AMF Tjanstepension AB Takes $8.68 Million Position in Best Buy Co., Inc. (NYSE:BBY)

AMF Tjanstepension AB purchased a new stake in Best Buy Co., Inc. (NYSE:BBY - Free Report) in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund purchased 105,583 shares of the technology retailer's stock, valued at approximately $8,676,000.

Other institutional investors have also added to or reduced their stakes in the company. LPL Financial LLC lifted its position in shares of Best Buy by 1.3% during the 3rd quarter. LPL Financial LLC now owns 98,888 shares of the technology retailer's stock valued at $6,870,000 after acquiring an additional 1,233 shares during the period. Cary Street Partners Investment Advisory LLC lifted its position in shares of Best Buy by 549.1% during the 3rd quarter. Cary Street Partners Investment Advisory LLC now owns 357 shares of the technology retailer's stock valued at $25,000 after acquiring an additional 302 shares during the period. Treasurer of the State of North Carolina lifted its position in shares of Best Buy by 0.4% during the 3rd quarter. Treasurer of the State of North Carolina now owns 105,500 shares of the technology retailer's stock valued at $7,329,000 after acquiring an additional 386 shares during the period. Bank of Nova Scotia lifted its position in shares of Best Buy by 12.8% during the 3rd quarter. Bank of Nova Scotia now owns 19,206 shares of the technology retailer's stock valued at $1,334,000 after acquiring an additional 2,174 shares during the period. Finally, Nomura Holdings Inc. bought a new stake in shares of Best Buy during the 3rd quarter valued at $381,000. 80.96% of the stock is currently owned by institutional investors.

Insider Transactions at Best Buy

In related news, CAO Mathew Watson sold 3,520 shares of the firm's stock in a transaction that occurred on Tuesday, April 9th. The stock was sold at an average price of $82.43, for a total transaction of $290,153.60. Following the completion of the sale, the chief accounting officer now owns 22,118 shares of the company's stock, valued at $1,823,186.74. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. In related news, CAO Mathew Watson sold 3,520 shares of the firm's stock in a transaction that occurred on Tuesday, April 9th. The stock was sold at an average price of $82.43, for a total transaction of $290,153.60. Following the completion of the sale, the chief accounting officer now owns 22,118 shares of the company's stock, valued at $1,823,186.74. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Chairman Richard M. Schulze sold 1,000,000 shares of the firm's stock in a transaction that occurred on Thursday, May 30th. The stock was sold at an average price of $80.21, for a total value of $80,210,000.00. Following the sale, the chairman now directly owns 8,850 shares of the company's stock, valued at approximately $709,858.50. The disclosure for this sale can be found here. Insiders sold 2,004,149 shares of company stock worth $166,397,807 over the last ninety days. 0.59% of the stock is owned by insiders.

Wall Street Analyst Weigh In

A number of analysts have recently weighed in on the company. Wedbush reiterated a "neutral" rating and set a $85.00 target price on shares of Best Buy in a research report on Tuesday, May 28th. Evercore ISI boosted their price target on Best Buy from $80.00 to $90.00 and gave the stock an "in-line" rating in a report on Friday, May 31st. DA Davidson boosted their price target on Best Buy from $90.00 to $95.00 and gave the stock a "buy" rating in a report on Friday, May 31st. The Goldman Sachs Group boosted their price target on Best Buy from $81.00 to $90.00 and gave the stock a "buy" rating in a report on Friday, March 1st. Finally, Barclays boosted their price target on Best Buy from $69.00 to $88.00 and gave the stock an "equal weight" rating in a report on Friday, March 1st. Seven investment analysts have rated the stock with a hold rating and nine have issued a buy rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and an average price target of $90.87.

Best Buy Trading Down 0.0 %

Shares of NYSE BBY traded down $0.03 during trading on Friday, reaching $84.29. The company had a trading volume of 3,627,853 shares, compared to its average volume of 4,056,288. Best Buy Co., Inc. has a 12 month low of $62.30 and a 12 month high of $93.72. The company has a quick ratio of 0.33, a current ratio of 1.01 and a debt-to-equity ratio of 0.37. The stock has a market cap of $18.18 billion, a P/E ratio of 14.76, a PEG ratio of 2.72 and a beta of 1.49. The company's fifty day moving average price is $79.74 and its 200-day moving average price is $77.72.

Best Buy (NYSE:BBY - Get Free Report) last issued its quarterly earnings data on Thursday, May 30th. The technology retailer reported $1.20 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $1.08 by $0.12. Best Buy had a return on equity of 47.56% and a net margin of 2.90%. The company had revenue of $8.85 billion during the quarter, compared to the consensus estimate of $8.96 billion. During the same period last year, the company earned $1.15 earnings per share. The firm's revenue was down 6.5% compared to the same quarter last year. As a group, research analysts expect that Best Buy Co., Inc. will post 6.11 earnings per share for the current year.

Best Buy Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, July 11th. Stockholders of record on Thursday, June 20th will be given a dividend of $0.94 per share. The ex-dividend date is Thursday, June 20th. This represents a $3.76 dividend on an annualized basis and a dividend yield of 4.46%. Best Buy's dividend payout ratio (DPR) is 65.85%.

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.