Nisa Investment Advisors LLC Sells 8,786 Shares of Best Buy Co., Inc. (NYSE:BBY)

Nisa Investment Advisors LLC lowered its position in Best Buy Co., Inc. (NYSE:BBY - Free Report) by 15.8% during the first quarter, according to its most recent Form 13F filing with the SEC. The fund owned 46,730 shares of the technology retailer's stock after selling 8,786 shares during the period. Nisa Investment Advisors LLC's holdings in Best Buy were worth $3,484,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently added to or reduced their stakes in BBY. Proficio Capital Partners LLC acquired a new position in Best Buy in the fourth quarter worth approximately $4,903,000. AlphaQuest LLC grew its holdings in Best Buy by 16,742.9% during the fourth quarter. AlphaQuest LLC now owns 1,179 shares of the technology retailer's stock valued at $101,000 after purchasing an additional 1,172 shares during the last quarter. Daiwa Securities Group Inc. grew its holdings in Best Buy by 7.0% during the fourth quarter. Daiwa Securities Group Inc. now owns 26,459 shares of the technology retailer's stock valued at $2,270,000 after purchasing an additional 1,739 shares during the last quarter. Independent Advisor Alliance grew its holdings in Best Buy by 5.0% during the fourth quarter. Independent Advisor Alliance now owns 3,002 shares of the technology retailer's stock valued at $258,000 after purchasing an additional 142 shares during the last quarter. Finally, HighTower Advisors LLC grew its holdings in Best Buy by 460.3% during the fourth quarter. HighTower Advisors LLC now owns 45,406 shares of the technology retailer's stock valued at $3,896,000 after purchasing an additional 37,302 shares during the last quarter. Institutional investors and hedge funds own 80.96% of the company's stock.

Insider Buying and Selling at Best Buy

In other news, Chairman Richard M. Schulze sold 729,201 shares of Best Buy stock in a transaction dated 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 transaction, the chairman owned 196,100 shares in the company, valued at $14,305,495. The trade was a 78.81% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. 0.47% of the stock is owned by company insiders.

Best Buy Trading Down 2.9%

Shares of Best Buy stock traded down $2.02 during trading on Wednesday, hitting $66.85. 4,333,977 shares of the company were exchanged, compared to its average volume of 3,351,252. The firm has a market capitalization of $14.13 billion, a P/E ratio of 16.35, a price-to-earnings-growth 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 firm's fifty day moving average price is $70.50 and its 200 day moving average price is $74.86. The company has a debt-to-equity ratio of 0.42, a current ratio of 1.02 and a quick ratio of 0.32.

Best Buy (NYSE:BBY - Get Free Report) last posted 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 during the quarter, compared to analyst estimates of $8.77 billion. Best Buy had a return on equity of 46.40% and a net margin of 2.13%. The company's revenue for the quarter was down .9% compared to the same quarter last year. During the same period in the previous year, the company earned $1.20 EPS. As a group, sell-side analysts expect that Best Buy Co., Inc. will post 6.18 earnings per share for the current fiscal year.

Best Buy Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, July 10th. Stockholders of record on Thursday, June 19th were issued a dividend of $0.95 per share. This represents a $3.80 annualized dividend and a dividend yield of 5.68%. The ex-dividend date of this dividend was Wednesday, June 18th. Best Buy's dividend payout ratio (DPR) is presently 92.91%.

Analyst Ratings Changes

Several equities analysts have commented on BBY shares. BNP Paribas upgraded Best Buy to a "hold" rating in a report on Friday, May 30th. Guggenheim reaffirmed a "buy" rating and issued a $90.00 target price on shares of Best Buy in a research report on Tuesday, June 10th. UBS Group reduced their target price on Best Buy from $95.00 to $90.00 and set a "buy" rating for the company in a research report on Friday, May 30th. Barclays reduced their target price on Best Buy from $89.00 to $74.00 and set an "equal weight" rating for the company in a research report on Friday, May 30th. Finally, Wells Fargo & Company reduced their target price on Best Buy from $75.00 to $67.00 and set an "equal weight" rating for the company in a research report on Friday, May 30th. One investment analyst has rated the stock with a sell rating, twelve have issued a hold rating and eight have issued a buy rating to the company. According to data from MarketBeat, Best Buy currently has an average 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.