Bank of New York Mellon Corp Sells 362,342 Shares of Best Buy Co., Inc. (NYSE:BBY)

Bank of New York Mellon Corp lowered its stake in shares of Best Buy Co., Inc. (NYSE:BBY - Free Report) by 9.5% in the 1st quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 3,462,083 shares of the technology retailer's stock after selling 362,342 shares during the period. Bank of New York Mellon Corp owned 1.64% of Best Buy worth $254,844,000 at the end of the most recent quarter.

Several other large investors also recently modified their holdings of the stock. World Investment Advisors increased its stake in shares of Best Buy by 4.7% during the 1st quarter. World Investment Advisors now owns 53,752 shares of the technology retailer's stock worth $3,957,000 after purchasing an additional 2,420 shares during the last quarter. IFM Investors Pty Ltd increased its stake in shares of Best Buy by 5.9% during the 1st quarter. IFM Investors Pty Ltd now owns 49,673 shares of the technology retailer's stock worth $3,656,000 after purchasing an additional 2,766 shares during the last quarter. OneDigital Investment Advisors LLC purchased a new stake in shares of Best Buy during the 1st quarter worth approximately $200,000. Conning Inc. increased its stake in shares of Best Buy by 12.9% during the 1st quarter. Conning Inc. now owns 454,314 shares of the technology retailer's stock worth $33,442,000 after purchasing an additional 51,814 shares during the last quarter. Finally, Checchi Capital Advisers LLC increased its stake in shares of Best Buy by 16.5% during the 1st quarter. Checchi Capital Advisers LLC now owns 2,848 shares of the technology retailer's stock worth $210,000 after purchasing an additional 403 shares during the last quarter. Hedge funds and other institutional investors own 80.96% of the company's stock.

Best Buy Stock Performance

Shares of Best Buy stock traded down $1.50 on Monday, hitting $70.60. 4,196,028 shares of the company's stock were exchanged, compared to its average volume of 3,342,605. The company has a 50-day simple moving average of $69.89 and a 200-day simple moving average of $75.53. The stock has a market capitalization of $14.92 billion, a PE ratio of 17.26, a PEG ratio of 1.90 and a beta of 1.24. Best Buy Co., Inc. has a 1 year low of $54.99 and a 1 year high of $103.71. The company has a debt-to-equity ratio of 0.42, a quick ratio of 0.32 and a current ratio of 1.02.

Best Buy (NYSE:BBY - Get Free Report) last issued its quarterly earnings results on Thursday, May 29th. The technology retailer reported $1.15 earnings per share for the quarter, topping the consensus estimate of $1.09 by $0.06. Best Buy had a net margin of 2.13% and a return on equity of 46.40%. The business had revenue of $8.77 billion for the quarter, compared to analysts' expectations of $8.77 billion. During the same quarter last year, the company posted $1.20 EPS. The company's revenue was down .9% compared to the same quarter last year. As a group, equities analysts anticipate that Best Buy Co., Inc. will post 6.18 EPS for the current year.

Best Buy Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Thursday, July 10th. Investors of record on Thursday, June 19th will be issued a $0.95 dividend. This represents a $3.80 dividend on an annualized basis and a dividend yield of 5.38%. The ex-dividend date is Wednesday, June 18th. Best Buy's payout ratio is 92.91%.

Analyst Ratings Changes

A number of research analysts recently weighed in on BBY shares. DA Davidson reiterated a "buy" rating and issued a $110.00 price objective on shares of Best Buy in a research note on Monday, April 14th. Loop Capital lowered their price target on shares of Best Buy from $90.00 to $80.00 and set a "buy" rating for the company in a research note on Friday, May 30th. Guggenheim reaffirmed a "buy" rating and set a $90.00 price objective on shares of Best Buy in a research note on Tuesday, June 10th. Wedbush decreased their price target on shares of Best Buy from $75.00 to $70.00 and set a "neutral" rating for the company in a research note on Friday, May 30th. Finally, Barclays decreased their price target on shares of Best Buy from $89.00 to $74.00 and set an "equal weight" rating for the company in a research note on Friday, May 30th. One equities research analyst has rated the stock with a sell rating, eleven have given a hold rating and nine have given a buy rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of "Hold" and an average price target of $86.11.

Insider Transactions at Best Buy

In other Best Buy news, Chairman Richard M. Schulze sold 729,201 shares of the firm's stock in a transaction dated Monday, June 9th. The shares were sold at an average price of $72.95, for a total value of $53,195,212.95. Following the completion of the sale, the chairman owned 196,100 shares of the company's stock, valued at $14,305,495. This trade represents a 78.81% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. 0.59% of the stock is currently owned by 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.