Amundi Decreases Stake in Best Buy Co., Inc. (NYSE:BBY)

Amundi trimmed its holdings in shares of Best Buy Co., Inc. (NYSE:BBY - Free Report) by 17.7% in the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 3,122,359 shares of the technology retailer's stock after selling 670,076 shares during the quarter. Amundi owned approximately 1.46% of Best Buy worth $264,822,000 at the end of the most recent quarter.

Several other large investors also recently added to or reduced their stakes in BBY. Raymond James Financial Inc. bought a new position in shares of Best Buy in the fourth quarter worth approximately $514,483,000. Nordea Investment Management AB boosted its position in shares of Best Buy by 563.8% during the fourth quarter. Nordea Investment Management AB now owns 592,460 shares of the technology retailer's stock worth $50,643,000 after acquiring an additional 503,204 shares during the last quarter. National Bank of Canada FI boosted its position in shares of Best Buy by 817.4% during the third quarter. National Bank of Canada FI now owns 537,886 shares of the technology retailer's stock worth $55,564,000 after acquiring an additional 479,256 shares during the last quarter. Bank of New York Mellon Corp boosted its position in shares of Best Buy by 13.7% during the fourth quarter. Bank of New York Mellon Corp now owns 3,824,425 shares of the technology retailer's stock worth $328,136,000 after acquiring an additional 459,353 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. boosted its position in shares of Best Buy by 6.4% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 6,560,368 shares of the technology retailer's stock worth $562,880,000 after acquiring an additional 395,415 shares during the last quarter. 80.96% of the stock is currently owned by institutional investors.

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Wall Street Analysts Forecast Growth

A number of equities analysts recently weighed in on the stock. Telsey Advisory Group dropped their target price on shares of Best Buy from $110.00 to $100.00 and set an "outperform" rating for the company in a research report on Wednesday. KeyCorp restated a "sector weight" rating on shares of Best Buy in a research report on Wednesday. Wedbush reaffirmed a "neutral" rating and set a $90.00 price target on shares of Best Buy in a research note on Monday, March 3rd. Loop Capital decreased their price target on shares of Best Buy from $100.00 to $90.00 and set a "buy" rating on the stock in a research note on Wednesday. Finally, JPMorgan Chase & Co. decreased their price target on shares of Best Buy from $115.00 to $110.00 and set an "overweight" rating on the stock in a research note on Wednesday. One equities research analyst has rated the stock with a sell rating, nine have assigned a hold rating, ten have given a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, the company currently has an average rating of "Moderate Buy" and an average target price of $93.50.

Best Buy Stock Up 1.3 %

Best Buy stock traded up $1.06 during midday trading on Friday, hitting $79.66. 3,116,016 shares of the company's stock were exchanged, compared to its average volume of 2,963,150. The company has a debt-to-equity ratio of 0.37, a quick ratio of 0.22 and a current ratio of 1.00. Best Buy Co., Inc. has a 12 month low of $69.29 and a 12 month high of $103.71. The firm has a 50-day moving average of $85.58 and a two-hundred day moving average of $90.46. The company has a market cap of $17.03 billion, a PE ratio of 13.62, a P/E/G ratio of 2.10 and a beta of 1.43.

Best Buy (NYSE:BBY - Get Free Report) last released its quarterly earnings results 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 net margin of 3.01% and a return on equity of 45.93%. The business had revenue of $13.95 billion for the quarter, compared to analysts' expectations of $13.69 billion. During the same period last year, the business earned $2.72 EPS. As a group, analysts expect that Best Buy Co., Inc. will post 6.18 earnings per share for the current fiscal year.

Best Buy Increases Dividend

The company also recently declared 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. 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 4.77%. The ex-dividend date is Tuesday, March 25th. Best Buy's dividend payout ratio (DPR) is currently 88.99%.

Insider Activity

In other news, CFO Matthew M. Bilunas sold 69,166 shares of the firm's stock in a transaction dated 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 directly 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 filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Company insiders own 0.59% of the company's stock.

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.