ING Groep NV trimmed its position in Best Buy Co., Inc. (NYSE:BBY – Free Report) by 35.9% in the fourth quarter, HoldingsChannel.com reports. The institutional investor owned 17,132 shares of the technology retailer’s stock after selling 9,615 shares during the quarter. ING Groep NV’s holdings in Best Buy were worth $1,470,000 as of its most recent SEC filing.
A number of other institutional investors have also added to or reduced their stakes in the company. Golden State Wealth Management LLC acquired a new position in shares of Best Buy during the fourth quarter worth approximately $32,000. Harbor Capital Advisors Inc. bought a new stake in Best Buy during the 3rd quarter valued at $40,000. LRI Investments LLC raised its holdings in Best Buy by 632.1% during the third quarter. LRI Investments LLC now owns 388 shares of the technology retailer’s stock worth $40,000 after buying an additional 335 shares during the last quarter. Trust Co. of Vermont lifted its stake in shares of Best Buy by 1,200.0% in the fourth quarter. Trust Co. of Vermont now owns 416 shares of the technology retailer’s stock valued at $36,000 after buying an additional 384 shares in the last quarter. Finally, Brooklyn Investment Group acquired a new position in shares of Best Buy during the third quarter valued at about $44,000. 80.96% of the stock is owned by institutional investors and hedge funds.
Analysts Set New Price Targets
A number of equities research analysts recently weighed in on BBY shares. Wells Fargo & Company lowered their target price on shares of Best Buy from $95.00 to $89.00 and set an “equal weight” rating on the stock in a report on Wednesday, November 27th. Guggenheim lowered their price objective on Best Buy from $110.00 to $105.00 and set a “buy” rating for the company in a research note on Friday, November 29th. UBS Group cut their target price on Best Buy from $123.00 to $115.00 and set a “buy” rating on the stock in a research report on Wednesday, November 27th. StockNews.com downgraded Best Buy from a “buy” rating to a “hold” rating in a report on Friday, November 15th. Finally, Telsey Advisory Group dropped their price objective on Best Buy from $115.00 to $110.00 and set an “outperform” rating on the stock in a research note on Tuesday, November 26th. One research analyst has rated the stock with a sell rating, eight have assigned a hold rating, ten have given a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, Best Buy has a consensus rating of “Moderate Buy” and a consensus price target of $101.72.
Best Buy Stock Down 1.3 %
BBY opened at $89.80 on Monday. Best Buy Co., Inc. has a twelve month low of $69.29 and a twelve month high of $103.71. The company’s 50-day moving average price is $86.10 and its two-hundred day moving average price is $90.43. The stock has a market cap of $19.20 billion, a price-to-earnings ratio of 15.35, a PEG ratio of 2.13 and a beta of 1.43. The company has a quick ratio of 0.22, a current ratio of 1.00 and a debt-to-equity ratio of 0.37.
Best Buy (NYSE:BBY – Get Free Report) last posted its quarterly earnings data on Tuesday, November 26th. The technology retailer reported $1.26 EPS for the quarter, missing the consensus estimate of $1.30 by ($0.04). Best Buy had a net margin of 3.01% and a return on equity of 45.93%. The firm had revenue of $9.45 billion during the quarter, compared to analysts’ expectations of $9.63 billion. During the same quarter in the previous year, the company posted $1.29 EPS. Best Buy’s revenue for the quarter was down 3.2% on a year-over-year basis. As a group, equities analysts expect that Best Buy Co., Inc. will post 6.18 earnings per share for the current year.
Best Buy Dividend Announcement
The company also recently disclosed a quarterly dividend, which was paid on Tuesday, January 7th. Investors of record on Tuesday, December 17th were issued a $0.94 dividend. This represents a $3.76 annualized dividend and a yield of 4.19%. The ex-dividend date of this dividend was Tuesday, December 17th. Best Buy’s dividend payout ratio (DPR) is currently 64.27%.
Insider Activity at Best Buy
In other Best Buy news, CFO Matthew M. Bilunas sold 69,166 shares of the stock in a transaction dated Wednesday, December 11th. The shares were 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 in the company, valued at $8,052,442.20. This trade represents a 42.90 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. 0.59% of the stock is currently owned by company 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.
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