Advisors Asset Management Inc. Reduces Position in Best Buy Co., Inc. (NYSE:BBY)

Advisors Asset Management Inc. trimmed its position in shares of Best Buy Co., Inc. (NYSE:BBY - Free Report) by 12.1% during the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 49,159 shares of the technology retailer's stock after selling 6,784 shares during the period. Advisors Asset Management Inc.'s holdings in Best Buy were worth $4,218,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds and other institutional investors have also recently modified their holdings of the company. Rakuten Securities Inc. increased its stake in Best Buy by 971.9% during the fourth quarter. Rakuten Securities Inc. now owns 343 shares of the technology retailer's stock worth $29,000 after acquiring an additional 311 shares during the last quarter. Golden State Wealth Management LLC purchased a new position in shares of Best Buy in the 4th quarter worth approximately $32,000. LRI Investments LLC increased its position in shares of Best Buy by 632.1% during the 3rd quarter. LRI Investments LLC now owns 388 shares of the technology retailer's stock valued at $40,000 after purchasing an additional 335 shares during the last quarter. OFI Invest Asset Management purchased a new stake in Best Buy during the 4th quarter valued at $34,000. Finally, Trust Co. of Vermont lifted its position in Best Buy by 1,200.0% in the fourth 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 last quarter. 80.96% of the stock is currently owned by institutional investors.

Best Buy Stock Down 0.1 %

Shares of NYSE BBY traded down $0.09 during mid-day trading on Tuesday, reaching $74.63. 2,310,774 shares of the company were exchanged, compared to its average volume of 2,969,008. Best Buy Co., Inc. has a 1 year low of $69.29 and a 1 year 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 cap of $15.77 billion, a price-to-earnings ratio of 12.76, a P/E/G ratio of 2.10 and a beta of 1.43. The firm has a 50-day moving average of $83.17 and a 200 day moving average of $88.84.

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Best Buy (NYSE:BBY - Get Free Report) last announced its quarterly earnings data on Tuesday, March 4th. The technology retailer reported $2.58 earnings per share for the quarter, beating analysts' consensus estimates of $2.40 by $0.18. Best Buy had a return on equity of 45.93% and a net margin of 3.01%. The business had revenue of $13.95 billion for the quarter, compared to analyst estimates of $13.69 billion. During the same period in the prior year, the company earned $2.72 earnings per share. On average, research analysts expect that Best Buy Co., Inc. will post 6.18 earnings per share for the current year.

Best Buy Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, April 15th. Investors of record on Tuesday, March 25th will be issued a $0.95 dividend. This is a boost from Best Buy's previous quarterly dividend of $0.94. The ex-dividend date of this dividend is Tuesday, March 25th. This represents a $3.80 dividend on an annualized basis and a yield of 5.09%. Best Buy's dividend payout ratio is presently 88.99%.

Analyst Ratings Changes

Several equities research analysts have recently weighed in on BBY shares. UBS Group set a $105.00 target price on shares of Best Buy in a research note on Wednesday, March 5th. Guggenheim decreased their price objective on shares of Best Buy from $105.00 to $90.00 and set a "buy" rating for the company in a research note on Wednesday, March 5th. Evercore ISI cut their target price on Best Buy from $95.00 to $80.00 and set an "in-line" rating on the stock in a research note on Wednesday, March 5th. KeyCorp reissued a "sector weight" rating on shares of Best Buy in a research note on Wednesday, March 5th. Finally, Citigroup cut their price objective on Best Buy from $105.00 to $93.00 and set a "buy" rating on the stock 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 assigned a buy rating and one has assigned a strong buy rating to the company's stock. According to MarketBeat.com, the company has a consensus rating of "Hold" and a consensus target price of $93.50.

Insider Buying and Selling at Best Buy

In related news, CAO Mathew Watson sold 3,182 shares of the business's stock in a transaction on Friday, March 14th. The shares were sold at an average price of $71.29, for a total value of $226,844.78. Following the completion of the sale, the chief accounting officer now owns 19,218 shares of the company's stock, valued at approximately $1,370,051.22. The trade was a 14.21 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO Corie S. Barry acquired 13,500 shares of the firm's stock in a transaction on Wednesday, March 12th. The shares were bought at an average cost of $72.92 per share, for a total transaction of $984,420.00. Following the completion of the acquisition, the chief executive officer now owns 378,780 shares of the company's stock, valued at approximately $27,620,637.60. This represents a 3.70 % increase in their ownership of the stock. The disclosure for this purchase can be found here. 0.59% of the stock is owned by corporate insiders.

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.