State of Alaska Department of Revenue Sells 2,160 Shares of Best Buy Co., Inc. (NYSE:BBY)

State of Alaska Department of Revenue lowered its position in shares of Best Buy Co., Inc. (NYSE:BBYFree Report) by 4.7% in the fourth quarter, according to the company in its most recent disclosure with the SEC. The firm owned 44,064 shares of the technology retailer’s stock after selling 2,160 shares during the quarter. State of Alaska Department of Revenue’s holdings in Best Buy were worth $3,448,000 as of its most recent SEC filing.

Other institutional investors have also recently bought and sold shares of the company. Kingswood Wealth Advisors LLC acquired a new position in Best Buy during the fourth quarter valued at approximately $317,000. Mirabella Financial Services LLP acquired a new position in Best Buy during the third quarter valued at approximately $831,000. Van ECK Associates Corp grew its holdings in Best Buy by 35.6% during the third quarter. Van ECK Associates Corp now owns 94,282 shares of the technology retailer’s stock valued at $6,550,000 after purchasing an additional 24,763 shares during the period. Dai ichi Life Insurance Company Ltd boosted its holdings in shares of Best Buy by 1,405.3% in the third quarter. Dai ichi Life Insurance Company Ltd now owns 214,232 shares of the technology retailer’s stock valued at $14,883,000 after buying an additional 200,000 shares during the period. Finally, Klein Pavlis & Peasley Financial Inc. acquired a new position in shares of Best Buy in the fourth quarter valued at approximately $1,589,000. Institutional investors and hedge funds own 80.96% of the company’s stock.

Analyst Upgrades and Downgrades

Several research analysts recently commented on BBY shares. Telsey Advisory Group upgraded shares of Best Buy from a “market perform” rating to an “outperform” rating and increased their target price for the stock from $85.00 to $95.00 in a report on Wednesday, March 20th. Wedbush upped their price target on shares of Best Buy from $75.00 to $85.00 and gave the stock a “neutral” rating in a research report on Friday, March 1st. UBS Group upped their price target on shares of Best Buy from $82.00 to $85.00 and gave the stock a “neutral” rating in a research report on Friday, March 1st. Morgan Stanley increased their price objective on shares of Best Buy from $80.00 to $82.00 and gave the company an “equal weight” rating in a research report on Friday, March 1st. Finally, Jefferies Financial Group raised shares of Best Buy from a “hold” rating to a “buy” rating and increased their price objective for the company from $69.00 to $89.00 in a research report on Monday, December 11th. One equities research analyst has rated the stock with a sell rating, eight have given a hold rating and seven have assigned a buy rating to the stock. According to data from MarketBeat.com, Best Buy has an average rating of “Hold” and a consensus price target of $84.27.

View Our Latest Analysis on Best Buy

Insider Activity

In other news, insider Todd G. Hartman sold 3,973 shares of the firm’s stock in a transaction that occurred on Friday, March 22nd. The shares were sold at an average price of $81.80, for a total value of $324,991.40. Following the sale, the insider now directly owns 25,912 shares in the company, valued at approximately $2,119,601.60. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. In other news, insider Todd G. Hartman sold 3,973 shares of the firm’s stock in a transaction that occurred on Friday, March 22nd. The shares were sold at an average price of $81.80, for a total value of $324,991.40. Following the sale, the insider now directly owns 25,912 shares in the company, valued at approximately $2,119,601.60. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, CEO Corie S. Barry sold 28,042 shares of the firm’s stock in a transaction that occurred on Friday, March 22nd. The shares were sold at an average price of $81.80, for a total transaction of $2,293,835.60. Following the completion of the sale, the chief executive officer now owns 429,159 shares in the company, valued at $35,105,206.20. The disclosure for this sale can be found here. In the last three months, insiders have sold 47,874 shares of company stock worth $3,916,093. Corporate insiders own 0.56% of the company’s stock.

Best Buy Trading Down 1.8 %

Shares of Best Buy stock opened at $80.17 on Wednesday. The company has a market capitalization of $17.27 billion, a price-to-earnings ratio of 14.09, a PEG ratio of 2.14 and a beta of 1.49. The company has a quick ratio of 0.37, a current ratio of 1.00 and a debt-to-equity ratio of 0.38. Best Buy Co., Inc. has a 12-month low of $62.30 and a 12-month high of $86.11. The firm’s 50-day moving average price is $76.83 and its two-hundred day moving average price is $73.10.

Best Buy (NYSE:BBYGet Free Report) last announced its quarterly earnings data on Thursday, February 29th. The technology retailer reported $2.72 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.51 by $0.21. The firm had revenue of $14.65 billion for the quarter, compared to the consensus estimate of $14.58 billion. Best Buy had a net margin of 2.86% and a return on equity of 48.45%. The business’s revenue for the quarter was down .6% on a year-over-year basis. During the same period in the prior year, the company posted $2.61 earnings per share. On average, analysts forecast that Best Buy Co., Inc. will post 6.03 earnings per share for the current fiscal year.

Best Buy Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Thursday, April 11th. Stockholders of record on Thursday, March 21st will be paid a $0.94 dividend. This is an increase from Best Buy’s previous quarterly dividend of $0.92. This represents a $3.76 dividend on an annualized basis and a dividend yield of 4.69%. The ex-dividend date is Wednesday, March 20th. Best Buy’s dividend payout ratio (DPR) is presently 66.08%.

Best Buy Profile

(Free Report)

Best Buy Co, Inc engages in the retail of technology products in the United States and Canada. The company operates in two segments, Domestic 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, home theater, portable audio comprising headphones and portable speakers, and smart home products.

Further Reading

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Institutional Ownership by Quarter for Best Buy (NYSE:BBY)

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