Andra AP fonden Sells 267,794 Shares of Best Buy Co., Inc. (NYSE:BBY)

Andra AP fonden cut its stake in Best Buy Co., Inc. (NYSE:BBY) by 59.6% in the 4th quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 181,306 shares of the technology retailer’s stock after selling 267,794 shares during the quarter. Andra AP fonden owned about 0.08% of Best Buy worth $15,556,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Golden State Wealth Management LLC purchased a new stake in shares of Best Buy in the 4th quarter worth about $32,000. Trust Co. of Vermont grew its position in shares of Best Buy by 1,200.0% in the 4th quarter. Trust Co. of Vermont now owns 416 shares of the technology retailer’s stock worth $36,000 after buying an additional 384 shares during the period. Harbor Capital Advisors Inc. purchased a new stake in shares of Best Buy in the 3rd quarter worth about $40,000. LRI Investments LLC grew its position in shares of Best Buy by 632.1% in the 3rd 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 period. Finally, Brooklyn Investment Group purchased a new stake in shares of Best Buy in the 3rd quarter worth about $44,000. 80.96% of the stock is owned by hedge funds and other institutional investors.

Insider Transactions at Best Buy

In other Best Buy news, CFO Matthew M. Bilunas sold 69,166 shares of the firm’s stock in a transaction that occurred on 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 sale, the chief financial officer now owns 92,070 shares in the company, valued at approximately $8,052,442.20. This trade represents a 42.90 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Company insiders own 0.59% of the company’s stock.

Analyst Ratings Changes

BBY has been the topic of a number of recent research reports. JPMorgan Chase & Co. reduced their target price on shares of Best Buy from $115.00 to $110.00 and set an “overweight” rating on the stock in a research report on Wednesday. Jefferies Financial Group cut their price objective on shares of Best Buy from $106.00 to $92.00 and set a “buy” rating on the stock in a research report on Tuesday. Evercore ISI cut their price objective on shares of Best Buy from $95.00 to $80.00 and set an “in-line” rating on the stock in a research report on Wednesday. Loop Capital cut their price objective on shares of Best Buy from $100.00 to $90.00 and set a “buy” rating on the stock in a research report on Wednesday. Finally, StockNews.com downgraded shares of Best Buy from a “buy” rating to a “hold” rating in a research report on Friday, November 15th. One equities research analyst has rated the stock with a sell rating, nine have given a hold rating, ten have issued a buy rating and one has given a strong buy rating to the company. According to MarketBeat, Best Buy has an average rating of “Moderate Buy” and an average price target of $93.50.

Best Buy Price Performance

Shares of NYSE:BBY opened at $79.66 on Friday. The firm’s 50 day moving average price is $85.58 and its 200-day moving average price is $90.39. Best Buy Co., Inc. has a twelve month low of $69.29 and a twelve month high of $103.71. The company has a quick ratio of 0.22, a current ratio of 1.00 and a debt-to-equity ratio of 0.37. The stock has a market capitalization of $17.03 billion, a PE ratio of 13.62, a price-to-earnings-growth ratio of 2.10 and a beta of 1.43.

Best Buy (NYSE:BBY) last issued its quarterly earnings data on Tuesday, March 4th. The technology retailer reported $2.58 earnings per share for the quarter, topping the consensus estimate of $2.40 by $0.18. Best Buy had a net margin of 3.01% and a return on equity of 45.93%. The firm had revenue of $13.95 billion for the quarter, compared to analysts’ expectations of $13.69 billion. During the same quarter in the prior year, the business earned $2.72 EPS. Equities research analysts expect 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 paid a $0.95 dividend. This represents a $3.80 annualized dividend and a dividend yield of 4.77%. The ex-dividend date of this dividend is Tuesday, March 25th. This is a boost from Best Buy’s previous quarterly dividend of $0.94. Best Buy’s dividend payout ratio is 88.99%.

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.