Stablepoint Partners LLC Acquires 4,303 Shares of Best Buy Co., Inc. (NYSE:BBY)

Stablepoint Partners LLC increased its holdings in Best Buy Co., Inc. (NYSE:BBY - Free Report) by 66.7% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 10,757 shares of the technology retailer's stock after acquiring an additional 4,303 shares during the period. Stablepoint Partners LLC's holdings in Best Buy were worth $792,000 at the end of the most recent quarter.

Several other large investors have also added to or reduced their stakes in BBY. Yousif Capital Management LLC raised its stake in shares of Best Buy by 0.5% in the fourth quarter. Yousif Capital Management LLC now owns 29,904 shares of the technology retailer's stock worth $2,566,000 after purchasing an additional 145 shares during the last quarter. Stratos Wealth Partners LTD. grew its holdings in Best Buy by 17.3% during the fourth quarter. Stratos Wealth Partners LTD. now owns 2,946 shares of the technology retailer's stock worth $253,000 after buying an additional 435 shares in the last quarter. Bleakley Financial Group LLC raised its position in Best Buy by 10.3% in the 4th quarter. Bleakley Financial Group LLC now owns 6,649 shares of the technology retailer's stock valued at $570,000 after buying an additional 621 shares during the last quarter. Sumitomo Mitsui DS Asset Management Company Ltd lifted its stake in Best Buy by 64.3% during the 4th quarter. Sumitomo Mitsui DS Asset Management Company Ltd now owns 38,443 shares of the technology retailer's stock valued at $3,298,000 after acquiring an additional 15,052 shares in the last quarter. Finally, William Allan Corp lifted its stake in Best Buy by 4.1% during the 4th quarter. William Allan Corp now owns 30,085 shares of the technology retailer's stock valued at $2,581,000 after acquiring an additional 1,184 shares in the last quarter. Institutional investors own 80.96% of the company's stock.

Analyst Ratings Changes

Several research firms have recently issued reports on BBY. KeyCorp reiterated a "sector weight" rating on shares of Best Buy in a research note on Wednesday, March 5th. JPMorgan Chase & Co. reduced their price objective on shares of Best Buy from $115.00 to $110.00 and set an "overweight" rating for the company in a research report on Wednesday, March 5th. Loop Capital dropped their target price on shares of Best Buy from $90.00 to $80.00 and set a "buy" rating on the stock in a research report on Friday, May 30th. Wedbush cut their target price on Best Buy from $75.00 to $70.00 and set a "neutral" rating on the stock in a research note on Friday, May 30th. Finally, DA Davidson reaffirmed a "buy" rating and set a $110.00 price target on shares of Best Buy in a research report on Monday, April 14th. One analyst has rated the stock with a sell rating, eleven have assigned a hold rating and nine have issued a buy rating to the stock. According to data from MarketBeat.com, the stock has an average rating of "Hold" and an average price target of $86.11.

Insider Transactions at Best Buy

In other Best Buy news, insider Todd G. Hartman sold 4,893 shares of Best Buy stock in a transaction dated 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 of the company's stock, valued at $2,348,048. The trade was a 13.15% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, CFO Matthew M. Bilunas sold 51,000 shares of the stock in a transaction dated Monday, March 24th. The stock was sold at an average price of $74.20, for a total transaction of $3,784,200.00. Following the completion of the sale, the chief financial officer now directly owns 55,856 shares in the company, valued at approximately $4,144,515.20. The trade was a 47.73% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 78,355 shares of company stock valued at $5,767,213 over the last three months. Company insiders own 0.59% of the company's stock.

Best Buy Trading Up 3.6%

Shares of Best Buy stock opened at $73.03 on Friday. The stock has a market capitalization of $15.46 billion, a P/E ratio of 12.48, a P/E/G ratio of 2.10 and a beta of 1.25. Best Buy Co., Inc. has a 52-week low of $54.99 and a 52-week high of $103.71. The company has a debt-to-equity ratio of 0.37, a quick ratio of 0.22 and a current ratio of 1.00. The stock's 50-day simple moving average is $66.87 and its 200 day simple moving average is $78.24.

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 for the quarter, topping the consensus estimate of $1.09 by $0.06. The firm had revenue of $8.77 billion during the quarter, compared to the consensus estimate of $8.77 billion. Best Buy had a net margin of 3.01% and a return on equity of 45.93%. The company's revenue was down .9% on a year-over-year basis. During the same quarter last year, the company earned $1.20 earnings per share. As a group, research analysts anticipate that Best Buy Co., Inc. will post 6.18 EPS for the current year.

Best Buy Announces Dividend

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 dividend of $0.95 per share. The ex-dividend date of this dividend is Wednesday, June 18th. This represents a $3.80 annualized dividend and a dividend yield of 5.20%. Best Buy's dividend payout ratio is currently 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.

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