PGGM Investments Has $1.12 Million Stock Holdings in Best Buy Co., Inc. (NYSE:BBY)

PGGM Investments boosted its stake in Best Buy Co., Inc. (NYSE:BBY) by 515.1% in the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 13,021 shares of the technology retailer’s stock after buying an additional 10,904 shares during the quarter. PGGM Investments’ holdings in Best Buy were worth $1,117,000 at the end of the most recent quarter.

A number of other institutional investors also recently modified their holdings of BBY. Pinnacle Financial Partners Inc purchased a new stake in shares of Best Buy during the fourth quarter worth $3,293,000. Klein Pavlis & Peasley Financial Inc. increased its position in Best Buy by 48.6% in the 4th quarter. Klein Pavlis & Peasley Financial Inc. now owns 26,400 shares of the technology retailer’s stock worth $2,265,000 after purchasing an additional 8,640 shares during the last quarter. Alberta Investment Management Corp raised its stake in shares of Best Buy by 424.0% during the 4th quarter. Alberta Investment Management Corp now owns 26,200 shares of the technology retailer’s stock worth $2,248,000 after purchasing an additional 21,200 shares in the last quarter. Merit Financial Group LLC acquired a new stake in shares of Best Buy during the 4th quarter valued at about $453,000. Finally, TCW Group Inc. lifted its holdings in shares of Best Buy by 26.7% during the 4th quarter. TCW Group Inc. now owns 401,098 shares of the technology retailer’s stock valued at $34,414,000 after buying an additional 84,505 shares during the last quarter. Institutional investors and hedge funds own 80.96% of the company’s stock.

Insider Activity

In other Best Buy news, CEO Corie S. Barry purchased 13,500 shares of the company’s stock in a transaction that occurred on Wednesday, March 12th. The stock was purchased at an average price of $72.92 per share, with a total value of $984,420.00. Following the completion of the transaction, the chief executive officer now directly owns 378,780 shares of the company’s stock, valued at approximately $27,620,637.60. This trade represents a 3.70 % increase in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. 0.59% of the stock is owned by company insiders.

Best Buy Trading Down 3.3 %

Shares of BBY stock opened at $70.23 on Friday. The firm has a market capitalization of $15.02 billion, a P/E ratio of 12.01, a price-to-earnings-growth ratio of 2.10 and a beta of 1.43. Best Buy Co., Inc. has a 1 year low of $69.29 and a 1 year high of $103.71. The firm’s fifty day simple moving average is $84.64 and its 200 day simple moving average is $90.05. The company has a current ratio of 1.00, a quick ratio of 0.22 and a debt-to-equity ratio of 0.37.

Best Buy (NYSE:BBY) last announced its quarterly earnings data on Tuesday, March 4th. The technology retailer reported $2.58 EPS for the quarter, topping analysts’ consensus estimates of $2.40 by $0.18. The company had revenue of $13.95 billion during the quarter, compared to the consensus estimate of $13.69 billion. Best Buy had a return on equity of 45.93% and a net margin of 3.01%. During the same quarter last year, the company earned $2.72 EPS. As a group, sell-side analysts predict that Best Buy Co., Inc. will post 6.18 EPS for the current year.

Best Buy Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, April 15th. Stockholders of record on Tuesday, March 25th will be issued a dividend of $0.95 per share. This represents a $3.80 dividend on an annualized basis and a dividend yield of 5.41%. This is an increase from Best Buy’s previous quarterly dividend of $0.94. The ex-dividend date is Tuesday, March 25th. Best Buy’s dividend payout ratio (DPR) is presently 88.99%.

Wall Street Analysts Forecast Growth

Several equities analysts recently weighed in on the stock. Wells Fargo & Company cut their price objective on shares of Best Buy from $89.00 to $85.00 and set an “equal weight” rating on the stock in a research report on Wednesday, March 5th. Morgan Stanley dropped their price target on shares of Best Buy from $100.00 to $85.00 and set an “equal weight” rating on the stock in a research note on Wednesday, March 5th. Barclays reduced their price objective on shares of Best Buy from $95.00 to $89.00 and set an “equal weight” rating for the company in a research note on Thursday, January 9th. Citigroup lowered their target price on shares of Best Buy from $105.00 to $93.00 and set a “buy” rating on the stock in a research report on Wednesday, March 5th. Finally, Guggenheim reduced their price target on Best Buy from $105.00 to $90.00 and set a “buy” rating for the company in a research report on Wednesday, March 5th. Two research analysts have rated the stock with a sell rating, nine have issued a hold rating, nine have given a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, Best Buy presently has a consensus rating of “Hold” and a consensus price target of $93.50.

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.