USS Investment Management Ltd reduced its position in shares of Best Buy Co., Inc. (NYSE:BBY - Free Report) by 47.6% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 42,313 shares of the technology retailer's stock after selling 38,439 shares during the period. USS Investment Management Ltd's holdings in Best Buy were worth $3,633,000 as of its most recent SEC filing.
A number of other hedge funds and other institutional investors have also made changes to their positions in the stock. Rakuten Securities Inc. lifted its holdings in Best Buy by 971.9% in the 4th quarter. Rakuten Securities Inc. now owns 343 shares of the technology retailer's stock valued at $29,000 after acquiring an additional 311 shares during the last quarter. Golden State Wealth Management LLC acquired a new position in shares of Best Buy in the 4th quarter valued at about $32,000. Atlas Capital Advisors Inc. increased its holdings in shares of Best Buy by 186.9% in the 4th quarter. Atlas Capital Advisors Inc. now owns 373 shares of the technology retailer's stock valued at $32,000 after purchasing an additional 243 shares during the period. Ancora Advisors LLC increased its holdings in Best Buy by 18,700.0% in the fourth quarter. Ancora Advisors LLC now owns 376 shares of the technology retailer's stock worth $32,000 after buying an additional 374 shares during the last quarter. Finally, OFI Invest Asset Management acquired a new position in Best Buy in the fourth quarter worth approximately $34,000. Institutional investors own 80.96% of the company's stock.
Best Buy Price Performance
Shares of NYSE BBY traded down $6.45 during mid-day trading on Thursday, reaching $65.07. The company had a trading volume of 6,230,061 shares, compared to its average volume of 3,389,441. The company has a debt-to-equity ratio of 0.37, a quick ratio of 0.22 and a current ratio of 1.00. Best Buy Co., Inc. has a one year low of $54.99 and a one year high of $103.71. The firm has a market cap of $13.77 billion, a price-to-earnings ratio of 11.14, a PEG ratio of 2.10 and a beta of 1.27. The business's 50-day simple moving average is $67.60 and its 200 day simple moving average is $79.25.
Best Buy (NYSE:BBY - Get Free Report) last announced its quarterly earnings results on Thursday, May 29th. The technology retailer reported $1.15 EPS for the quarter, beating analysts' consensus estimates of $1.09 by $0.06. Best Buy had a return on equity of 45.93% and a net margin of 3.01%. The firm had revenue of $8.77 billion for the quarter, compared to analyst estimates of $8.77 billion. During the same period last year, the firm posted $1.20 earnings per share. The business's revenue for the quarter was down .9% on a year-over-year basis. On average, research analysts predict that Best Buy Co., Inc. will post 6.18 earnings per share for the current fiscal year.
Best Buy Increases Dividend
The business also recently announced a quarterly dividend, which was paid on Tuesday, April 15th. Investors of record on Tuesday, March 25th were given a dividend of $0.95 per share. This is a boost from Best Buy's previous quarterly dividend of $0.94. The ex-dividend date was Tuesday, March 25th. This represents a $3.80 annualized dividend and a dividend yield of 5.84%. Best Buy's payout ratio is presently 88.99%.
Wall Street Analyst Weigh In
Several equities research analysts have recently weighed in on the company. JPMorgan Chase & Co. reduced their price objective on Best Buy from $115.00 to $110.00 and set an "overweight" rating for the company in a research report on Wednesday, March 5th. Jefferies Financial Group reduced their price objective on Best Buy from $106.00 to $92.00 and set a "buy" rating for the company in a research report on Tuesday, March 4th. Loop Capital reiterated a "negative" rating on shares of Best Buy in a research note on Wednesday, March 5th. Citigroup reissued a "neutral" rating and set a $70.00 price objective (down from $93.00) on shares of Best Buy in a report on Thursday, April 3rd. Finally, Morgan Stanley dropped their price objective on Best Buy from $100.00 to $85.00 and set an "equal weight" rating for the company in a report on Wednesday, March 5th. Two investment analysts have rated the stock with a sell rating, ten have given a hold rating, eight have assigned a buy rating and one has given a strong buy rating to the company's stock. According to MarketBeat, the stock has an average rating of "Hold" and a consensus target price of $89.33.
Get Our Latest Stock Analysis on BBY
Insider Activity at Best Buy
In other Best Buy news, CAO Mathew Watson sold 3,182 shares of the company's stock in a transaction on Friday, March 14th. The stock was sold at an average price of $71.29, for a total value of $226,844.78. Following the completion of the transaction, the chief accounting officer now owns 19,218 shares in the company, valued at $1,370,051.22. This represents a 14.21% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Corie S. Barry acquired 13,500 shares of the firm's stock in a transaction that occurred on Wednesday, March 12th. The shares were bought at an average price of $72.92 per share, for a total transaction of $984,420.00. Following the completion of the purchase, the chief executive officer now owns 378,780 shares in the company, valued at $27,620,637.60. This trade represents a 3.70% increase in their position. The disclosure for this purchase can be found here. Insiders have sold a total of 78,355 shares of company stock valued at $5,767,213 over the last 90 days. Insiders own 0.47% of the company's stock.
About Best Buy
(
Free Report)
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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