Rhumbline Advisers Increases Stake in Best Buy Co., Inc. (NYSE:BBY)

Rhumbline Advisers raised its stake in Best Buy Co., Inc. (NYSE:BBY - Free Report) by 10.2% during the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 502,272 shares of the technology retailer's stock after acquiring an additional 46,645 shares during the quarter. Rhumbline Advisers owned approximately 0.24% of Best Buy worth $36,972,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in BBY. Tokio Marine Asset Management Co. Ltd. lifted its stake in shares of Best Buy by 4.8% during the 4th quarter. Tokio Marine Asset Management Co. Ltd. now owns 6,685 shares of the technology retailer's stock valued at $574,000 after buying an additional 305 shares in the last quarter. E. Ohman J or Asset Management AB lifted its stake in shares of Best Buy by 26.9% during the 4th quarter. E. Ohman J or Asset Management AB now owns 9,442 shares of the technology retailer's stock valued at $810,000 after buying an additional 2,000 shares in the last quarter. Yousif Capital Management LLC lifted its stake in shares of Best Buy by 0.5% during the 4th quarter. Yousif Capital Management LLC now owns 29,904 shares of the technology retailer's stock valued at $2,566,000 after buying an additional 145 shares in the last quarter. Stratos Wealth Partners LTD. lifted its stake in shares of Best Buy by 17.3% during the 4th quarter. Stratos Wealth Partners LTD. now owns 2,946 shares of the technology retailer's stock valued at $253,000 after buying an additional 435 shares in the last quarter. Finally, Mirae Asset Global Investments Co. Ltd. lifted its stake in shares of Best Buy by 21.4% during the 4th quarter. Mirae Asset Global Investments Co. Ltd. now owns 187,582 shares of the technology retailer's stock valued at $16,456,000 after buying an additional 33,018 shares in the last quarter. 80.96% of the stock is currently owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In related news, CAO Mathew Watson sold 2,951 shares of Best Buy stock in a transaction 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 sale, the chief accounting officer now owns 21,371 shares of the company's stock, valued at approximately $1,552,603.15. This trade represents a 12.13% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CFO Matthew M. Bilunas sold 51,000 shares of Best Buy stock in a transaction 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 directly owns 55,856 shares in the company, valued at $4,144,515.20. This represents a 47.73% 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. 0.59% of the stock is owned by insiders.

Analysts Set New Price Targets

Several analysts have issued reports on the stock. Wells Fargo & Company lowered their target price on shares of Best Buy from $75.00 to $67.00 and set an "equal weight" rating on the stock in a research note on Friday, May 30th. UBS Group lowered their target price on shares of Best Buy from $95.00 to $90.00 and set a "buy" rating on the stock in a research note on Friday, May 30th. Telsey Advisory Group reiterated an "outperform" rating and issued a $90.00 target price on shares of Best Buy in a research note on Friday, May 30th. Evercore ISI lowered their target price on shares of Best Buy from $95.00 to $80.00 and set an "in-line" rating on the stock in a research note on Wednesday, March 5th. Finally, BNP Paribas upgraded shares of Best Buy to a "hold" rating in a research note on Friday, May 30th. One research analyst has rated the stock with a sell rating, eleven have issued a hold rating and nine have given a buy rating to the company's stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of "Hold" and a consensus target price of $86.11.

Best Buy Stock Up 3.6%

Best Buy stock traded up $2.57 during midday trading on Friday, hitting $73.03. 3,844,703 shares of the company's stock were exchanged, compared to its average volume of 3,327,686. 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 12 month low of $54.99 and a 12 month high of $103.71. The firm has a 50-day moving average of $66.87 and a two-hundred day moving average of $78.12. The company has a market cap of $15.46 billion, a PE ratio of 12.48, a P/E/G ratio of 2.10 and a beta of 1.25.

Best Buy (NYSE:BBY - Get Free Report) last released its quarterly earnings results on Thursday, May 29th. The technology retailer reported $1.15 EPS for the quarter, beating the consensus estimate of $1.09 by $0.06. The business had revenue of $8.77 billion during the quarter, compared to analyst estimates of $8.77 billion. Best Buy had a net margin of 3.01% and a return on equity of 45.93%. The company's quarterly revenue was down .9% on a year-over-year basis. During the same period in the prior year, the firm posted $1.20 earnings per share. As a group, analysts expect that Best Buy Co., Inc. will post 6.18 earnings per share for the current fiscal year.

Best Buy Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Thursday, July 10th. Shareholders of record on Thursday, June 19th will be given a dividend of $0.95 per share. This represents a $3.80 dividend on an annualized basis and a yield of 5.20%. The ex-dividend date of this dividend is Wednesday, June 18th. Best Buy's dividend payout ratio is presently 92.91%.

Best Buy Company 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.