Victory Capital Management Inc. Grows Stock Position in Best Buy Co., Inc. (NYSE:BBY)

Victory Capital Management Inc. boosted its holdings in shares of Best Buy Co., Inc. (NYSE:BBY - Free Report) by 1.8% in the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 595,481 shares of the technology retailer's stock after acquiring an additional 10,462 shares during the quarter. Victory Capital Management Inc. owned 0.28% of Best Buy worth $51,092,000 as of its most recent SEC filing.

Several other hedge funds also recently bought and sold shares of the business. Asset Management One Co. Ltd. boosted its stake in shares of Best Buy by 27.4% during the third quarter. Asset Management One Co. Ltd. now owns 90,341 shares of the technology retailer's stock valued at $9,332,000 after purchasing an additional 19,405 shares during the period. Pinnacle Financial Partners Inc bought a new stake in Best Buy during the 4th quarter valued at about $3,293,000. Klein Pavlis & Peasley Financial Inc. boosted its position in Best Buy by 48.6% in the 4th quarter. Klein Pavlis & Peasley Financial Inc. now owns 26,400 shares of the technology retailer's stock valued at $2,265,000 after buying an additional 8,640 shares during the period. Alberta Investment Management Corp grew its stake in Best Buy by 424.0% in the 4th quarter. Alberta Investment Management Corp now owns 26,200 shares of the technology retailer's stock worth $2,248,000 after acquiring an additional 21,200 shares in the last quarter. Finally, Merit Financial Group LLC purchased a new position in shares of Best Buy during the fourth quarter worth approximately $453,000. Institutional investors own 80.96% of the company's stock.

Insiders Place Their Bets

In other news, CFO Matthew M. Bilunas sold 69,166 shares of Best Buy stock in a transaction on Wednesday, December 11th. The stock was sold at an average price of $87.46, for a total transaction of $6,049,258.36. Following the transaction, the chief financial officer now owns 92,070 shares in the company, valued at $8,052,442.20. The trade was a 42.90 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. 0.59% of the stock is currently owned by corporate insiders.

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Wall Street Analysts Forecast Growth

A number of analysts recently issued reports on BBY shares. Jefferies Financial Group lowered their price target on Best Buy from $106.00 to $92.00 and set a "buy" rating for the company in a report on Tuesday, March 4th. StockNews.com downgraded Best Buy from a "buy" rating to a "hold" rating in a research report on Friday, November 15th. Barclays cut their price target on Best Buy from $95.00 to $89.00 and set an "equal weight" rating on the stock in a research note on Thursday, January 9th. Wells Fargo & Company lowered their price objective on shares of 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. Finally, Wedbush reissued a "neutral" rating and set a $90.00 target price on shares of Best Buy in a research report on Monday, March 3rd. One equities research analyst has rated the stock with a sell rating, nine have given a hold rating, ten have given a buy rating and one has given a strong buy rating to the company. According to MarketBeat, the company currently has a consensus rating of "Moderate Buy" and an average price target of $93.50.

Best Buy Price Performance

BBY stock traded up $0.91 during midday trading on Monday, reaching $80.32. The stock had a trading volume of 359,836 shares, compared to its average volume of 2,973,947. Best Buy Co., Inc. has a 52-week low of $69.29 and a 52-week high of $103.71. The company has a market cap of $17.17 billion, a price-to-earnings ratio of 13.74, a price-to-earnings-growth ratio of 2.10 and a beta of 1.43. The company's fifty day simple moving average is $85.58 and its 200 day simple moving average is $90.46. 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 (NYSE:BBY - Get Free Report) last announced its quarterly earnings data on Tuesday, March 4th. The technology retailer reported $2.58 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.40 by $0.18. Best Buy had a net margin of 3.01% and a return on equity of 45.93%. The company had revenue of $13.95 billion during the quarter, compared to analysts' expectations of $13.69 billion. During the same quarter in the prior year, the company earned $2.72 EPS. As a group, sell-side analysts predict that Best Buy Co., Inc. will post 6.18 earnings per share for the current fiscal year.

Best Buy Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, April 15th. Investors of record on Tuesday, March 25th will be given a dividend of $0.95 per share. This is an increase from Best Buy's previous quarterly dividend of $0.94. The ex-dividend date is Tuesday, March 25th. This represents a $3.80 dividend on an annualized basis and a yield of 4.73%. Best Buy's dividend payout ratio (DPR) is presently 88.99%.

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.