Best Buy Co., Inc. (NYSE:BBY) Shares Sold by Bessemer Group Inc.

Bessemer Group Inc. trimmed its holdings in shares of Best Buy Co., Inc. (NYSE:BBY - Free Report) by 64.4% in the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 13,399 shares of the technology retailer's stock after selling 24,269 shares during the period. Bessemer Group Inc.'s holdings in Best Buy were worth $987,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors and hedge funds have also made changes to their positions in the business. Lecap Asset Management Ltd. purchased a new stake in Best Buy during the first quarter worth approximately $670,000. Moran Wealth Management LLC raised its holdings in Best Buy by 10.6% during the first quarter. Moran Wealth Management LLC now owns 89,218 shares of the technology retailer's stock worth $6,567,000 after purchasing an additional 8,534 shares in the last quarter. Community Financial Services Group LLC lifted its position in shares of Best Buy by 2.7% during the 1st quarter. Community Financial Services Group LLC now owns 14,924 shares of the technology retailer's stock worth $1,099,000 after buying an additional 386 shares during the last quarter. Asset Management One Co. Ltd. lifted its position in shares of Best Buy by 4.2% during the 1st quarter. Asset Management One Co. Ltd. now owns 81,835 shares of the technology retailer's stock worth $6,024,000 after buying an additional 3,280 shares during the last quarter. Finally, Shariaportfolio Inc. boosted its holdings in shares of Best Buy by 6.5% in the 1st quarter. Shariaportfolio Inc. now owns 8,867 shares of the technology retailer's stock valued at $653,000 after buying an additional 538 shares in the last quarter. 80.96% of the stock is owned by institutional investors and hedge funds.

Insider Activity at Best Buy

In other news, Chairman Richard M. Schulze sold 729,201 shares of the 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 transaction, the chairman owned 196,100 shares in the company, valued at $14,305,495. This trade represents a 78.81% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Insiders own 0.47% of the company's stock.

Best Buy Stock Performance

Shares of Best Buy stock traded up $0.96 on Wednesday, reaching $71.61. 3,686,543 shares of the stock were exchanged, compared to its average volume of 3,339,078. The firm has a market capitalization of $15.13 billion, a PE ratio of 17.51, a PEG ratio of 1.87 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 business has a fifty day moving average price of $69.53 and a two-hundred day moving average price of $75.92. The company has a current ratio of 1.02, a quick ratio of 0.32 and a debt-to-equity ratio of 0.42.

Best Buy (NYSE:BBY - Get Free Report) last released its earnings results on Thursday, May 29th. The technology retailer reported $1.15 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.09 by $0.06. The company had revenue of $8.77 billion for the quarter, compared to analysts' expectations of $8.77 billion. Best Buy had a return on equity of 46.40% and a net margin of 2.13%. The firm'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 EPS. As a group, research analysts anticipate 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 $0.95 dividend. This represents a $3.80 dividend on an annualized basis and a yield of 5.31%. The ex-dividend date is Wednesday, June 18th. Best Buy's dividend payout ratio (DPR) is currently 92.91%.

Analyst Ratings Changes

A number of equities research analysts recently weighed in on BBY shares. Evercore ISI reduced their price target on shares of Best Buy from $95.00 to $80.00 and set an "in-line" rating for the company in a research report on Wednesday, March 5th. Barclays cut their target price on Best Buy from $89.00 to $74.00 and set an "equal weight" rating on the stock in a research report on Friday, May 30th. Jefferies Financial Group decreased their target price on Best Buy from $106.00 to $92.00 and set a "buy" rating for the company in a research report on Tuesday, March 4th. Wells Fargo & Company cut their price target on Best Buy from $75.00 to $67.00 and set an "equal weight" rating on the stock in a research report on Friday, May 30th. Finally, Loop Capital decreased their price objective on Best Buy from $90.00 to $80.00 and set a "buy" rating for the company in a report on Friday, May 30th. One research analyst has rated the stock with a sell rating, eleven have issued a hold rating and nine have issued a buy rating to the company. According to MarketBeat, Best Buy has a consensus rating of "Hold" and an average target price of $86.11.

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.