Best Buy Co., Inc. (NYSE:BBY) Shares Acquired by Ontario Teachers Pension Plan Board

Ontario Teachers Pension Plan Board lifted its stake in shares of Best Buy Co., Inc. (NYSE:BBY - Free Report) by 193.4% during the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 10,153 shares of the technology retailer's stock after purchasing an additional 6,692 shares during the quarter. Ontario Teachers Pension Plan Board's holdings in Best Buy were worth $871,000 at the end of the most recent quarter.

Other large investors have also made changes to their positions in the company. Stevens Capital Management LP grew its holdings in Best Buy by 228.7% in the fourth quarter. Stevens Capital Management LP now owns 22,625 shares of the technology retailer's stock valued at $1,941,000 after purchasing an additional 15,741 shares during the last quarter. Invesco Ltd. boosted its position in shares of Best Buy by 20.5% in the 4th quarter. Invesco Ltd. now owns 3,692,118 shares of the technology retailer's stock worth $316,784,000 after buying an additional 629,180 shares in the last quarter. Vanguard Group Inc. grew its stake in Best Buy by 0.8% in the 4th quarter. Vanguard Group Inc. now owns 22,982,608 shares of the technology retailer's stock valued at $1,971,908,000 after acquiring an additional 191,161 shares during the last quarter. Pinnacle Financial Partners Inc purchased a new position in Best Buy during the 4th quarter valued at about $3,293,000. Finally, APG Asset Management N.V. purchased a new stake in shares of Best Buy in the fourth quarter valued at about $9,073,000. Hedge funds and other institutional investors own 80.96% of the company's stock.

Best Buy Stock Performance

Shares of NYSE:BBY traded up $2.34 during trading on Friday, hitting $61.97. 3,861,900 shares of the company traded hands, compared to its average volume of 3,274,468. The stock has a market capitalization of $13.10 billion, a price-to-earnings ratio of 10.59, a PEG ratio of 2.10 and a beta of 1.42. Best Buy Co., Inc. has a one year low of $54.99 and a one 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 business's fifty day moving average is $74.93 and its 200-day moving average is $84.06.

Best Buy (NYSE:BBY - Get Free Report) last posted its earnings results on Tuesday, March 4th. The technology retailer reported $2.58 earnings per share (EPS) 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 company 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 posted $2.72 earnings per share. As a group, equities analysts predict 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 was paid on Tuesday, April 15th. Shareholders of record on Tuesday, March 25th were paid a $0.95 dividend. The ex-dividend date of this dividend was Tuesday, March 25th. This represents a $3.80 annualized dividend and a dividend yield of 6.13%. This is a positive change from Best Buy's previous quarterly dividend of $0.94. Best Buy's dividend payout ratio (DPR) is presently 88.99%.

Analyst Upgrades and Downgrades

Several analysts have recently issued reports on the company. JPMorgan Chase & Co. reduced their price objective on Best Buy from $115.00 to $110.00 and set an "overweight" rating on the stock in a research report on Wednesday, March 5th. Bank of America dropped their target price on shares of Best Buy from $80.00 to $75.00 and set an "underperform" rating for the company in a research report on Wednesday, March 5th. KeyCorp reiterated a "sector weight" rating on shares of Best Buy in a research note on Wednesday, March 5th. Citigroup restated a "neutral" rating and set a $70.00 target price (down previously from $93.00) on shares of Best Buy in a report on Thursday, April 3rd. Finally, Wedbush reissued a "neutral" rating and issued a $90.00 price objective on shares of Best Buy in a research report on Monday, March 3rd. Two research analysts have rated the stock with a sell rating, ten have issued a hold rating, eight have issued a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, the company currently has a consensus rating of "Hold" and a consensus price target of $91.28.

Insider Transactions at Best Buy

In related news, CAO Mathew Watson sold 3,182 shares of the company's stock in a transaction dated 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 $1,370,051.22. This represents a 14.21 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, CEO Corie S. Barry bought 13,500 shares of the 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 purchase, the chief executive officer now owns 378,780 shares in the company, valued at $27,620,637.60. This trade represents a 3.70 % increase in their position. The disclosure for this purchase can be found here. Over the last three months, insiders sold 78,355 shares of company stock worth $5,767,213. Company insiders own 0.59% of the company's stock.

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.