Bridgewater Associates LP Decreases Stock Position in Best Buy Co., Inc. (NYSE:BBY)

Bridgewater Associates LP lowered its stake in Best Buy Co., Inc. (NYSE:BBY - Free Report) by 68.6% during the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 41,742 shares of the technology retailer's stock after selling 91,187 shares during the period. Bridgewater Associates LP's holdings in Best Buy were worth $3,581,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently modified their holdings of BBY. Raymond James Financial Inc. bought a new stake in shares of Best Buy in the fourth quarter worth $514,483,000. Norges Bank bought a new position in Best Buy during the 4th quarter worth $178,015,000. Invesco Ltd. lifted its holdings in Best Buy by 20.5% during 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 during the period. Arrowstreet Capital Limited Partnership grew its position in shares of Best Buy by 101.4% in the 4th quarter. Arrowstreet Capital Limited Partnership now owns 1,114,928 shares of the technology retailer's stock valued at $95,661,000 after buying an additional 561,413 shares during the last quarter. Finally, Nordea Investment Management AB increased its stake 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 valued at $50,643,000 after buying an additional 503,204 shares during the period. Institutional investors own 80.96% of the company's stock.

Best Buy Trading Up 3.9 %

Best Buy stock traded up $2.34 during trading hours on Friday, reaching $61.97. The company had a trading volume of 3,861,900 shares, compared to its average volume of 3,274,468. The firm has a market cap of $13.10 billion, a price-to-earnings ratio of 10.59, a P/E/G ratio of 2.10 and a beta of 1.42. 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 company has a 50-day moving average price of $74.93 and a 200 day moving average price of $84.06. 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 earnings per share for the quarter, topping analysts' consensus estimates of $2.40 by $0.18. The company had revenue of $13.95 billion during the quarter, compared to analyst estimates of $13.69 billion. Best Buy had a net margin of 3.01% and a return on equity of 45.93%. During the same period in the prior year, the business posted $2.72 earnings per share. Equities analysts forecast that Best Buy Co., Inc. will post 6.18 earnings per share for the current year.

Best Buy Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Tuesday, April 15th. Investors of record on Tuesday, March 25th were issued a dividend of $0.95 per share. This represents a $3.80 dividend on an annualized basis and a dividend yield of 6.13%. The ex-dividend date was Tuesday, March 25th. This is an increase from Best Buy's previous quarterly dividend of $0.94. Best Buy's dividend payout ratio is currently 88.99%.

Insider Activity at Best Buy

In other Best Buy news, CAO Mathew Watson sold 3,182 shares of the business's stock in a transaction dated Friday, March 14th. The stock was sold at an average price of $71.29, for a total value of $226,844.78. Following the completion of the transaction, the chief accounting officer now owns 19,218 shares of the company's stock, valued at approximately $1,370,051.22. The trade was a 14.21 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Todd G. Hartman sold 4,893 shares of Best Buy stock in a transaction that occurred on Friday, March 21st. The stock was sold at an average price of $72.65, for a total transaction of $355,476.45. Following the completion of the sale, the insider now directly owns 32,320 shares of the company's stock, valued at approximately $2,348,048. This trade represents a 13.15 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 78,355 shares of company stock worth $5,767,213 over the last quarter. Corporate insiders own 0.59% of the company's stock.

Wall Street Analysts Forecast Growth

Several analysts recently commented on the company. Barclays reduced their target price 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. Citigroup reiterated a "neutral" rating and set a $70.00 price objective (down from $93.00) on shares of Best Buy in a research report on Thursday, April 3rd. Evercore ISI dropped their target price on shares of Best Buy from $95.00 to $80.00 and set an "in-line" rating on the stock in a report on Wednesday, March 5th. Morgan Stanley decreased their price target on shares of Best Buy from $100.00 to $85.00 and set an "equal weight" rating for the company in a research note on Wednesday, March 5th. Finally, Wedbush restated a "neutral" rating and issued a $90.00 target price on shares of Best Buy in a research note on Monday, March 3rd. Two analysts have rated the stock with a sell rating, ten have assigned a hold rating, eight have issued a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, Best Buy currently has a consensus rating of "Hold" and a consensus target price of $91.28.

Best Buy 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.