Best Buy Co., Inc. (NYSE:BBY) Shares Sold by Manning & Napier Advisors LLC

Manning & Napier Advisors LLC lessened its stake in Best Buy Co., Inc. (NYSE:BBY - Free Report) by 30.9% during the first quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 42,053 shares of the technology retailer's stock after selling 18,825 shares during the quarter. Manning & Napier Advisors LLC's holdings in Best Buy were worth $3,096,000 as of its most recent filing with the SEC.

A number of other institutional investors have also modified their holdings of the stock. Kentucky Retirement Systems raised its stake in Best Buy by 7.8% during the first quarter. Kentucky Retirement Systems now owns 14,541 shares of the technology retailer's stock valued at $1,070,000 after buying an additional 1,051 shares in the last quarter. Center for Financial Planning Inc. raised its stake in Best Buy by 12.3% during the first quarter. Center for Financial Planning Inc. now owns 3,448 shares of the technology retailer's stock valued at $254,000 after buying an additional 379 shares in the last quarter. Cantor Fitzgerald Investment Advisors L.P. raised its stake in Best Buy by 7.1% during the first quarter. Cantor Fitzgerald Investment Advisors L.P. now owns 197,391 shares of the technology retailer's stock valued at $14,530,000 after buying an additional 13,143 shares in the last quarter. Harrell Investment Partners LLC raised its position in shares of Best Buy by 1.4% during the 1st quarter. Harrell Investment Partners LLC now owns 34,168 shares of the technology retailer's stock valued at $2,515,000 after acquiring an additional 475 shares in the last quarter. Finally, Centennial Wealth Advisory LLC raised its position in shares of Best Buy by 21.6% during the 1st quarter. Centennial Wealth Advisory LLC now owns 5,290 shares of the technology retailer's stock valued at $389,000 after acquiring an additional 941 shares in the last quarter. Institutional investors and hedge funds own 80.96% of the company's stock.

Best Buy Price Performance

NYSE BBY opened at $67.58 on Monday. Best Buy Co., Inc. has a 12 month low of $54.99 and a 12 month high of $103.71. The company has a debt-to-equity ratio of 0.42, a current ratio of 1.02 and a quick ratio of 0.32. The firm has a market capitalization of $14.28 billion, a PE ratio of 16.52, a P/E/G ratio of 1.78 and a beta of 1.25. The company's 50 day simple moving average is $68.62 and its 200 day simple moving average is $76.78.

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 (EPS) for the quarter, beating the consensus estimate of $1.09 by $0.06. Best Buy had a return on equity of 46.40% and a net margin of 2.13%. The company had revenue of $8.77 billion for the quarter, compared to analysts' expectations of $8.77 billion. During the same period last year, the firm earned $1.20 EPS. The firm's revenue for the quarter was down .9% on a year-over-year basis. As a group, equities research analysts forecast that Best Buy Co., Inc. will post 6.18 EPS for the current fiscal year.

Best Buy Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Thursday, July 10th. Investors of record on Thursday, June 19th will be issued a dividend of $0.95 per share. This represents a $3.80 dividend on an annualized basis and a yield of 5.62%. The ex-dividend date of this dividend is Wednesday, June 18th. Best Buy's payout ratio is currently 92.91%.

Wall Street Analyst Weigh In

Several equities research analysts recently issued reports on the company. Evercore ISI dropped their price target on Best Buy from $95.00 to $80.00 and set an "in-line" rating on the stock in a research report on Wednesday, March 5th. BNP Paribas raised shares of Best Buy to a "hold" rating in a report on Friday, May 30th. Wells Fargo & Company dropped their price objective 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. Morgan Stanley dropped their price objective on shares of Best Buy from $100.00 to $85.00 and set an "equal weight" rating on the stock in a research note on Wednesday, March 5th. Finally, Wedbush dropped their price objective 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. One research analyst has rated the stock with a sell rating, eleven have issued a hold rating and nine have assigned a buy rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of "Hold" and an average target price of $86.11.

Insider Buying and Selling

In other Best Buy news, Chairman Richard M. Schulze sold 729,201 shares of Best Buy 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 transaction, the chairman now owns 196,100 shares in the company, valued at approximately $14,305,495. The trade was a 78.81% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. 0.59% of the stock is owned by corporate 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.

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