Best Buy Co., Inc. (NYSE:BBY) Shares Sold by Wellington Management Group LLP

Wellington Management Group LLP lowered its holdings in Best Buy Co., Inc. (NYSE:BBY - Free Report) by 96.8% in the third quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 2,329 shares of the technology retailer's stock after selling 69,457 shares during the period. Wellington Management Group LLP's holdings in Best Buy were worth $241,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also made changes to their positions in the business. QRG Capital Management Inc. boosted its stake in Best Buy by 10.5% in the 3rd quarter. QRG Capital Management Inc. now owns 31,745 shares of the technology retailer's stock worth $3,279,000 after buying an additional 3,025 shares during the last quarter. Asset Management One Co. Ltd. boosted its position in shares of Best Buy by 27.4% in the third quarter. Asset Management One Co. Ltd. now owns 90,341 shares of the technology retailer's stock worth $9,332,000 after acquiring an additional 19,405 shares during the last quarter. Mirae Asset Global Investments Co. Ltd. grew its holdings in Best Buy by 13.3% in the third quarter. Mirae Asset Global Investments Co. Ltd. now owns 154,564 shares of the technology retailer's stock valued at $15,806,000 after purchasing an additional 18,171 shares during the period. Oppenheimer Asset Management Inc. purchased a new stake in Best Buy in the third quarter valued at approximately $2,384,000. Finally, Charles Schwab Investment Management Inc. increased its position in Best Buy by 4.1% during the third quarter. Charles Schwab Investment Management Inc. now owns 6,164,953 shares of the technology retailer's stock worth $636,840,000 after purchasing an additional 241,988 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, CFO Matthew M. Bilunas sold 69,166 shares of the stock in a transaction on Wednesday, December 11th. The shares were sold at an average price of $87.46, for a total transaction of $6,049,258.36. Following the sale, the chief financial officer now directly owns 92,070 shares of the company's stock, valued at approximately $8,052,442.20. This represents a 42.90 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. 0.59% of the stock is owned by corporate insiders.

Best Buy Stock Up 0.4 %

BBY stock traded up $0.35 during midday trading on Friday, hitting $85.55. 5,213,525 shares of the company's stock were exchanged, compared to its average volume of 3,095,552. The stock has a market capitalization of $18.29 billion, a price-to-earnings ratio of 14.62, a price-to-earnings-growth ratio of 2.19 and a beta of 1.44. The company has a current ratio of 1.00, a quick ratio of 0.22 and a debt-to-equity ratio of 0.37. The firm has a 50 day moving average price of $90.40 and a 200-day moving average price of $90.55. Best Buy Co., Inc. has a 12-month low of $69.29 and a 12-month high of $103.71.

Best Buy (NYSE:BBY - Get Free Report) last issued its quarterly earnings results on Tuesday, November 26th. The technology retailer reported $1.26 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $1.30 by ($0.04). The company had revenue of $9.45 billion during the quarter, compared to the consensus estimate of $9.63 billion. Best Buy had a return on equity of 45.93% and a net margin of 3.01%. The firm's quarterly revenue was down 3.2% on a year-over-year basis. During the same quarter last year, the firm posted $1.29 EPS. On average, analysts anticipate that Best Buy Co., Inc. will post 6.18 EPS for the current year.

Best Buy Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Tuesday, January 7th. Investors of record on Tuesday, December 17th will be paid a $0.94 dividend. The ex-dividend date of this dividend is Tuesday, December 17th. This represents a $3.76 dividend on an annualized basis and a yield of 4.40%. Best Buy's dividend payout ratio (DPR) is 64.27%.

Analyst Ratings Changes

Several analysts have recently issued reports on the stock. Evercore ISI boosted their price objective on shares of Best Buy from $90.00 to $94.00 and gave the company an "in-line" rating in a research note on Friday, August 30th. UBS Group lowered their price target on Best Buy from $123.00 to $115.00 and set a "buy" rating for the company in a research report on Wednesday, November 27th. StockNews.com downgraded Best Buy from a "buy" rating to a "hold" rating in a report on Friday, November 15th. The Goldman Sachs Group lifted their price objective on Best Buy from $95.00 to $116.00 and gave the company a "buy" rating in a research note on Tuesday, September 3rd. Finally, Guggenheim cut their price target on shares of Best Buy from $110.00 to $105.00 and set a "buy" rating on the stock in a report on Friday, November 29th. One analyst has rated the stock with a sell rating, eight have issued a hold rating, ten have given a buy rating and one has given a strong buy rating to the company's stock. According to data from MarketBeat, the company has a consensus rating of "Moderate Buy" and a consensus price target of $101.06.

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.