Aviva PLC Sells 119,856 Shares of Best Buy Co., Inc. (NYSE:BBY)

Aviva PLC lessened its stake in shares of Best Buy Co., Inc. (NYSE:BBY) by 28.5% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 300,148 shares of the technology retailer’s stock after selling 119,856 shares during the quarter. Aviva PLC owned approximately 0.14% of Best Buy worth $25,753,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also made changes to their positions in BBY. Public Sector Pension Investment Board grew its stake in Best Buy by 4.2% in the third quarter. Public Sector Pension Investment Board now owns 7,420 shares of the technology retailer’s stock valued at $766,000 after purchasing an additional 300 shares during the last quarter. Centiva Capital LP bought a new stake in shares of Best Buy in the 3rd quarter valued at about $292,000. Integrated Wealth Concepts LLC grew its position in shares of Best Buy by 491.2% in the 3rd quarter. Integrated Wealth Concepts LLC now owns 14,549 shares of the technology retailer’s stock worth $1,503,000 after buying an additional 12,088 shares during the last quarter. IHT Wealth Management LLC bought a new position in shares of Best Buy during the 3rd quarter worth approximately $757,000. Finally, Royal London Asset Management Ltd. lifted its position in Best Buy by 10.2% during the third quarter. Royal London Asset Management Ltd. now owns 88,664 shares of the technology retailer’s stock valued at $9,159,000 after acquiring an additional 8,237 shares during the last quarter. 80.96% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity

In other Best Buy news, insider Todd G. Hartman sold 4,893 shares of the firm’s stock in a transaction that occurred on Friday, March 21st. The stock was sold at an average price of $72.65, for a total value of $355,476.45. Following the sale, the insider now directly owns 32,320 shares of the company’s stock, valued at approximately $2,348,048. This trade represents a 13.15 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, EVP Kathleen Scarlett sold 6,847 shares of the company’s stock in a transaction that occurred on Friday, March 21st. The stock was sold at an average price of $72.65, for a total value of $497,434.55. Following the transaction, the executive vice president now directly owns 87,389 shares of the company’s stock, valued at approximately $6,348,810.85. The trade was a 7.27 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 78,355 shares of company stock worth $5,767,213 in the last ninety days. Company insiders own 0.59% of the company’s stock.

Best Buy Stock Down 3.1 %

Shares of BBY stock opened at $60.28 on Monday. Best Buy Co., Inc. has a twelve month low of $57.34 and a twelve month high of $103.71. The stock has a market cap of $12.74 billion, a P/E ratio of 10.30, a P/E/G ratio of 2.10 and a beta of 1.42. The stock has a 50 day moving average of $81.02 and a 200 day moving average of $87.15. 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 posted its earnings results on Tuesday, March 4th. The technology retailer reported $2.58 earnings per share for the quarter, beating 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 during the quarter, compared to analyst estimates of $13.69 billion. During the same period in the previous year, the firm earned $2.72 EPS. As a group, sell-side analysts expect that Best Buy Co., Inc. will post 6.18 EPS for the current year.

Best Buy Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, April 15th. Stockholders of record on Tuesday, March 25th will be paid a dividend of $0.95 per share. This is a positive change from Best Buy’s previous quarterly dividend of $0.94. This represents a $3.80 annualized dividend and a dividend yield of 6.30%. The ex-dividend date of this dividend is Tuesday, March 25th. Best Buy’s dividend payout ratio is presently 88.99%.

Analyst Ratings Changes

Several research firms have issued reports on BBY. Jefferies Financial Group cut their price target on shares of Best Buy from $106.00 to $92.00 and set a “buy” rating on the stock in a report on Tuesday, March 4th. Wells Fargo & Company reduced their target price on 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. JPMorgan Chase & Co. lowered their price target on Best Buy from $115.00 to $110.00 and set an “overweight” rating for the company in a report on Wednesday, March 5th. Guggenheim cut their price objective on shares of Best Buy from $105.00 to $90.00 and set a “buy” rating on the stock in a report on Wednesday, March 5th. Finally, Citigroup reiterated a “neutral” rating and issued a $70.00 target price (down from $93.00) on shares of Best Buy in a research note on Thursday. Two investment analysts have rated the stock with a sell rating, ten have issued a hold rating, eight have assigned a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Hold” and an average price target of $92.22.

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.