Best Buy Co., Inc. (NYSE:BBY) Shares Sold by State of Tennessee Department of Treasury

State of Tennessee Department of Treasury lessened its stake in Best Buy Co., Inc. (NYSE:BBY - Free Report) by 21.4% in the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 75,137 shares of the technology retailer's stock after selling 20,446 shares during the period. State of Tennessee Department of Treasury's holdings in Best Buy were worth $6,447,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds also recently made changes to their positions in the company. Rakuten Securities Inc. boosted its position in shares of Best Buy by 971.9% in the 4th quarter. Rakuten Securities Inc. now owns 343 shares of the technology retailer's stock valued at $29,000 after purchasing an additional 311 shares during the period. Golden State Wealth Management LLC acquired a new stake in shares of Best Buy in the fourth quarter valued at approximately $32,000. Atlas Capital Advisors Inc. grew its position in shares of Best Buy by 186.9% during the fourth quarter. Atlas Capital Advisors Inc. now owns 373 shares of the technology retailer's stock worth $32,000 after acquiring an additional 243 shares during the last quarter. OFI Invest Asset Management acquired a new position in shares of Best Buy in the 4th quarter valued at $34,000. Finally, Trust Co. of Vermont raised its position in Best Buy by 1,200.0% in the 4th quarter. Trust Co. of Vermont now owns 416 shares of the technology retailer's stock valued at $36,000 after purchasing an additional 384 shares during the last quarter. Hedge funds and other institutional investors own 80.96% of the company's stock.

Insider Activity at Best Buy

In other Best Buy news, CAO Mathew Watson sold 3,182 shares of the stock in a transaction on Friday, March 14th. The stock was sold at an average price of $71.29, for a total transaction of $226,844.78. Following the transaction, the chief accounting officer now owns 19,218 shares of the company's stock, valued at $1,370,051.22. This represents a 14.21 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this link. Also, CEO Corie S. Barry acquired 13,500 shares of the stock in a transaction dated Wednesday, March 12th. The stock was acquired at an average cost of $72.92 per share, with a total value of $984,420.00. Following the transaction, the chief executive officer now owns 378,780 shares of the company's stock, valued at approximately $27,620,637.60. This trade represents a 3.70 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Over the last 90 days, insiders have sold 78,355 shares of company stock valued at $5,767,213. Company insiders own 0.59% of the company's stock.

Analyst Ratings Changes

A number of research analysts have commented on the stock. Citigroup restated a "neutral" rating and issued a $70.00 price objective (down from $93.00) on shares of Best Buy in a research note on Thursday, April 3rd. Wedbush restated a "neutral" rating and set a $90.00 price objective on shares of Best Buy in a research report on Monday, March 3rd. Guggenheim lowered their target price on shares of Best Buy from $105.00 to $90.00 and set a "buy" rating on the stock in a report on Wednesday, March 5th. KeyCorp reissued a "sector weight" rating on shares of Best Buy in a report on Wednesday, March 5th. Finally, Bank of America lowered their price objective on Best Buy from $80.00 to $75.00 and set an "underperform" rating on the stock in a report on Wednesday, March 5th. Two analysts have rated the stock with a sell rating, ten have issued a hold rating, eight have given a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of "Hold" and a consensus price target of $91.28.

Best Buy Price Performance

Shares of BBY traded down $0.21 during mid-day trading on Monday, reaching $67.50. 3,462,076 shares of the company's stock were exchanged, compared to its average volume of 3,311,930. 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 $54.99 and a 52-week high of $103.71. The company has a market cap of $14.27 billion, a price-to-earnings ratio of 11.54, a PEG ratio of 2.10 and a beta of 1.42. The company has a 50-day simple moving average of $72.39 and a two-hundred day simple moving average of $82.78.

Best Buy (NYSE:BBY - Get Free Report) last released its quarterly earnings results on Tuesday, March 4th. The technology retailer reported $2.58 earnings per share for the quarter, topping the consensus estimate of $2.40 by $0.18. The company had revenue of $13.95 billion during the quarter, compared to the consensus estimate of $13.69 billion. Best Buy had a return on equity of 45.93% and a net margin of 3.01%. During the same quarter last year, the business posted $2.72 earnings per share. On average, sell-side analysts predict that Best Buy Co., Inc. will post 6.18 EPS for the current fiscal year.

Best Buy Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, April 15th. Stockholders of record on Tuesday, March 25th were given a $0.95 dividend. This represents a $3.80 dividend on an annualized basis and a dividend yield of 5.63%. The ex-dividend date was Tuesday, March 25th. This is a positive change from Best Buy's previous quarterly dividend of $0.94. Best Buy's payout ratio is currently 88.99%.

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.