Los Angeles Capital Management LLC Lowers Stock Position in Best Buy Co., Inc. (NYSE:BBY)

Los Angeles Capital Management LLC reduced its stake in shares of Best Buy Co., Inc. (NYSE:BBY) by 7.7% in the fourth quarter, HoldingsChannel reports. The firm owned 43,585 shares of the technology retailer’s stock after selling 3,644 shares during the period. Los Angeles Capital Management LLC’s holdings in Best Buy were worth $3,740,000 as of its most recent SEC filing.

Other institutional investors have also modified their holdings of the company. Nordea Investment Management AB grew its position in Best Buy by 563.8% during the fourth quarter. Nordea Investment Management AB now owns 592,460 shares of the technology retailer’s stock valued at $50,643,000 after buying an additional 503,204 shares during the period. National Bank of Canada FI increased its stake in Best Buy by 817.4% during the 3rd quarter. National Bank of Canada FI now owns 537,886 shares of the technology retailer’s stock worth $55,564,000 after buying an additional 479,256 shares in the last quarter. Bank of New York Mellon Corp increased its position in shares of Best Buy by 13.7% during the fourth quarter. Bank of New York Mellon Corp now owns 3,824,425 shares of the technology retailer’s stock worth $328,136,000 after purchasing an additional 459,353 shares in the last quarter. Charles Schwab Investment Management Inc. raised its position in shares of Best Buy by 4.1% in the third quarter. Charles Schwab Investment Management Inc. now owns 6,164,953 shares of the technology retailer’s stock valued at $636,840,000 after buying an additional 241,988 shares during the last quarter. Finally, Allianz Asset Management GmbH raised its holdings in Best Buy by 17.3% in the 4th quarter. Allianz Asset Management GmbH now owns 1,606,242 shares of the technology retailer’s stock valued at $137,816,000 after acquiring an additional 236,524 shares during the last quarter. 80.96% of the stock is currently owned by institutional investors.

Best Buy Stock Down 2.0 %

NYSE BBY opened at $88.61 on Friday. Best Buy Co., Inc. has a 12 month low of $69.29 and a 12 month high of $103.71. The company has a market capitalization of $18.95 billion, a P/E ratio of 15.15, a PEG ratio of 2.10 and a beta of 1.43. The company’s 50 day simple moving average is $86.31 and its 200 day simple moving average is $90.50. The company has a debt-to-equity ratio of 0.37, a current ratio of 1.00 and a quick ratio of 0.22.

Best Buy (NYSE:BBY) last announced its earnings results 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 return on equity of 45.93% and a net margin of 3.01%. The firm had revenue of $9.45 billion during the quarter, compared to analyst estimates of $9.63 billion. During the same quarter in the previous year, the business earned $1.29 earnings per share. The business’s quarterly revenue was down 3.2% compared to the same quarter last year. Equities research analysts expect that Best Buy Co., Inc. will post 6.18 earnings per share for the current fiscal year.

Insider Activity

In other Best Buy news, CFO Matthew M. Bilunas sold 69,166 shares of the company’s 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 directly owns 92,070 shares of the company’s stock, valued at $8,052,442.20. This represents a 42.90 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. 0.59% of the stock is owned by corporate insiders.

Wall Street Analysts Forecast Growth

Several research analysts have recently commented on BBY shares. Citigroup reduced their price target on Best Buy from $109.00 to $101.00 and set a “buy” rating on the stock in a report on Wednesday, November 27th. Wells Fargo & Company lowered 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. StockNews.com downgraded shares of Best Buy from a “buy” rating to a “hold” rating in a research note on Friday, November 15th. Morgan Stanley dropped their target price on Best Buy from $105.00 to $100.00 and set an “equal weight” rating on the stock in a report on Tuesday, January 21st. Finally, Telsey Advisory Group reiterated an “outperform” rating and set a $110.00 target price on shares of Best Buy in a research report on Thursday. 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 stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $101.72.

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.