Manning & Napier Advisors LLC Sells 18,825 Shares of Best Buy Co., Inc. (NYSE:BBY)

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

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Rakuten Securities Inc. lifted its stake in shares of Best Buy by 971.9% during the fourth quarter. Rakuten Securities Inc. now owns 343 shares of the technology retailer's stock valued at $29,000 after acquiring an additional 311 shares during the period. Vermillion Wealth Management Inc. bought a new stake in Best Buy during the 4th quarter worth about $31,000. Atlas Capital Advisors Inc. raised its holdings in Best Buy by 186.9% during the 4th quarter. Atlas Capital Advisors Inc. now owns 373 shares of the technology retailer's stock worth $32,000 after purchasing an additional 243 shares during the last quarter. Ancora Advisors LLC lifted its position in Best Buy by 18,700.0% during the 4th quarter. Ancora Advisors LLC now owns 376 shares of the technology retailer's stock valued at $32,000 after purchasing an additional 374 shares during the period. Finally, Grove Bank & Trust boosted its stake in shares of Best Buy by 67.1% in the 1st quarter. Grove Bank & Trust now owns 431 shares of the technology retailer's stock valued at $32,000 after purchasing an additional 173 shares during the last quarter. 80.96% of the stock is owned by institutional investors and hedge funds.

Best Buy Stock Up 0.7%

Shares of BBY stock traded up $0.45 during trading hours on Thursday, hitting $68.45. 2,148,089 shares of the company were exchanged, compared to its average volume of 3,315,964. Best Buy Co., Inc. has a 52 week low of $54.99 and a 52 week high of $103.71. The company has a current ratio of 1.02, a quick ratio of 0.32 and a debt-to-equity ratio of 0.42. The business has a 50 day moving average of $69.16 and a two-hundred day moving average of $76.39. The company has a market capitalization of $14.47 billion, a PE ratio of 16.74, a PEG ratio of 1.80 and a beta of 1.25.

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

Best Buy Dividend Announcement

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 given a $0.95 dividend. This represents a $3.80 dividend on an annualized basis and a yield of 5.55%. The ex-dividend date is Wednesday, June 18th. Best Buy's dividend payout ratio is presently 92.91%.

Wall Street Analysts Forecast Growth

BBY has been the subject of a number of recent research reports. Bank of America dropped their price target on shares of Best Buy from $80.00 to $75.00 and set an "underperform" rating for the company in a research note on Wednesday, March 5th. Guggenheim reaffirmed a "buy" rating and set a $90.00 target price on shares of Best Buy in a report on Tuesday, June 10th. Citigroup reissued a "neutral" rating and issued a $70.00 price target (down previously from $93.00) on shares of Best Buy in a research note on Thursday, April 3rd. Telsey Advisory Group restated an "outperform" rating and issued a $90.00 price target on shares of Best Buy in a research report on Friday, May 30th. Finally, Jefferies Financial Group decreased their price objective on Best Buy from $106.00 to $92.00 and set a "buy" rating for the company in a research note on Tuesday, March 4th. One equities 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. Based on data from MarketBeat, the company has an average rating of "Hold" and an average price target of $86.11.

Insider Activity at Best Buy

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 stock was sold at an average price of $72.95, for a total transaction of $53,195,212.95. Following the completion of the transaction, the chairman now owns 196,100 shares of the company's stock, valued at $14,305,495. This represents a 78.81% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. 0.47% of the stock is owned by insiders.

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.