MCF Advisors LLC Sells 3,245 Shares of Best Buy Co., Inc. (NYSE:BBY)

MCF Advisors LLC cut its stake in Best Buy Co., Inc. (NYSE:BBY) by 63.6% in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 1,854 shares of the technology retailer’s stock after selling 3,245 shares during the quarter. MCF Advisors LLC’s holdings in Best Buy were worth $161,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently modified their holdings of the company. QRG Capital Management Inc. increased its stake in Best Buy by 10.5% during the 3rd quarter. QRG Capital Management Inc. now owns 31,745 shares of the technology retailer’s stock worth $3,279,000 after purchasing an additional 3,025 shares in the last quarter. Asset Management One Co. Ltd. increased its stake in Best Buy by 27.4% during the 3rd quarter. Asset Management One Co. Ltd. now owns 90,341 shares of the technology retailer’s stock worth $9,332,000 after purchasing an additional 19,405 shares in the last quarter. Mirae Asset Global Investments Co. Ltd. increased its stake in Best Buy by 13.3% during the 3rd quarter. Mirae Asset Global Investments Co. Ltd. now owns 154,564 shares of the technology retailer’s stock worth $15,806,000 after purchasing an additional 18,171 shares in the last quarter. Oppenheimer Asset Management Inc. bought a new stake in Best Buy during the 3rd quarter worth approximately $2,384,000. Finally, Charles Schwab Investment Management Inc. increased its stake in Best Buy by 4.1% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 6,164,953 shares of the technology retailer’s stock worth $636,840,000 after purchasing an additional 241,988 shares in the last quarter. 80.96% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

BBY has been the subject of a number of recent research reports. Barclays reduced their price target on Best Buy from $95.00 to $89.00 and set an “equal weight” rating for the company in a research report on Thursday, January 9th. Morgan Stanley reduced their price target on Best Buy from $105.00 to $100.00 and set an “equal weight” rating for the company in a research report on Tuesday. Wells Fargo & Company reduced their price target on Best Buy from $95.00 to $89.00 and set an “equal weight” rating for the company in a research report on Wednesday, November 27th. Guggenheim reduced their price target on Best Buy from $110.00 to $105.00 and set a “buy” rating for the company in a research report on Friday, November 29th. Finally, Loop Capital reaffirmed a “buy” rating and set a $100.00 price target on shares of Best Buy in a research report on Wednesday, December 18th. One investment analyst has rated the stock with a sell rating, eight have assigned a hold rating, ten have assigned a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average price target of $101.72.

Best Buy Stock Down 0.7 %

BBY opened at $83.95 on Thursday. Best Buy Co., Inc. has a fifty-two week low of $69.29 and a fifty-two 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 company has a market capitalization of $17.95 billion, a P/E ratio of 14.35, a P/E/G ratio of 2.06 and a beta of 1.43. The stock has a fifty day moving average of $86.91 and a 200-day moving average of $90.22.

Best Buy (NYSE:BBY) last posted its quarterly earnings results on Tuesday, November 26th. The technology retailer reported $1.26 EPS for the quarter, missing analysts’ consensus estimates of $1.30 by ($0.04). The company had revenue of $9.45 billion during the quarter, compared to analyst estimates of $9.63 billion. Best Buy had a net margin of 3.01% and a return on equity of 45.93%. The firm’s revenue for the quarter was down 3.2% compared to the same quarter last year. During the same period last year, the firm earned $1.29 EPS. On average, equities analysts expect that Best Buy Co., Inc. will post 6.18 EPS for the current year.

Best Buy Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Tuesday, January 7th. Investors of record on Tuesday, December 17th were paid a $0.94 dividend. This represents a $3.76 dividend on an annualized basis and a yield of 4.48%. The ex-dividend date of this dividend was Tuesday, December 17th. Best Buy’s dividend payout ratio (DPR) is presently 64.27%.

Insider Activity at Best Buy

In other Best Buy news, CFO Matthew M. Bilunas sold 69,166 shares of the business’s stock in a transaction dated Wednesday, December 11th. The stock was sold at an average price of $87.46, for a total transaction of $6,049,258.36. Following the completion of the transaction, the chief financial officer now owns 92,070 shares of the company’s stock, valued at approximately $8,052,442.20. The trade was a 42.90 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 0.59% of the stock is owned by insiders.

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.