Best Buy Co., Inc. (NYSE:BBY) Shares Sold by State of Alaska Department of Revenue

State of Alaska Department of Revenue lessened its holdings in Best Buy Co., Inc. (NYSE:BBY - Free Report) by 36.7% in the 4th quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 22,280 shares of the technology retailer's stock after selling 12,909 shares during the period. State of Alaska Department of Revenue's holdings in Best Buy were worth $1,911,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in BBY. Livforsakringsbolaget Skandia Omsesidigt boosted its position in Best Buy by 439.3% in the 3rd quarter. Livforsakringsbolaget Skandia Omsesidigt now owns 2,087 shares of the technology retailer's stock valued at $217,000 after buying an additional 1,700 shares during the period. Exchange Traded Concepts LLC purchased a new position in Best Buy in the 3rd quarter valued at approximately $248,000. Stablepoint Partners LLC boosted its position in Best Buy by 15.6% in the 3rd quarter. Stablepoint Partners LLC now owns 4,763 shares of the technology retailer's stock valued at $492,000 after buying an additional 642 shares during the period. Empirical Asset Management LLC purchased a new stake in shares of Best Buy during the 3rd quarter worth $558,000. Finally, Hutchens & Kramer Investment Management Group LLC purchased a new stake in shares of Best Buy during the 3rd quarter worth $215,000. Hedge funds and other institutional investors own 80.96% of the company's stock.

Insider Buying and Selling

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

Best Buy Stock Performance

Shares of NYSE:BBY traded up $1.99 on Friday, reaching $91.16. The company's stock had a trading volume of 2,721,195 shares, compared to its average volume of 2,279,853. The stock's 50-day moving average is $85.76 and its two-hundred day moving average is $90.07. Best Buy Co., Inc. has a 52-week low of $69.29 and a 52-week high of $103.71. The company has a debt-to-equity ratio of 0.37, a current ratio of 1.00 and a quick ratio of 0.22. The stock has a market capitalization of $19.49 billion, a P/E ratio of 15.58, a PEG ratio of 2.01 and a beta of 1.43.

Best Buy (NYSE:BBY - Get Free Report) last posted its quarterly earnings results on Tuesday, November 26th. The technology retailer reported $1.26 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.30 by ($0.04). The firm had revenue of $9.45 billion for the quarter, compared to analysts' expectations 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 for the quarter was down 3.2% on a year-over-year basis. During the same period in the prior year, the company earned $1.29 earnings per share. As a group, sell-side analysts forecast that Best Buy Co., Inc. will post 6.18 EPS for the current year.

Best Buy Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Tuesday, January 7th. Investors of record on Tuesday, December 17th were issued a dividend of $0.94 per share. The ex-dividend date of this dividend was Tuesday, December 17th. This represents a $3.76 annualized dividend and a yield of 4.12%. Best Buy's dividend payout ratio is currently 64.27%.

Analysts Set New Price Targets

BBY has been the subject of several recent analyst reports. Citigroup decreased their price objective on shares of Best Buy from $109.00 to $101.00 and set a "buy" rating for the company in a research report on Wednesday, November 27th. Loop Capital reaffirmed a "buy" rating and set a $100.00 price objective on shares of Best Buy in a research report on Wednesday, December 18th. Guggenheim decreased their price objective on shares of Best Buy from $110.00 to $105.00 and set a "buy" rating for the company in a research report on Friday, November 29th. Telsey Advisory Group decreased their price objective on shares of Best Buy from $115.00 to $110.00 and set an "outperform" rating for the company in a research report on Tuesday, November 26th. Finally, Morgan Stanley reduced their price target on shares of Best Buy from $105.00 to $100.00 and set an "equal weight" rating for the company in a research report on Tuesday, January 21st. One 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 stock. According to MarketBeat, Best Buy has a consensus rating of "Moderate Buy" and a consensus target price 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.