the company's stock were exchanged, compared to its average volume of 3,360,243. The firm's 50 day simple moving average is $67.88 and its two-hundred day simple moving average is $80.07. The company has a debt-to-equity ratio of 0.37, a current ratio of 1.00 and a quick ratio of 0.22. The stock has a market cap of $15.04 billion, a price-to-earnings ratio of 12.14, a P/E/G ratio of 2.10 and a beta of 1.27. Best Buy Co., Inc. has a fifty-two week low of $54.99 and a fifty-two week high of $103.71.

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

Best Buy Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Tuesday, April 15th. Shareholders of record on Tuesday, March 25th were given a $0.95 dividend. This is an increase from Best Buy's previous quarterly dividend of $0.94. This represents a $3.80 annualized dividend and a yield of 5.35%. The ex-dividend date was Tuesday, March 25th. Best Buy's payout ratio is currently 88.99%.

Wall Street Analyst Weigh In

A number of equities research analysts recently issued reports on the stock. Guggenheim dropped their price target on shares of Best Buy from $105.00 to $90.00 and set a "buy" rating on the stock in a research note on Wednesday, March 5th. Jefferies Financial Group dropped their price target on shares of Best Buy from $106.00 to $92.00 and set a "buy" rating on the stock in a research note on Tuesday, March 4th. Wedbush restated a "neutral" rating and issued a $90.00 price objective on shares of Best Buy in a report on Monday, March 3rd. JPMorgan Chase & Co. decreased their price objective on Best Buy from $115.00 to $110.00 and set an "overweight" rating on the stock in a report on Wednesday, March 5th. Finally, UBS Group set a $105.00 price objective on Best Buy in a report on Wednesday, March 5th. Two analysts have rated the stock with a sell rating, ten have given a hold rating, eight have assigned a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, Best Buy has an average rating of "Hold" and an average price target of $90.72.

Insider Buying and Selling at Best Buy

In other news, CFO Matthew M. Bilunas sold 51,000 shares of the business's stock in a transaction dated Monday, March 24th. The stock was sold at an average price of $74.20, for a total transaction of $3,784,200.00. Following the completion of the transaction, the chief financial officer now directly owns 55,856 shares of the company's stock, valued at approximately $4,144,515.20. The trade was a 47.73% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CAO Mathew Watson sold 3,182 shares of the business's stock in a transaction dated Friday, March 14th. The stock was sold at an average price of $71.29, for a total value of $226,844.78. Following the transaction, the chief accounting officer now directly owns 19,218 shares of the company's stock, valued at approximately $1,370,051.22. This represents a 14.21% decrease in their ownership of the stock. 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 three months. 0.47% of the stock is owned by corporate insiders.

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.