Livforsakringsbolaget Skandia Omsesidigt Cuts Stake in Best Buy Co., Inc. (NYSE:BBY)

Livforsakringsbolaget Skandia Omsesidigt reduced its position in shares of Best Buy Co., Inc. (NYSE:BBY - Free Report) by 98.5% during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 387 shares of the technology retailer's stock after selling 25,400 shares during the period. Livforsakringsbolaget Skandia Omsesidigt's holdings in Best Buy were worth $30,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. BlackRock Inc. boosted its holdings in Best Buy by 1.2% in the first quarter. BlackRock Inc. now owns 19,612,957 shares of the technology retailer's stock valued at $1,535,106,000 after acquiring an additional 223,536 shares during the last quarter. State Street Corp boosted its holdings in Best Buy by 1.2% in the first quarter. State Street Corp now owns 10,152,129 shares of the technology retailer's stock valued at $803,778,000 after acquiring an additional 123,256 shares during the last quarter. Price T Rowe Associates Inc. MD boosted its holdings in Best Buy by 32.2% in the first quarter. Price T Rowe Associates Inc. MD now owns 9,885,308 shares of the technology retailer's stock valued at $773,724,000 after acquiring an additional 2,409,006 shares during the last quarter. Charles Schwab Investment Management Inc. boosted its holdings in Best Buy by 1.5% in the third quarter. Charles Schwab Investment Management Inc. now owns 4,478,759 shares of the technology retailer's stock valued at $311,139,000 after acquiring an additional 66,770 shares during the last quarter. Finally, Geode Capital Management LLC boosted its holdings in Best Buy by 0.7% in the first quarter. Geode Capital Management LLC now owns 4,218,968 shares of the technology retailer's stock valued at $329,735,000 after acquiring an additional 27,257 shares during the last quarter. 80.96% of the stock is currently owned by institutional investors.

Best Buy Stock Up 0.2 %

NYSE BBY traded up $0.15 on Friday, reaching $76.15. The company had a trading volume of 1,368,396 shares, compared to its average volume of 2,634,290. The stock has a market capitalization of $16.40 billion, a P/E ratio of 13.38, a P/E/G ratio of 1.99 and a beta of 1.49. The company's fifty day moving average is $77.96 and its 200 day moving average is $73.98. Best Buy Co., Inc. has a 52-week low of $62.30 and a 52-week high of $86.11. The company has a quick ratio of 0.37, a current ratio of 1.00 and a debt-to-equity ratio of 0.38.

Best Buy (NYSE:BBY - Get Free Report) last released its quarterly earnings results on Thursday, February 29th. The technology retailer reported $2.72 EPS for the quarter, beating analysts' consensus estimates of $2.51 by $0.21. The business had revenue of $14.65 billion during the quarter, compared to analyst estimates of $14.58 billion. Best Buy had a return on equity of 48.45% and a net margin of 2.86%. Best Buy's quarterly revenue was down .6% compared to the same quarter last year. During the same period in the prior year, the firm posted $2.61 EPS. Sell-side analysts anticipate that Best Buy Co., Inc. will post 6.03 earnings per share for the current fiscal year.

Best Buy Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Thursday, April 11th. Stockholders of record on Thursday, March 21st were given a dividend of $0.94 per share. The ex-dividend date was Wednesday, March 20th. This is a positive change from Best Buy's previous quarterly dividend of $0.92. This represents a $3.76 annualized dividend and a dividend yield of 4.94%. Best Buy's dividend payout ratio (DPR) is currently 66.08%.

Wall Street Analysts Forecast Growth

Several brokerages recently commented on BBY. Citigroup upped their target price on Best Buy from $67.00 to $76.00 and gave the company a "sell" rating in a report on Friday, March 1st. Barclays increased their price target on Best Buy from $69.00 to $88.00 and gave the stock an "equal weight" rating in a report on Friday, March 1st. Morgan Stanley increased their price target on Best Buy from $80.00 to $82.00 and gave the stock an "equal weight" rating in a report on Friday, March 1st. Jefferies Financial Group cut their price target on Best Buy from $95.00 to $94.00 and set a "buy" rating on the stock in a report on Monday, April 8th. Finally, TheStreet upgraded Best Buy from a "c" rating to a "b-" rating in a report on Thursday, February 29th. One investment analyst has rated the stock with a sell rating, eight have given a hold rating and seven have given a buy rating to the company's stock. According to data from MarketBeat.com, the company presently has a consensus rating of "Hold" and a consensus target price of $84.60.

Insider Activity

In other news, CAO Mathew Watson sold 2,505 shares of the firm's stock in a transaction on Friday, March 22nd. The stock was sold at an average price of $81.80, for a total transaction of $204,909.00. Following the completion of the sale, the chief accounting officer now directly owns 25,638 shares of the company's stock, valued at approximately $2,097,188.40. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. In other news, CEO Corie S. Barry sold 28,042 shares of the stock in a transaction on Friday, March 22nd. The stock was sold at an average price of $81.80, for a total transaction of $2,293,835.60. Following the completion of the transaction, the chief executive officer now owns 429,159 shares in the company, valued at approximately $35,105,206.20. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CAO Mathew Watson sold 2,505 shares of the stock in a transaction on Friday, March 22nd. The stock was sold at an average price of $81.80, for a total value of $204,909.00. Following the transaction, the chief accounting officer now owns 25,638 shares of the company's stock, valued at approximately $2,097,188.40. The disclosure for this sale can be found here. Insiders sold a total of 52,023 shares of company stock valued at $4,253,900 in the last ninety days. 0.56% of the stock is currently owned by insiders.

Best Buy 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.