Manning & Napier Advisors LLC Has $5.22 Million Position in Best Buy Co., Inc. (NYSE:BBY)

Manning & Napier Advisors LLC lowered its position in Best Buy Co., Inc. (NYSE:BBY - Free Report) by 10.0% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 60,878 shares of the technology retailer's stock after selling 6,755 shares during the quarter. Manning & Napier Advisors LLC's holdings in Best Buy were worth $5,223,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors have also modified their holdings of BBY. Sei Investments Co. increased its holdings in Best Buy by 2.2% in the second quarter. Sei Investments Co. now owns 37,917 shares of the technology retailer's stock valued at $3,196,000 after buying an additional 818 shares during the last quarter. Public Sector Pension Investment Board lifted its holdings in shares of Best Buy by 67.3% in the 2nd quarter. Public Sector Pension Investment Board now owns 7,120 shares of the technology retailer's stock worth $600,000 after purchasing an additional 2,865 shares during the last quarter. The Manufacturers Life Insurance Company grew its stake in Best Buy by 3.7% during the 2nd quarter. The Manufacturers Life Insurance Company now owns 145,555 shares of the technology retailer's stock worth $12,269,000 after buying an additional 5,197 shares during the last quarter. Creative Planning increased its position in Best Buy by 5.8% in the second quarter. Creative Planning now owns 67,938 shares of the technology retailer's stock worth $5,727,000 after buying an additional 3,718 shares during the period. Finally, NewEdge Advisors LLC lifted its stake in Best Buy by 11.9% in the second quarter. NewEdge Advisors LLC now owns 38,911 shares of the technology retailer's stock valued at $3,280,000 after buying an additional 4,142 shares during the last quarter. Hedge funds and other institutional investors own 80.96% of the company's stock.

Best Buy Stock Up 3.0 %

Shares of BBY traded up $2.59 during mid-day trading on Thursday, reaching $87.68. The company's stock had a trading volume of 1,060,984 shares, compared to its average volume of 2,287,500. 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 company has a market cap of $18.75 billion, a price-to-earnings ratio of 14.97, a price-to-earnings-growth ratio of 2.11 and a beta of 1.43. The business has a fifty day moving average of $86.38 and a 200 day moving average of $90.16.

Best Buy (NYSE:BBY - Get Free Report) last announced its quarterly earnings data on Tuesday, November 26th. The technology retailer reported $1.26 EPS for the quarter, missing analysts' consensus estimates of $1.30 by ($0.04). The business 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%. The company's revenue was down 3.2% compared to the same quarter last year. During the same quarter in the previous year, the business posted $1.29 earnings per share. As a group, analysts forecast that Best Buy Co., Inc. will post 6.18 earnings per share for the current fiscal year.

Best Buy Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Tuesday, January 7th. Shareholders of record on Tuesday, December 17th were paid a dividend of $0.94 per share. This represents a $3.76 dividend on an annualized basis and a dividend yield of 4.29%. The ex-dividend date of this dividend was Tuesday, December 17th. Best Buy's dividend payout ratio (DPR) is currently 64.27%.

Insider Activity

In other Best Buy news, CFO Matthew M. Bilunas sold 69,166 shares of Best Buy stock in a transaction that occurred 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 completion of the sale, the chief financial officer now directly owns 92,070 shares in the company, valued at $8,052,442.20. The trade was a 42.90 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 0.59% of the stock is currently owned by corporate insiders.

Analyst Upgrades and Downgrades

A number of research firms recently weighed in on BBY. DA Davidson reaffirmed a "buy" rating and issued a $117.00 price objective on shares of Best Buy in a report on Tuesday, October 15th. Citigroup lowered their target price on Best Buy from $109.00 to $101.00 and set a "buy" rating on the stock in a research report on Wednesday, November 27th. Barclays lowered their price target on Best Buy from $95.00 to $89.00 and set an "equal weight" rating on the stock in a report on Thursday, January 9th. UBS Group decreased their target price on shares of Best Buy from $123.00 to $115.00 and set a "buy" rating for the company in a research report on Wednesday, November 27th. Finally, JPMorgan Chase & Co. upped their price target on shares of Best Buy from $111.00 to $117.00 and gave the stock an "overweight" rating in a research note on Friday, November 22nd. One research analyst has rated the stock with a sell rating, eight have issued a hold rating, ten have given a buy rating and one has issued a strong buy rating to the company's stock. Based on data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and an average price target of $101.72.

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.