Cullen Investment Group LTD. Purchases 4,884 Shares of Best Buy Co., Inc. (NYSE:BBY)

Cullen Investment Group LTD. boosted its holdings in Best Buy Co., Inc. (NYSE:BBY - Free Report) by 7.2% during the first quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 72,294 shares of the technology retailer's stock after acquiring an additional 4,884 shares during the quarter. Cullen Investment Group LTD.'s holdings in Best Buy were worth $5,322,000 at the end of the most recent reporting period.

A number of other institutional investors have also added to or reduced their stakes in the business. MassMutual Private Wealth & Trust FSB boosted its holdings in shares of Best Buy by 25.6% in the 1st quarter. MassMutual Private Wealth & Trust FSB now owns 721 shares of the technology retailer's stock worth $53,000 after purchasing an additional 147 shares in the last quarter. Wellington Management Group LLP increased its position in shares of Best Buy by 144.0% during the 4th quarter. Wellington Management Group LLP now owns 5,683 shares of the technology retailer's stock valued at $488,000 after purchasing an additional 3,354 shares during the last quarter. DSG Capital Advisors LLC bought a new position in shares of Best Buy during the 4th quarter valued at about $2,777,000. Wealth Enhancement Advisory Services LLC increased its position in shares of Best Buy by 49.9% during the 4th quarter. Wealth Enhancement Advisory Services LLC now owns 172,806 shares of the technology retailer's stock valued at $14,827,000 after purchasing an additional 57,520 shares during the last quarter. Finally, Siemens Fonds Invest GmbH increased its position in shares of Best Buy by 254.9% during the 4th quarter. Siemens Fonds Invest GmbH now owns 15,349 shares of the technology retailer's stock valued at $1,317,000 after purchasing an additional 11,024 shares during the last quarter. 80.96% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

Several equities analysts have recently commented on the company. JPMorgan Chase & Co. reduced their price objective on Best Buy from $115.00 to $110.00 and set an "overweight" rating on the stock in a research report on Wednesday, March 5th. Wedbush reduced their price objective on Best Buy from $75.00 to $70.00 and set a "neutral" rating on the stock in a research report on Friday. Barclays reduced their price objective on Best Buy from $89.00 to $74.00 and set an "equal weight" rating on the stock in a research report on Friday. Bank of America reduced their price objective on Best Buy from $80.00 to $75.00 and set an "underperform" rating on the stock in a research report on Wednesday, March 5th. Finally, UBS Group reduced their price target on Best Buy from $95.00 to $90.00 and set a "buy" rating on the stock in a research report on Friday. One equities research analyst has rated the stock with a sell rating, ten have issued a hold rating, nine have given a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, Best Buy has a consensus rating of "Hold" and an average target price of $86.11.

Insider Activity

In other Best Buy news, insider Todd G. Hartman sold 4,893 shares of Best Buy stock in a transaction on Friday, March 21st. The stock was sold at an average price of $72.65, for a total transaction of $355,476.45. Following the completion of the transaction, the insider now owns 32,320 shares in the company, valued at approximately $2,348,048. The trade was a 13.15% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CFO Matthew M. Bilunas sold 51,000 shares of Best Buy stock in a transaction on Monday, March 24th. The shares were sold at an average price of $74.20, for a total value of $3,784,200.00. Following the transaction, the chief financial officer now owns 55,856 shares of the company's stock, valued at $4,144,515.20. The trade was a 47.73% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 78,355 shares of company stock worth $5,767,213 in the last quarter. 0.47% of the stock is owned by company insiders.

Best Buy Trading Down 0.1%

Shares of BBY stock traded down $0.07 during trading hours on Friday, reaching $66.25. The company's stock had a trading volume of 6,438,698 shares, compared to its average volume of 3,346,222. The stock has a market capitalization of $14.02 billion, a P/E ratio of 11.32, a P/E/G ratio of 2.10 and a beta of 1.27. Best Buy Co., Inc. has a one year low of $54.99 and a one year high of $103.71. The firm's fifty day simple moving average is $67.25 and its 200 day simple moving average is $78.85. The company has a current ratio of 1.00, a quick ratio of 0.22 and a debt-to-equity ratio of 0.37.

Best Buy (NYSE:BBY - Get Free Report) last issued its quarterly earnings data 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. The firm had revenue of $8.77 billion for the quarter, compared to analyst estimates of $8.77 billion. Best Buy had a return on equity of 45.93% and a net margin of 3.01%. The business's quarterly revenue was down .9% compared to the same quarter last year. During the same period last year, the company earned $1.20 EPS. Equities research analysts expect that Best Buy Co., Inc. will post 6.18 EPS for the current year.

Best Buy Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Thursday, July 10th. Stockholders of record on Thursday, June 19th will be paid a $0.95 dividend. This represents a $3.80 dividend on an annualized basis and a dividend yield of 5.74%. The ex-dividend date of this dividend is Wednesday, June 18th. Best Buy's payout ratio is presently 88.99%.

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.