LSV Asset Management Sells 48,800 Shares of Best Buy Co., Inc. (NYSE:BBY)

LSV Asset Management decreased its holdings in shares of Best Buy Co., Inc. (NYSE:BBY) by 3.3% in the 4th quarter, Holdings Channel reports. The fund owned 1,412,901 shares of the technology retailer’s stock after selling 48,800 shares during the period. LSV Asset Management’s holdings in Best Buy were worth $121,227,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently made changes to their positions in the stock. MML Investors Services LLC increased its position in Best Buy by 8.8% during the 3rd quarter. MML Investors Services LLC now owns 14,769 shares of the technology retailer’s stock worth $1,526,000 after purchasing an additional 1,193 shares in the last quarter. Nomura Asset Management Co. Ltd. boosted its position in Best Buy by 5.8% in the third quarter. Nomura Asset Management Co. Ltd. now owns 99,209 shares of the technology retailer’s stock valued at $10,248,000 after buying an additional 5,461 shares in the last quarter. Public Employees Retirement System of Ohio grew its stake in shares of Best Buy by 9.9% during the third quarter. Public Employees Retirement System of Ohio now owns 130,980 shares of the technology retailer’s stock worth $13,530,000 after buying an additional 11,764 shares during the last quarter. LRI Investments LLC increased its holdings in shares of Best Buy by 632.1% during the third quarter. LRI Investments LLC now owns 388 shares of the technology retailer’s stock worth $40,000 after buying an additional 335 shares in the last quarter. Finally, Geode Capital Management LLC lifted its stake in shares of Best Buy by 2.5% in the 3rd quarter. Geode Capital Management LLC now owns 4,852,980 shares of the technology retailer’s stock valued at $499,954,000 after acquiring an additional 120,185 shares during the last quarter. Institutional investors own 80.96% of the company’s stock.

Insider Transactions at Best Buy

In other news, CFO Matthew M. Bilunas sold 51,000 shares of the business’s stock in a transaction dated Monday, March 24th. The shares were sold at an average price of $74.20, for a total transaction of $3,784,200.00. Following the completion of the sale, the chief financial officer now directly owns 55,856 shares of the company’s stock, valued at $4,144,515.20. The trade was a 47.73 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, CAO Mathew Watson sold 3,182 shares of the firm’s stock in a transaction dated Friday, March 14th. The shares were sold at an average price of $71.29, for a total transaction of $226,844.78. Following the completion of the transaction, the chief accounting officer now directly owns 19,218 shares in the company, valued at approximately $1,370,051.22. The trade was a 14.21 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 78,355 shares of company stock valued at $5,767,213 over the last ninety days. 0.59% of the stock is owned by company insiders.

Best Buy Stock Down 6.2 %

Best Buy stock opened at $59.72 on Friday. The company has a market capitalization of $12.62 billion, a PE ratio of 10.21, a PEG ratio of 2.10 and a beta of 1.42. Best Buy Co., Inc. has a 12-month low of $54.99 and a 12-month high of $103.71. The firm’s fifty day moving average is $77.95 and its 200 day moving average is $85.71. 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 (NYSE:BBY) last announced its quarterly earnings data on Tuesday, March 4th. The technology retailer reported $2.58 earnings per share for the quarter, beating the consensus estimate of $2.40 by $0.18. The firm had revenue of $13.95 billion for the quarter, compared to analyst estimates of $13.69 billion. Best Buy had a net margin of 3.01% and a return on equity of 45.93%. During the same quarter in the prior year, the business earned $2.72 earnings per share. As a group, 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 will be paid on Tuesday, April 15th. Stockholders of record on Tuesday, March 25th will be issued 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 annualized dividend and a dividend yield of 6.36%. Best Buy’s payout ratio is currently 88.99%.

Wall Street Analysts Forecast Growth

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

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.