Alberta Investment Management Corp Acquires 6,700 Shares of Best Buy Co., Inc. (NYSE:BBY)

Key Points

• Alberta Investment Management Corp increased its holdings in Best Buy by 25.6%, owning 32,900 shares valued at $2.42 million, following the purchase of an additional 6,700 shares in the first quarter.
• Best Buy's Chairman, Richard M. Schulze, significantly sold 729,201 shares in a transaction amounting to over $53 million, marking a 78.81% decrease in his ownership.
• Best Buy recently announced a quarterly dividend of $0.95 per share, resulting in a 5.9% yield for shareholders of record, reflecting a dividend payout ratio of 92.91%.

Alberta Investment Management Corp boosted its stake in Best Buy Co., Inc. (NYSE:BBY - Free Report) by 25.6% in the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 32,900 shares of the technology retailer's stock after purchasing an additional 6,700 shares during the quarter. Alberta Investment Management Corp's holdings in Best Buy were worth $2,422,000 as of its most recent SEC filing.

Other hedge funds have also recently made changes to their positions in the company. Pinnacle Bancorp Inc. raised its position in Best Buy by 108.5% in the first quarter. Pinnacle Bancorp Inc. now owns 342 shares of the technology retailer's stock worth $25,000 after acquiring an additional 178 shares during the period. Vermillion Wealth Management Inc. bought a new stake in Best Buy in the fourth quarter worth about $31,000. Atlas Capital Advisors Inc. raised its position in Best Buy by 186.9% in the fourth quarter. Atlas Capital Advisors Inc. now owns 373 shares of the technology retailer's stock worth $32,000 after acquiring an additional 243 shares during the period. Ancora Advisors LLC raised its position in Best Buy by 18,700.0% in the fourth quarter. Ancora Advisors LLC now owns 376 shares of the technology retailer's stock worth $32,000 after acquiring an additional 374 shares during the period. Finally, Grove Bank & Trust raised its position in Best Buy by 67.1% in the first quarter. Grove Bank & Trust now owns 431 shares of the technology retailer's stock worth $32,000 after acquiring an additional 173 shares during the period. 80.96% of the stock is currently owned by institutional investors and hedge funds.

Insiders Place Their Bets

In other Best Buy news, Chairman Richard M. Schulze sold 729,201 shares of the stock in a transaction on Monday, June 9th. The shares were sold at an average price of $72.95, for a total transaction 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 represents a 78.81% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at the SEC website. 0.59% of the stock is owned by insiders.

Best Buy Trading Up 0.1%

Shares of Best Buy stock traded up $0.05 during trading on Tuesday, reaching $66.27. The company's stock had a trading volume of 106,340 shares, compared to its average volume of 3,647,032. The company has a market cap of $14.01 billion, a price-to-earnings ratio of 16.21, a PEG ratio of 1.69 and a beta of 1.21. The company has a quick ratio of 0.32, a current ratio of 1.02 and a debt-to-equity ratio of 0.42. The firm's 50-day moving average is $69.26 and its two-hundred day moving average is $73.09. Best Buy Co., Inc. has a 52-week low of $54.99 and a 52-week high of $103.71.

Best Buy (NYSE:BBY - Get Free Report) last announced its quarterly earnings results on Thursday, May 29th. The technology retailer reported $1.15 earnings per share 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 analysts' expectations of $8.77 billion. Best Buy had a net margin of 2.13% and a return on equity of 46.40%. The firm's revenue for the quarter was down .9% compared to the same quarter last year. During the same quarter in the prior year, the company posted $1.20 EPS. On average, sell-side analysts anticipate that Best Buy Co., Inc. will post 6.18 earnings per share for the current year.

Best Buy Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Thursday, July 10th. Shareholders of record on Thursday, June 19th were given a dividend of $0.95 per share. The ex-dividend date of this dividend was Wednesday, June 18th. This represents a $3.80 annualized dividend and a yield of 5.7%. Best Buy's dividend payout ratio is presently 92.91%.

Analyst Upgrades and Downgrades

Several analysts have recently issued reports on the stock. Loop Capital lowered their price target on shares of Best Buy from $90.00 to $80.00 and set a "buy" rating on the stock in a research report on Friday, May 30th. Wells Fargo & Company dropped their price target 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. BNP Paribas upgraded shares of Best Buy to a "hold" rating in a research note on Friday, May 30th. Wedbush dropped their price target on shares of Best Buy from $75.00 to $70.00 and set a "neutral" rating on the stock in a research note on Friday, May 30th. Finally, Telsey Advisory Group restated an "outperform" rating and set a $90.00 price target on shares of Best Buy in a research note on Friday, May 30th. One investment analyst has rated the stock with a sell rating, twelve have issued a hold rating and eight have assigned a buy rating to the company. According to data from MarketBeat, Best Buy currently has a consensus rating of "Hold" and an average target price of $85.72.

About Best Buy

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.