Fisher Funds Management LTD bought a new stake in Best Buy Co., Inc. (NYSE:BBY – Free Report) during the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor bought 45,670 shares of the technology retailer’s stock, valued at approximately $3,937,000.
A number of other large investors also recently made changes to their positions in the company. Charles Schwab Investment Management Inc. grew its holdings in Best Buy by 4.1% in the 3rd 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 in the last quarter. Geode Capital Management LLC boosted its position in shares of Best Buy by 2.5% in the third quarter. Geode Capital Management LLC now owns 4,852,980 shares of the technology retailer’s stock valued at $499,954,000 after acquiring an additional 120,185 shares during the period. Allianz Asset Management GmbH boosted its position in shares of Best Buy by 17.3% in the fourth 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 period. Eagle Asset Management Inc. grew its stake in shares of Best Buy by 3.3% in the third quarter. Eagle Asset Management Inc. now owns 1,388,151 shares of the technology retailer’s stock valued at $143,396,000 after acquiring an additional 44,693 shares in the last quarter. Finally, Thrivent Financial for Lutherans increased its position in Best Buy by 5.6% during the third quarter. Thrivent Financial for Lutherans now owns 1,160,614 shares of the technology retailer’s stock worth $119,892,000 after acquiring an additional 61,119 shares during the period. Institutional investors own 80.96% of the company’s stock.
Analyst Upgrades and Downgrades
A number of research firms have issued reports on BBY. UBS Group cut their price objective on shares of Best Buy from $123.00 to $115.00 and set a “buy” rating for the company in a report on Wednesday, November 27th. Wells Fargo & Company cut their price target on Best Buy from $95.00 to $89.00 and set an “equal weight” rating for the company in a research note on Wednesday, November 27th. Telsey Advisory Group lowered their price objective on Best Buy from $115.00 to $110.00 and set an “outperform” rating on the stock in a research note on Tuesday, November 26th. JPMorgan Chase & Co. upped their target price on Best Buy from $111.00 to $117.00 and gave the company an “overweight” rating in a research report on Friday, November 22nd. Finally, Loop Capital reissued a “buy” rating and set a $100.00 target price on shares of Best Buy in a report on Wednesday, December 18th. One equities 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 given a strong buy rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of $101.72.
Insider Buying and Selling at Best Buy
In related news, CFO Matthew M. Bilunas sold 69,166 shares of the business’s stock in a transaction on Wednesday, December 11th. The shares were sold at an average price of $87.46, for a total value of $6,049,258.36. Following the sale, the chief financial officer now owns 92,070 shares of the company’s stock, valued at $8,052,442.20. The trade was a 42.90 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Corporate insiders own 0.59% of the company’s stock.
Best Buy Stock Performance
Shares of Best Buy stock opened at $89.80 on Monday. Best Buy Co., Inc. has a fifty-two week low of $69.29 and a fifty-two week high of $103.71. The firm has a market capitalization of $19.20 billion, a P/E ratio of 15.35, a P/E/G ratio of 2.13 and a beta of 1.43. The company has a debt-to-equity ratio of 0.37, a current ratio of 1.00 and a quick ratio of 0.22. The company’s 50 day moving average price is $86.10 and its two-hundred day moving average price is $90.43.
Best Buy (NYSE:BBY – Get Free Report) last issued its earnings results on Tuesday, November 26th. The technology retailer reported $1.26 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.30 by ($0.04). The firm had revenue of $9.45 billion during the quarter, compared to analyst estimates of $9.63 billion. Best Buy had a return on equity of 45.93% and a net margin of 3.01%. Best Buy’s revenue for the quarter was down 3.2% on a year-over-year basis. During the same period in the previous year, the company earned $1.29 EPS. On average, equities analysts forecast that Best Buy Co., Inc. will post 6.18 earnings per share for the current fiscal year.
Best Buy Dividend Announcement
The firm also recently announced a quarterly dividend, which was paid on Tuesday, January 7th. Shareholders of record on Tuesday, December 17th were issued a dividend of $0.94 per share. This represents a $3.76 dividend on an annualized basis and a yield of 4.19%. The ex-dividend date of this dividend was Tuesday, December 17th. Best Buy’s payout ratio is 64.27%.
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.
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