Rhumbline Advisers Raises Holdings in Best Buy Co., Inc. (NYSE:BBY)

Rhumbline Advisers grew its holdings in shares of Best Buy Co., Inc. (NYSE:BBY - Free Report) by 1.2% during the fourth quarter, according to the company in its most recent disclosure with the SEC. The fund owned 455,627 shares of the technology retailer's stock after buying an additional 5,212 shares during the quarter. Rhumbline Advisers owned 0.21% of Best Buy worth $39,093,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently modified their holdings of the business. Nordea Investment Management AB increased its stake in Best Buy by 563.8% in the fourth quarter. Nordea Investment Management AB now owns 592,460 shares of the technology retailer's stock worth $50,643,000 after purchasing an additional 503,204 shares during the period. National Bank of Canada FI increased its stake in Best Buy by 817.4% in the 3rd quarter. National Bank of Canada FI now owns 537,886 shares of the technology retailer's stock worth $55,564,000 after buying an additional 479,256 shares during the period. Charles Schwab Investment Management Inc. lifted its holdings in Best Buy by 4.1% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 6,164,953 shares of the technology retailer's stock valued at $636,840,000 after buying an additional 241,988 shares in the last quarter. Franklin Resources Inc. boosted its position in Best Buy by 36.5% in the 3rd quarter. Franklin Resources Inc. now owns 753,471 shares of the technology retailer's stock valued at $73,016,000 after buying an additional 201,562 shares during the period. Finally, TCW Group Inc. grew its stake in Best Buy by 156.6% in the 3rd quarter. TCW Group Inc. now owns 316,593 shares of the technology retailer's stock worth $32,704,000 after acquiring an additional 193,209 shares in the last quarter. 80.96% of the stock is currently owned by hedge funds and other institutional investors.

Best Buy Price Performance

BBY stock traded down $1.08 during trading on Friday, hitting $89.86. The stock had a trading volume of 461,087 shares, compared to its average volume of 2,394,216. Best Buy Co., Inc. has a twelve month low of $69.29 and a twelve month high of $103.71. The company's 50-day moving average price is $86.05 and its two-hundred day moving average price is $90.24. 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 $19.21 billion, a P/E ratio of 15.36, a PEG ratio of 2.13 and a beta of 1.43.

Best Buy (NYSE:BBY - Get Free Report) last announced its 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). Best Buy had a return on equity of 45.93% and a net margin of 3.01%. The business had revenue of $9.45 billion for the quarter, compared to analyst estimates of $9.63 billion. During the same period last year, the firm earned $1.29 EPS. The company's revenue for the quarter was down 3.2% compared to the same quarter last year. As a group, research analysts predict that Best Buy Co., Inc. will post 6.18 EPS for the current fiscal year.

Best Buy Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, January 7th. Shareholders of record on Tuesday, December 17th were paid a $0.94 dividend. The ex-dividend date of this dividend was Tuesday, December 17th. This represents a $3.76 dividend on an annualized basis and a yield of 4.18%. Best Buy's dividend payout ratio is presently 64.27%.

Analyst Ratings Changes

A number of research firms have recently issued reports on BBY. StockNews.com downgraded Best Buy from a "buy" rating to a "hold" rating in a research report on Friday, November 15th. Barclays lowered their price target on shares of Best Buy from $95.00 to $89.00 and set an "equal weight" rating for the company in a research report on Thursday, January 9th. JPMorgan Chase & Co. lifted their price objective on shares of Best Buy from $111.00 to $117.00 and gave the company an "overweight" rating in a report on Friday, November 22nd. UBS Group lowered their target price on Best Buy from $123.00 to $115.00 and set a "buy" rating for the company in a report on Wednesday, November 27th. Finally, Citigroup cut their price target on Best Buy from $109.00 to $101.00 and set a "buy" rating on the stock in a report on Wednesday, November 27th. One investment analyst has rated the stock with a sell rating, eight have issued a hold rating, ten have issued a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and a consensus price target of $101.72.

Insider Activity

In related news, CFO Matthew M. Bilunas sold 69,166 shares of the company's stock in a transaction that occurred on Wednesday, December 11th. The stock was sold at an average price of $87.46, for a total value of $6,049,258.36. Following the sale, the chief financial officer now owns 92,070 shares in the company, valued at $8,052,442.20. This represents a 42.90 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Corporate 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.