KLP Kapitalforvaltning AS Purchases New Shares in Best Buy Co., Inc. (NYSE:BBY)

KLP Kapitalforvaltning AS purchased a new stake in Best Buy Co., Inc. (NYSE:BBY - Free Report) in the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm purchased 122,914 shares of the technology retailer's stock, valued at approximately $10,644,000. KLP Kapitalforvaltning AS owned 0.06% of Best Buy at the end of the most recent reporting period.

Other institutional investors have also recently made changes to their positions in the company. Raymond James Financial Inc. bought a new stake in Best Buy during the fourth quarter valued at approximately $514,483,000. Nordea Investment Management AB increased its position in shares of Best Buy by 563.8% during the 4th quarter. Nordea Investment Management AB now owns 592,460 shares of the technology retailer's stock valued at $50,643,000 after purchasing an additional 503,204 shares during the last quarter. National Bank of Canada FI grew its position in Best Buy by 817.4% during the third quarter. National Bank of Canada FI now owns 537,886 shares of the technology retailer's stock valued at $55,564,000 after acquiring an additional 479,256 shares during the last quarter. Bank of New York Mellon Corp lifted its holdings in shares of 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 acquiring an additional 459,353 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. raised its position in Best Buy by 6.4% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 6,560,368 shares of the technology retailer's stock worth $562,880,000 after purchasing an additional 395,415 shares during the period. Institutional investors own 80.96% of the company's stock.

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Analysts Set New Price Targets

A number of equities research analysts have recently weighed in on BBY shares. Guggenheim lowered their target price on Best Buy from $105.00 to $90.00 and set a "buy" rating for the company in a research note on Wednesday, March 5th. JPMorgan Chase & Co. decreased their target price on shares of Best Buy from $115.00 to $110.00 and set an "overweight" rating on the stock in a research note on Wednesday, March 5th. KeyCorp restated a "sector weight" rating on shares of Best Buy in a research report on Wednesday, March 5th. Wells Fargo & Company cut their price objective on Best Buy from $89.00 to $85.00 and set an "equal weight" rating on the stock in a research report on Wednesday, March 5th. Finally, UBS Group set a $105.00 target price on Best Buy in a report on Wednesday, March 5th. Two equities research analysts have rated the stock with a sell rating, nine have given a hold rating, nine have issued a buy rating and one has given a strong buy rating to the company's stock. According to data from MarketBeat.com, the company currently has an average rating of "Hold" and an average target price of $93.50.

Best Buy Stock Performance

BBY traded up $0.31 during mid-day trading on Thursday, reaching $75.14. 689,625 shares of the company traded hands, compared to its average volume of 2,958,948. The company's fifty day moving average price is $82.84 and its 200-day moving average price is $88.58. The stock has a market capitalization of $15.88 billion, a P/E ratio of 12.84, a P/E/G ratio of 2.10 and a beta of 1.43. The company has a quick ratio of 0.22, a current ratio of 1.00 and a debt-to-equity ratio of 0.37. Best Buy Co., Inc. has a 52-week low of $69.29 and a 52-week high of $103.71.

Best Buy (NYSE:BBY - Get Free Report) last released its quarterly earnings results on Tuesday, March 4th. The technology retailer reported $2.58 EPS for the quarter, beating the consensus estimate of $2.40 by $0.18. The firm 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 quarter in the prior year, the firm earned $2.72 EPS. On average, sell-side analysts expect that Best Buy Co., Inc. will post 6.18 EPS for the current year.

Best Buy Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, April 15th. Stockholders of record on Tuesday, March 25th will be paid a $0.95 dividend. The ex-dividend date of this dividend is Tuesday, March 25th. This represents a $3.80 annualized dividend and a dividend yield of 5.06%. This is an increase from Best Buy's previous quarterly dividend of $0.94. Best Buy's dividend payout ratio (DPR) is 88.99%.

Insider Transactions at Best Buy

In other news, insider Todd G. Hartman sold 4,893 shares of Best Buy stock in a transaction that occurred on Friday, March 21st. The shares were sold at an average price of $72.65, for a total transaction of $355,476.45. Following the sale, the insider now owns 32,320 shares in the company, valued at $2,348,048. This trade represents a 13.15 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, CFO Matthew M. Bilunas sold 51,000 shares of the firm's stock in a transaction on Monday, March 24th. The shares were sold at an average price of $74.20, for a total transaction of $3,784,200.00. Following the transaction, the chief financial officer now directly owns 55,856 shares of the company's stock, valued at $4,144,515.20. The trade was a 47.73 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 78,355 shares of company stock valued at $5,767,213 over the last 90 days. Company insiders own 0.59% of the company's stock.

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.