Azimuth Capital Investment Management LLC Increases Stake in Best Buy Co., Inc. (NYSE:BBY)

Azimuth Capital Investment Management LLC raised its holdings in shares of Best Buy Co., Inc. (NYSE:BBY - Free Report) by 6.3% during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 68,922 shares of the technology retailer's stock after purchasing an additional 4,100 shares during the quarter. Azimuth Capital Investment Management LLC's holdings in Best Buy were worth $5,914,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in the business. Vanguard Group Inc. boosted its holdings 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 worth $1,971,908,000 after buying an additional 191,161 shares during the period. Charles Schwab Investment Management Inc. boosted its holdings in shares of Best Buy by 6.4% in 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 period. Raymond James Financial Inc. purchased a new position in shares of Best Buy in the fourth quarter valued at $514,483,000. Geode Capital Management LLC lifted its holdings in Best Buy by 4.9% during the 4th quarter. Geode Capital Management LLC now owns 5,092,820 shares of the technology retailer's stock worth $436,210,000 after purchasing an additional 239,840 shares in the last quarter. Finally, Bank of New York Mellon Corp boosted its stake in Best Buy by 13.7% in the 4th quarter. Bank of New York Mellon Corp now owns 3,824,425 shares of the technology retailer's stock worth $328,136,000 after purchasing an additional 459,353 shares during the period. Institutional investors own 80.96% of the company's stock.

Best Buy Trading Down 1.0 %

Shares of NYSE:BBY traded down $0.59 during trading on Tuesday, reaching $61.17. 1,698,533 shares of the company were exchanged, compared to its average volume of 3,247,679. 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 firm has a market capitalization of $12.93 billion, a PE ratio of 10.46, a P/E/G ratio of 2.10 and a beta of 1.42. The business's fifty day simple moving average is $76.97 and its 200-day simple moving average is $85.07. Best Buy Co., Inc. has a 12-month low of $54.99 and a 12-month high of $103.71.

Best Buy (NYSE:BBY - Get Free Report) last posted its earnings results on Tuesday, March 4th. The technology retailer reported $2.58 EPS 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 the consensus estimate of $13.69 billion. During the same quarter last year, the firm posted $2.72 EPS. On average, research analysts anticipate that Best Buy Co., Inc. will post 6.18 EPS for the current year.

Best Buy Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Tuesday, April 15th. Shareholders of record on Tuesday, March 25th will be given a dividend of $0.95 per share. This represents a $3.80 annualized dividend and a yield of 6.21%. The ex-dividend date of this dividend is Tuesday, March 25th. This is a boost from Best Buy's previous quarterly dividend of $0.94. Best Buy's dividend payout ratio (DPR) is 88.99%.

Insider Activity

In related news, insider Todd G. Hartman sold 4,893 shares of the company's stock in a transaction dated Friday, March 21st. The stock was sold at an average price of $72.65, for a total transaction of $355,476.45. Following the transaction, the insider now directly owns 32,320 shares of the company's stock, valued at $2,348,048. This represents a 13.15 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this link. Also, CEO Corie S. Barry purchased 13,500 shares of the firm's stock in a transaction on Wednesday, March 12th. The stock was acquired at an average price of $72.92 per share, with a total value of $984,420.00. Following the completion of the purchase, the chief executive officer now owns 378,780 shares of the company's stock, valued at $27,620,637.60. The trade was a 3.70 % increase in their position. The disclosure for this purchase can be found here. In the last three months, insiders have sold 78,355 shares of company stock worth $5,767,213. 0.59% of the stock is currently owned by company insiders.

Analyst Ratings Changes

A number of equities research analysts have recently issued reports on BBY shares. Barclays lowered their price target on shares of Best Buy from $95.00 to $89.00 and set an "equal weight" rating on the stock in a report on Thursday, January 9th. DA Davidson restated a "buy" rating and set a $110.00 target price on shares of Best Buy in a research report on Monday. JPMorgan Chase & Co. lowered their price target on Best Buy from $115.00 to $110.00 and set an "overweight" rating on the stock in a report on Wednesday, March 5th. Loop Capital reissued a "negative" rating on shares of Best Buy in a report on Wednesday, March 5th. Finally, Bank of America lowered their target price on shares of Best Buy from $80.00 to $75.00 and set an "underperform" rating on the stock in a research note on Wednesday, March 5th. Two analysts have rated the stock with a sell rating, ten have issued a hold rating, eight have assigned a buy rating and one has assigned a strong buy rating to the company's stock. According to MarketBeat.com, Best Buy has an average rating of "Hold" and a consensus target price of $91.28.

Best Buy Company 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.