Best Buy Co., Inc. (NYSE:BBY) Stock Holdings Lifted by Cibc World Markets Corp

Cibc World Markets Corp raised its position in Best Buy Co., Inc. (NYSE:BBY) by 14.9% during the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 31,227 shares of the technology retailer’s stock after purchasing an additional 4,053 shares during the quarter. Cibc World Markets Corp’s holdings in Best Buy were worth $2,679,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also recently bought and sold shares of BBY. GSA Capital Partners LLP purchased a new position in Best Buy in the third quarter valued at about $443,000. Oppenheimer & Co. Inc. purchased a new position in Best Buy in the third quarter valued at about $678,000. Natixis Advisors LLC grew its stake in Best Buy by 12.0% in the third quarter. Natixis Advisors LLC now owns 116,167 shares of the technology retailer’s stock valued at $12,000,000 after purchasing an additional 12,491 shares in the last quarter. Pathstone Holdings LLC grew its stake in Best Buy by 2.7% in the third quarter. Pathstone Holdings LLC now owns 33,975 shares of the technology retailer’s stock valued at $3,511,000 after purchasing an additional 899 shares in the last quarter. Finally, Fifth Third Wealth Advisors LLC bought a new stake in shares of Best Buy during the 3rd quarter worth about $450,000. Hedge funds and other institutional investors own 80.96% of the company’s stock.

Wall Street Analysts Forecast Growth

Several analysts have recently issued reports on the company. DA Davidson decreased their price target on Best Buy from $117.00 to $110.00 and set a “buy” rating for the company in a research note on Wednesday, March 5th. UBS Group set a $105.00 price target on Best Buy in a research note on Wednesday, March 5th. Wedbush reiterated a “neutral” rating and set a $90.00 price target on shares of Best Buy in a research note on Monday, March 3rd. Bank of America decreased their price target on Best Buy from $80.00 to $75.00 and set an “underperform” rating for the company in a research note on Wednesday, March 5th. Finally, Jefferies Financial Group decreased their price target on Best Buy from $106.00 to $92.00 and set a “buy” rating for the company in a research note on Tuesday, March 4th. Two analysts have rated the stock with a sell rating, nine have assigned a hold rating, nine have issued a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat, Best Buy has an average rating of “Hold” and a consensus target price of $93.50.

Insider Transactions at Best Buy

In other news, CAO Mathew Watson sold 3,182 shares of the stock in a transaction that occurred on Friday, March 14th. The stock was sold at an average price of $71.29, for a total value of $226,844.78. Following the completion of the transaction, the chief accounting officer now directly owns 19,218 shares of the company’s stock, valued at approximately $1,370,051.22. This represents a 14.21 % decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, CEO Corie S. Barry bought 13,500 shares of the company’s stock in a transaction dated Wednesday, March 12th. The stock was bought at an average cost of $72.92 per share, with a total value of $984,420.00. Following the completion of the acquisition, the chief executive officer now owns 378,780 shares in the company, valued at $27,620,637.60. This represents a 3.70 % increase in their position. The disclosure for this purchase can be found here. 0.59% of the stock is currently owned by insiders.

Best Buy Trading Down 0.4 %

Best Buy stock opened at $73.52 on Friday. The business has a 50 day moving average price of $83.54 and a two-hundred day moving average price of $89.36. 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 cap of $15.72 billion, a price-to-earnings ratio of 12.57, a price-to-earnings-growth ratio of 2.10 and a beta of 1.43. Best Buy Co., Inc. has a 12 month low of $69.29 and a 12 month high of $103.71.

Best Buy (NYSE:BBY) last posted its quarterly earnings results on Tuesday, March 4th. The technology retailer reported $2.58 EPS for the quarter, beating the consensus estimate of $2.40 by $0.18. Best Buy had a return on equity of 45.93% and a net margin of 3.01%. The firm had revenue of $13.95 billion during the quarter, compared to analysts’ expectations of $13.69 billion. During the same quarter in the prior year, the firm posted $2.72 EPS. As a group, equities analysts forecast that Best Buy Co., Inc. will post 6.18 EPS for the current year.

Best Buy Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Tuesday, April 15th. Stockholders of record on Tuesday, March 25th will be issued a $0.95 dividend. The ex-dividend date is Tuesday, March 25th. This is a boost from Best Buy’s previous quarterly dividend of $0.94. This represents a $3.80 dividend on an annualized basis and a dividend yield of 5.17%. Best Buy’s dividend payout ratio is presently 88.99%.

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.