Johnson Investment Counsel Inc. Sells 173 Shares of Best Buy Co., Inc. (NYSE:BBY)

Johnson Investment Counsel Inc. decreased its stake in shares of Best Buy Co., Inc. (NYSE:BBY) by 3.1% in the 1st quarter, according to its most recent 13F filing with the SEC. The firm owned 5,495 shares of the technology retailer’s stock after selling 173 shares during the period. Johnson Investment Counsel Inc.’s holdings in Best Buy were worth $404,000 as of its most recent filing with the SEC.

Several other hedge funds and other institutional investors have also modified their holdings of the stock. Rakuten Securities Inc. lifted its position in Best Buy by 971.9% during the fourth quarter. Rakuten Securities Inc. now owns 343 shares of the technology retailer’s stock worth $29,000 after acquiring an additional 311 shares during the last quarter. Vermillion Wealth Management Inc. acquired a new position in shares of Best Buy in the fourth quarter valued at approximately $31,000. Atlas Capital Advisors Inc. increased its stake in shares of Best Buy by 186.9% during the fourth quarter. Atlas Capital Advisors Inc. now owns 373 shares of the technology retailer’s stock worth $32,000 after purchasing an additional 243 shares during the period. Ancora Advisors LLC lifted its holdings in Best Buy by 18,700.0% during the 4th quarter. Ancora Advisors LLC now owns 376 shares of the technology retailer’s stock worth $32,000 after purchasing an additional 374 shares during the last quarter. Finally, OFI Invest Asset Management acquired a new stake in Best Buy during the 4th quarter worth approximately $34,000. Institutional investors own 80.96% of the company’s stock.

Best Buy Stock Down 0.3%

NYSE BBY opened at $67.58 on Monday. The business has a fifty day moving average price of $68.62 and a two-hundred day moving average price of $76.78. The stock has a market capitalization of $14.28 billion, a PE ratio of 16.52, a PEG ratio of 1.78 and a beta of 1.25. Best Buy Co., Inc. has a fifty-two week low of $54.99 and a fifty-two week high of $103.71. The company has a debt-to-equity ratio of 0.42, a current ratio of 1.02 and a quick ratio of 0.32.

Best Buy (NYSE:BBY) last announced its quarterly earnings data on Thursday, May 29th. The technology retailer reported $1.15 earnings per share for the quarter, topping the consensus estimate of $1.09 by $0.06. The business had revenue of $8.77 billion during the quarter, compared to the consensus estimate of $8.77 billion. Best Buy had a return on equity of 46.40% and a net margin of 2.13%. Best Buy’s revenue for the quarter was down .9% on a year-over-year basis. During the same period in the prior year, the company earned $1.20 EPS. Equities analysts expect that Best Buy Co., Inc. will post 6.18 earnings per share for the current fiscal year.

Best Buy Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Thursday, July 10th. Shareholders of record on Thursday, June 19th will be given a $0.95 dividend. The ex-dividend date is Wednesday, June 18th. This represents a $3.80 dividend on an annualized basis and a yield of 5.62%. Best Buy’s dividend payout ratio is currently 92.91%.

Wall Street Analyst Weigh In

Several research firms have weighed in on BBY. Telsey Advisory Group reiterated an “outperform” rating and set a $90.00 price objective on shares of Best Buy in a research report on Friday, May 30th. Wells Fargo & Company decreased their price target on shares of Best Buy from $75.00 to $67.00 and set an “equal weight” rating on the stock in a research note on Friday, May 30th. Morgan Stanley lowered their price target on shares of Best Buy from $100.00 to $85.00 and set an “equal weight” rating on the stock in a research report on Wednesday, March 5th. Loop Capital dropped their price objective on shares of Best Buy from $90.00 to $80.00 and set a “buy” rating for the company in a research note on Friday, May 30th. Finally, KeyCorp restated a “sector weight” rating on shares of Best Buy in a research report on Wednesday, March 5th. One analyst has rated the stock with a sell rating, eleven have issued a hold rating and nine have given a buy rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus target price of $86.11.

Insiders Place Their Bets

In other news, Chairman Richard M. Schulze sold 729,201 shares of the stock in a transaction on Monday, June 9th. The stock was sold at an average price of $72.95, for a total value of $53,195,212.95. Following the completion of the transaction, the chairman now directly owns 196,100 shares in the company, valued at approximately $14,305,495. This represents a 78.81% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Insiders own 0.59% of the company’s stock.

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.