Bank Hapoalim BM Decreases Stock Holdings in Best Buy Co., Inc. (NYSE:BBY)

Bank Hapoalim BM lowered its position in shares of Best Buy Co., Inc. (NYSE:BBY - Free Report) by 61.3% during the 1st quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 8,455 shares of the technology retailer's stock after selling 13,415 shares during the quarter. Bank Hapoalim BM's holdings in Best Buy were worth $622,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds have also recently modified their holdings of BBY. Norges Bank bought a new position in shares of Best Buy during the 4th quarter valued at approximately $178,015,000. Northern Trust Corp grew its position in shares of Best Buy by 31.3% during the 4th quarter. Northern Trust Corp now owns 2,942,832 shares of the technology retailer's stock valued at $252,495,000 after acquiring an additional 701,287 shares during the period. Invesco Ltd. grew its position in shares of Best Buy by 20.5% during the 4th quarter. Invesco Ltd. now owns 3,692,118 shares of the technology retailer's stock valued at $316,784,000 after acquiring an additional 629,180 shares during the period. Arrowstreet Capital Limited Partnership grew its position in shares of Best Buy by 101.4% during the 4th quarter. Arrowstreet Capital Limited Partnership now owns 1,114,928 shares of the technology retailer's stock valued at $95,661,000 after acquiring an additional 561,413 shares during the period. Finally, Canada Pension Plan Investment Board boosted its holdings in Best Buy by 461.2% in the 4th quarter. Canada Pension Plan Investment Board now owns 621,994 shares of the technology retailer's stock worth $53,367,000 after buying an additional 511,161 shares during the period. Institutional investors own 80.96% of the company's stock.

Best Buy Trading Up 0.0%

Shares of BBY traded up $0.03 during trading hours on Wednesday, reaching $72.27. 427,197 shares of the company traded hands, compared to its average volume of 3,328,047. Best Buy Co., Inc. has a 12 month low of $54.99 and a 12 month high of $103.71. 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 company's fifty day moving average price is $70.07 and its two-hundred day moving average price is $75.40. The company has a market capitalization of $15.27 billion, a price-to-earnings ratio of 17.70, a price-to-earnings-growth ratio of 1.86 and a beta of 1.24.

Best Buy (NYSE:BBY - Get Free Report) last posted its quarterly earnings data on Thursday, May 29th. The technology retailer reported $1.15 EPS for the quarter, topping the consensus estimate of $1.09 by $0.06. The business had revenue of $8.77 billion for the quarter, compared to analyst estimates of $8.77 billion. Best Buy had a net margin of 2.13% and a return on equity of 46.40%. Best Buy's quarterly revenue was down .9% on a year-over-year basis. During the same quarter in the previous year, the firm posted $1.20 earnings per share. Equities research analysts predict that Best Buy Co., Inc. will post 6.18 earnings per share for the current fiscal year.

Best Buy Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Thursday, July 10th. Shareholders of record on Thursday, June 19th will be issued a dividend of $0.95 per share. The ex-dividend date is Wednesday, June 18th. This represents a $3.80 dividend on an annualized basis and a yield of 5.26%. Best Buy's dividend payout ratio is currently 92.91%.

Insider Buying and Selling

In other Best Buy news, Chairman Richard M. Schulze sold 729,201 shares of the company's stock in a transaction that occurred on 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 transaction, the chairman directly owned 196,100 shares in the company, valued at $14,305,495. This represents a 78.81% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Corporate insiders own 0.59% of the company's stock.

Analysts Set New Price Targets

Several research firms recently commented on BBY. Citigroup reaffirmed a "neutral" rating and issued a $70.00 price objective (down from $93.00) on shares of Best Buy in a report on Thursday, April 3rd. Telsey Advisory Group reaffirmed an "outperform" rating and issued a $90.00 price objective on shares of Best Buy in a report on Friday, May 30th. BNP Paribas raised shares of Best Buy to a "hold" rating in a report on Friday, May 30th. Wells Fargo & Company cut their price target on shares of Best Buy from $75.00 to $67.00 and set an "equal weight" rating for the company in a report on Friday, May 30th. Finally, DA Davidson reissued a "buy" rating and issued a $110.00 price target on shares of Best Buy in a report on Monday, April 14th. One equities research analyst has rated the stock with a sell rating, eleven have given a hold rating and nine have issued a buy rating to the company's stock. According to MarketBeat, Best Buy has a consensus rating of "Hold" and an average price target of $86.11.

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.