Merit Financial Group LLC Buys 3,946 Shares of Best Buy Co., Inc. (NYSE:BBY)

Merit Financial Group LLC raised its holdings in Best Buy Co., Inc. (NYSE:BBY - Free Report) by 74.8% during the 1st quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 9,224 shares of the technology retailer's stock after buying an additional 3,946 shares during the period. Merit Financial Group LLC's holdings in Best Buy were worth $679,000 at the end of the most recent quarter.

A number of other large investors have also added to or reduced their stakes in the business. Vanguard Group Inc. lifted its position in Best Buy by 0.8% during the fourth quarter. Vanguard Group Inc. now owns 22,982,608 shares of the technology retailer's stock worth $1,971,908,000 after acquiring an additional 191,161 shares during the last quarter. Charles Schwab Investment Management Inc. raised its holdings in shares of Best Buy by 6.4% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 6,560,368 shares of the technology retailer's stock worth $562,880,000 after buying an additional 395,415 shares in the last quarter. Raymond James Financial Inc. bought a new position in shares of Best Buy in the fourth quarter worth about $514,483,000. Geode Capital Management LLC boosted its position in Best Buy by 4.9% in the fourth quarter. Geode Capital Management LLC now owns 5,092,820 shares of the technology retailer's stock valued at $436,210,000 after buying an additional 239,840 shares in the last quarter. Finally, Bank of New York Mellon Corp grew its stake in shares of Best Buy by 13.7% during the fourth quarter. Bank of New York Mellon Corp now owns 3,824,425 shares of the technology retailer's stock worth $328,136,000 after buying an additional 459,353 shares during the last quarter. Institutional investors own 80.96% of the company's stock.

Insider Buying and Selling at Best Buy

In related news, CFO Matthew M. Bilunas sold 9,482 shares of the company's stock in a transaction on Friday, March 21st. The stock was 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 in the company, valued at approximately $7,763,088.40. This represents a 8.15% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Todd G. Hartman sold 4,893 shares of the business's stock in a transaction dated Friday, March 21st. The shares were sold at an average price of $72.65, for a total value of $355,476.45. Following the sale, the insider now owns 32,320 shares of the company's stock, valued at approximately $2,348,048. This represents a 13.15% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 804,374 shares of company stock worth $58,735,581. Insiders own 0.47% of the company's stock.

Wall Street Analysts Forecast Growth

A number of research analysts have recently commented on BBY shares. Morgan Stanley dropped their price target on Best Buy from $100.00 to $85.00 and set an "equal weight" rating for the company in a research note on Wednesday, March 5th. KeyCorp reiterated a "sector weight" rating on shares of Best Buy in a research report on Wednesday, March 5th. BNP Paribas raised Best Buy to a "hold" rating in a research note on Friday, May 30th. Citigroup reiterated a "neutral" rating and set a $70.00 target price (down from $93.00) on shares of Best Buy in a research report on Thursday, April 3rd. Finally, Jefferies Financial Group decreased their price target on shares of Best Buy from $106.00 to $92.00 and set a "buy" rating for the company in a research report on Tuesday, March 4th. One analyst has rated the stock with a sell rating, eleven have assigned a hold rating and nine have given a buy rating to the company's stock. According to data from MarketBeat, the company currently has an average rating of "Hold" and a consensus price target of $86.11.

Best Buy Stock Down 4.1%

BBY traded down $2.97 during trading on Friday, hitting $69.57. 2,895,274 shares of the company's stock traded hands, compared to its average volume of 3,339,703. The stock has a market capitalization of $14.73 billion, a price-to-earnings ratio of 11.89, a PEG ratio of 2.10 and a beta of 1.25. The company's 50 day simple moving average is $67.54 and its two-hundred day simple moving average is $77.80. Best Buy Co., Inc. has a 12-month low of $54.99 and a 12-month high of $103.71. 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 released its quarterly earnings data on Thursday, May 29th. The technology retailer reported $1.15 EPS for the quarter, beating the consensus estimate of $1.09 by $0.06. Best Buy had a return on equity of 45.93% and a net margin of 3.01%. 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 posted $1.20 earnings per share. Best Buy's revenue was down .9% compared to the same quarter last year. Analysts predict that Best Buy Co., Inc. will post 6.18 earnings per share for the current fiscal year.

Best Buy Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Thursday, July 10th. Shareholders 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 5.46%. The ex-dividend date is Wednesday, June 18th. Best Buy's dividend payout ratio (DPR) is presently 92.91%.

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.