OLD National Bancorp IN Sells 14,374 Shares of Best Buy Co., Inc. (NYSE:BBY)

OLD National Bancorp IN decreased its position in shares of Best Buy Co., Inc. (NYSE:BBY - Free Report) by 14.2% in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 87,189 shares of the technology retailer's stock after selling 14,374 shares during the period. OLD National Bancorp IN's holdings in Best Buy were worth $7,481,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. Nordea Investment Management AB lifted its position in shares of Best Buy by 563.8% in the fourth quarter. Nordea Investment Management AB now owns 592,460 shares of the technology retailer's stock worth $50,643,000 after buying an additional 503,204 shares during the last quarter. National Bank of Canada FI lifted its holdings in Best Buy by 817.4% in the 3rd quarter. National Bank of Canada FI now owns 537,886 shares of the technology retailer's stock worth $55,564,000 after purchasing an additional 479,256 shares during the last quarter. Healthcare of Ontario Pension Plan Trust Fund bought a new stake in Best Buy during the second quarter worth approximately $25,287,000. Charles Schwab Investment Management Inc. grew its holdings in Best Buy by 4.1% during the third quarter. Charles Schwab Investment Management Inc. now owns 6,164,953 shares of the technology retailer's stock valued at $636,840,000 after purchasing an additional 241,988 shares during the last quarter. Finally, Franklin Resources Inc. raised its position in shares of Best Buy by 36.5% in the third quarter. Franklin Resources Inc. now owns 753,471 shares of the technology retailer's stock valued at $73,016,000 after purchasing an additional 201,562 shares during the period. Hedge funds and other institutional investors own 80.96% of the company's stock.

Analyst Ratings Changes

A number of research firms recently issued reports on BBY. StockNews.com lowered shares of Best Buy from a "buy" rating to a "hold" rating in a research note on Friday, November 15th. DA Davidson reiterated a "buy" rating and issued a $117.00 price objective on shares of Best Buy in a research note on Tuesday, October 15th. UBS Group decreased their target price on Best Buy from $123.00 to $115.00 and set a "buy" rating for the company in a research note on Wednesday, November 27th. Loop Capital reissued a "buy" rating and issued a $100.00 price objective on shares of Best Buy in a research report on Wednesday, December 18th. Finally, Citigroup cut their target price on shares of Best Buy from $109.00 to $101.00 and set a "buy" rating for the company in a research note on Wednesday, November 27th. One investment analyst has rated the stock with a sell rating, eight have given a hold rating, ten have assigned a buy rating and one has issued a strong buy rating to the company's stock. Based on data from MarketBeat, the company has an average rating of "Moderate Buy" and a consensus target price of $101.72.

Best Buy Price Performance

Shares of Best Buy stock traded down $2.33 during trading on Monday, reaching $83.53. The company's stock had a trading volume of 2,609,466 shares, compared to its average volume of 2,383,992. Best Buy Co., Inc. has a one year low of $69.29 and a one year high of $103.71. The stock has a 50-day moving average price of $86.30 and a two-hundred day moving average price of $90.16. The company has a current ratio of 1.00, a quick ratio of 0.22 and a debt-to-equity ratio of 0.37. The stock has a market capitalization of $17.86 billion, a P/E ratio of 14.29, a price-to-earnings-growth ratio of 2.16 and a beta of 1.43.

Best Buy (NYSE:BBY - Get Free Report) last announced 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 company had revenue of $9.45 billion for 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 quarter in the previous year, the company posted $1.29 earnings per share. As a group, sell-side analysts anticipate that Best Buy Co., Inc. will post 6.18 EPS for the current fiscal year.

Best Buy Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, January 7th. Investors of record on Tuesday, December 17th were issued a $0.94 dividend. The ex-dividend date of this dividend was Tuesday, December 17th. This represents a $3.76 dividend on an annualized basis and a yield of 4.50%. Best Buy's dividend payout ratio is presently 64.27%.

Insider Activity at Best Buy

In other news, CFO Matthew M. Bilunas sold 69,166 shares of the stock in a transaction that occurred on Wednesday, December 11th. The stock was sold at an average price of $87.46, for a total value of $6,049,258.36. Following the completion of the sale, the chief financial officer now owns 92,070 shares of the company's stock, valued at approximately $8,052,442.20. This represents a 42.90 % decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. 0.59% of the stock is currently owned by corporate insiders.

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.