Summit Investment Advisors Inc. Buys 20,187 Shares of Best Buy Co., Inc. (NYSE:BBY)

Summit Investment Advisors Inc. grew its holdings in shares of Best Buy Co., Inc. (NYSE:BBY - Free Report) by 168.6% during the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 32,161 shares of the technology retailer's stock after buying an additional 20,187 shares during the quarter. Summit Investment Advisors Inc.'s holdings in Best Buy were worth $2,759,000 at the end of the most recent reporting period.

Several other large investors have also recently bought and sold shares of the stock. Stevens Capital Management LP raised its stake in shares of Best Buy by 228.7% during the 4th quarter. Stevens Capital Management LP now owns 22,625 shares of the technology retailer's stock worth $1,941,000 after purchasing an additional 15,741 shares in the last quarter. Invesco Ltd. raised its position in Best Buy by 20.5% during the fourth quarter. Invesco Ltd. now owns 3,692,118 shares of the technology retailer's stock worth $316,784,000 after acquiring an additional 629,180 shares in the last quarter. Vanguard Group Inc. lifted its stake in Best Buy by 0.8% in the fourth quarter. Vanguard Group Inc. now owns 22,982,608 shares of the technology retailer's stock valued at $1,971,908,000 after acquiring an additional 191,161 shares during the last quarter. Pinnacle Financial Partners Inc bought a new position in shares of Best Buy in the 4th quarter valued at about $3,293,000. Finally, APG Asset Management N.V. acquired a new position in shares of Best Buy during the 4th quarter worth about $9,073,000. 80.96% of the stock is owned by institutional investors and hedge funds.

Best Buy Trading Up 3.9 %

NYSE:BBY traded up $2.34 on Friday, reaching $61.97. 3,861,900 shares of the stock traded hands, compared to its average volume of 3,266,844. The firm has a market capitalization of $13.10 billion, a price-to-earnings ratio of 10.59, a price-to-earnings-growth ratio of 2.10 and a beta of 1.42. The company has a current ratio of 1.00, a quick ratio of 0.22 and a debt-to-equity ratio of 0.37. Best Buy Co., Inc. has a 1-year low of $54.99 and a 1-year high of $103.71. The company's 50 day moving average is $74.93 and its 200-day moving average is $84.17.

Best Buy (NYSE:BBY - Get Free Report) last posted its quarterly earnings data 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. Best Buy had a return on equity of 45.93% and a net margin of 3.01%. The firm had revenue of $13.95 billion during the quarter, compared to analyst estimates of $13.69 billion. During the same period last year, the company posted $2.72 EPS. Equities research analysts anticipate that Best Buy Co., Inc. will post 6.18 EPS for the current fiscal year.

Best Buy Increases Dividend

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

Analysts Set New Price Targets

Several research analysts have recently commented on the company. Wells Fargo & Company reduced their target price on Best Buy from $89.00 to $85.00 and set an "equal weight" rating for the company in a research note on Wednesday, March 5th. Jefferies Financial Group dropped their price objective on shares of Best Buy from $106.00 to $92.00 and set a "buy" rating on the stock in a research report on Tuesday, March 4th. Evercore ISI reduced their target price on shares of Best Buy from $95.00 to $80.00 and set an "in-line" rating for the company in a report on Wednesday, March 5th. JPMorgan Chase & Co. lowered their price target on shares of Best Buy from $115.00 to $110.00 and set an "overweight" rating on the stock in a report on Wednesday, March 5th. Finally, Bank of America lowered their price target on shares of Best Buy from $80.00 to $75.00 and set an "underperform" rating on the stock in a research report on Wednesday, March 5th. Two equities research analysts have rated the stock with a sell rating, ten have issued a hold rating, eight have issued a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, the stock has an average rating of "Hold" and an average target price of $91.28.

Insiders Place Their Bets

In other news, CFO Matthew M. Bilunas sold 51,000 shares of the firm's stock in a transaction that occurred on Monday, March 24th. The stock was sold at an average price of $74.20, for a total value of $3,784,200.00. Following the transaction, the chief financial officer now owns 55,856 shares in the company, valued at $4,144,515.20. This trade represents a 47.73 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Todd G. Hartman sold 4,893 shares of the stock in a transaction on Friday, March 21st. The shares were sold at an average price of $72.65, for a total value 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 $2,348,048. The trade was a 13.15 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 78,355 shares of company stock worth $5,767,213. 0.59% of the stock is currently owned by company insiders.

About Best Buy

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.