Fjarde AP Fonden Fourth Swedish National Pension Fund Sells 2,900 Shares of Best Buy Co., Inc. (NYSE:BBY)

Fjarde AP Fonden Fourth Swedish National Pension Fund cut its position in shares of Best Buy Co., Inc. (NYSE:BBY) by 4.7% during the fourth quarter, HoldingsChannel.com reports. The firm owned 59,322 shares of the technology retailer’s stock after selling 2,900 shares during the period. Fjarde AP Fonden Fourth Swedish National Pension Fund’s holdings in Best Buy were worth $5,090,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors and hedge funds have also modified their holdings of BBY. Sequoia Financial Advisors LLC bought a new stake in shares of Best Buy during the third quarter valued at approximately $278,000. Private Advisor Group LLC increased its position in shares of Best Buy by 9.1% during the third quarter. Private Advisor Group LLC now owns 6,359 shares of the technology retailer’s stock valued at $657,000 after purchasing an additional 530 shares during the period. Assenagon Asset Management S.A. increased its position in shares of Best Buy by 3.3% during the third quarter. Assenagon Asset Management S.A. now owns 13,913 shares of the technology retailer’s stock valued at $1,437,000 after purchasing an additional 443 shares during the period. Louisiana State Employees Retirement System increased its position in shares of Best Buy by 1.8% during the third quarter. Louisiana State Employees Retirement System now owns 11,100 shares of the technology retailer’s stock valued at $1,147,000 after purchasing an additional 200 shares during the period. Finally, Arkadios Wealth Advisors increased its position in shares of Best Buy by 95.8% during the third quarter. Arkadios Wealth Advisors now owns 6,681 shares of the technology retailer’s stock valued at $690,000 after purchasing an additional 3,268 shares during the period. 80.96% of the stock is currently owned by institutional investors.

Insider Activity

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

Best Buy Trading Up 1.5 %

Shares of BBY opened at $90.02 on Wednesday. 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 Co., Inc. has a 12-month low of $69.29 and a 12-month high of $103.71. The firm has a market capitalization of $19.25 billion, a PE ratio of 15.39, a price-to-earnings-growth ratio of 2.10 and a beta of 1.43. The stock’s fifty day simple moving average is $86.15 and its 200-day simple moving average is $90.52.

Best Buy (NYSE:BBY) last issued its quarterly earnings results on Tuesday, November 26th. The technology retailer reported $1.26 earnings per share (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 for the quarter, compared to analyst estimates of $9.63 billion. During the same period last year, the company earned $1.29 EPS. The company’s revenue was down 3.2% compared to the same quarter last year. As a group, research analysts predict that Best Buy Co., Inc. will post 6.18 earnings per share for the current year.

Analysts Set New Price Targets

A number of analysts have weighed in on the company. Loop Capital reiterated a “buy” rating and issued a $100.00 price target on shares of Best Buy in a research report on Wednesday, December 18th. Barclays lowered their price target on Best Buy from $95.00 to $89.00 and set an “equal weight” rating on the stock in a research report on Thursday, January 9th. Wells Fargo & Company lowered their price target on Best Buy from $95.00 to $89.00 and set an “equal weight” rating on the stock in a research report on Wednesday, November 27th. Morgan Stanley lowered their price target on Best Buy from $105.00 to $100.00 and set an “equal weight” rating on the stock in a research report on Tuesday, January 21st. Finally, Citigroup lowered their price target on Best Buy from $109.00 to $101.00 and set a “buy” rating on the stock in a research report on Wednesday, November 27th. One investment analyst has rated the stock with a sell rating, eight have issued a hold rating, ten have issued a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $101.72.

About Best Buy

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.