Greenwood Capital Associates LLC Reduces Holdings in Best Buy Co., Inc. (NYSE:BBY)

Greenwood Capital Associates LLC cut its holdings in shares of Best Buy Co., Inc. (NYSE:BBY - Free Report) by 26.1% during the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 12,446 shares of the technology retailer's stock after selling 4,400 shares during the quarter. Greenwood Capital Associates LLC's holdings in Best Buy were worth $916,000 as of its most recent SEC filing.

Other hedge funds also recently added to or reduced their stakes in the company. IFP Advisors Inc increased its position in shares of Best Buy by 5.2% in the 4th quarter. IFP Advisors Inc now owns 2,538 shares of the technology retailer's stock valued at $218,000 after purchasing an additional 125 shares during the last quarter. Mariner LLC increased its position in shares of Best Buy by 0.3% in the 4th quarter. Mariner LLC now owns 43,215 shares of the technology retailer's stock valued at $3,708,000 after purchasing an additional 129 shares during the last quarter. LRI Investments LLC increased its position in shares of Best Buy by 36.3% in the 4th quarter. LRI Investments LLC now owns 529 shares of the technology retailer's stock valued at $45,000 after purchasing an additional 141 shares during the last quarter. Rothschild Investment LLC increased its position in shares of Best Buy by 19.7% in the 4th quarter. Rothschild Investment LLC now owns 861 shares of the technology retailer's stock valued at $74,000 after purchasing an additional 142 shares during the last quarter. Finally, Independent Advisor Alliance increased its position in shares of Best Buy by 5.0% in the 4th 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. 80.96% of the stock is currently owned by institutional investors and hedge funds.

Best Buy Stock Performance

Shares of BBY stock traded down $2.97 during mid-day trading on Friday, hitting $69.57. The stock had a trading volume of 2,895,274 shares, compared to its average volume of 3,339,708. Best Buy Co., Inc. has a fifty-two week low of $54.99 and a fifty-two week high of $103.71. The firm has a market cap of $14.70 billion, a PE ratio of 11.89, a PEG ratio of 2.10 and a beta of 1.25. The company has a debt-to-equity ratio of 0.37, a current ratio of 1.00 and a quick ratio of 0.22. The company's 50-day simple moving average is $67.81 and its 200-day simple moving average is $77.67.

Best Buy (NYSE:BBY - Get Free Report) last released its earnings results on Thursday, May 29th. The technology retailer reported $1.15 EPS for the quarter, topping the consensus estimate of $1.09 by $0.06. Best Buy had a net margin of 3.01% and a return on equity of 45.93%. The company had revenue of $8.77 billion during the quarter, compared to analysts' expectations of $8.77 billion. During the same quarter last year, the business earned $1.20 EPS. The business's revenue was down .9% on a year-over-year basis. Sell-side analysts anticipate that Best Buy Co., Inc. will post 6.18 earnings per share 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 annualized dividend and a dividend yield of 5.46%. The ex-dividend date of this dividend is Wednesday, June 18th. Best Buy's dividend payout ratio (DPR) is presently 92.91%.

Insider Transactions at Best Buy

In related news, Chairman Richard M. Schulze sold 729,201 shares of the firm's 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 sale, the chairman now owns 196,100 shares in the company, valued at $14,305,495. This trade represents a 78.81% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CFO Matthew M. Bilunas sold 9,482 shares of the firm's stock in a transaction dated Friday, March 21st. The shares were sold at an average price of $72.65, for a total transaction of $688,867.30. Following the completion of the sale, the chief financial officer now owns 106,856 shares of the company's stock, valued at $7,763,088.40. This trade represents a 8.15% decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 804,374 shares of company stock worth $58,735,581. Company insiders own 0.47% of the company's stock.

Wall Street Analysts Forecast Growth

A number of brokerages have commented on BBY. Citigroup reissued a "neutral" rating and issued a $70.00 price objective (down from $93.00) on shares of Best Buy in a research report on Thursday, April 3rd. Guggenheim reaffirmed a "buy" rating and issued a $90.00 target price on shares of Best Buy in a research report on Tuesday. BNP Paribas raised shares of Best Buy to a "hold" rating in a research report on Friday, May 30th. Telsey Advisory Group reaffirmed an "outperform" rating and issued a $90.00 target price on shares of Best Buy in a research report on Friday, May 30th. Finally, UBS Group dropped their target price on shares of Best Buy from $95.00 to $90.00 and set a "buy" rating on the stock in a research report on Friday, May 30th. One equities research analyst has rated the stock with a sell rating, eleven have assigned a hold rating and nine have given a buy rating to the stock. Based on data from MarketBeat, Best Buy presently has a consensus rating of "Hold" and an average price target 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.