Capital Investment Advisors LLC Decreases Stake in Best Buy Co., Inc. (NYSE:BBY)

Capital Investment Advisors LLC cut its stake in shares of Best Buy Co., Inc. (NYSE:BBY) by 15.4% during the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 21,124 shares of the technology retailer’s stock after selling 3,847 shares during the quarter. Capital Investment Advisors LLC’s holdings in Best Buy were worth $1,812,000 as of its most recent SEC filing.

Several other hedge funds have also recently made changes to their positions in the company. Private Advisor Group LLC increased its holdings in shares of Best Buy by 94.9% in the second quarter. Private Advisor Group LLC now owns 5,829 shares of the technology retailer’s stock valued at $491,000 after purchasing an additional 2,839 shares during the period. American Century Companies Inc. boosted its position in Best Buy by 8.4% in the second quarter. American Century Companies Inc. now owns 274,514 shares of the technology retailer’s stock valued at $23,139,000 after buying an additional 21,299 shares during the last quarter. Thoroughbred Financial Services LLC acquired a new position in Best Buy in the 2nd quarter worth approximately $286,000. William Blair Investment Management LLC purchased a new position in Best Buy during the 2nd quarter worth approximately $918,000. Finally, Envestnet Asset Management Inc. lifted its stake in Best Buy by 5.6% during the 2nd quarter. Envestnet Asset Management Inc. now owns 818,138 shares of the technology retailer’s stock valued at $68,961,000 after acquiring an additional 43,113 shares during the period. 80.96% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of analysts have recently weighed in on BBY shares. Loop Capital reiterated a “buy” rating and issued a $100.00 price objective on shares of Best Buy in a research note on Wednesday, December 18th. Citigroup cut their price target on Best Buy from $109.00 to $101.00 and set a “buy” rating on the stock in a research report on Wednesday, November 27th. Guggenheim decreased their price objective on Best Buy from $110.00 to $105.00 and set a “buy” rating for the company in a report on Friday, November 29th. StockNews.com downgraded Best Buy from a “buy” rating to a “hold” rating in a research note on Friday, November 15th. Finally, Wells Fargo & Company decreased their price target on Best Buy from $95.00 to $89.00 and set an “equal weight” rating for the company in a report on Wednesday, November 27th. One research analyst has rated the stock with a sell rating, eight have given a hold rating, ten have assigned a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $100.72.

Best Buy Stock Up 1.3 %

NYSE BBY opened at $84.33 on Tuesday. The business has a fifty day moving average price of $87.80 and a 200 day moving average price of $90.21. The company has a debt-to-equity ratio of 0.37, a quick ratio of 0.22 and a current ratio of 1.00. The company has a market cap of $18.03 billion, a P/E ratio of 14.42, a P/E/G ratio of 2.19 and a beta of 1.43. Best Buy Co., Inc. has a one year low of $69.29 and a one year high of $103.71.

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

Best Buy Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Tuesday, January 7th. Investors of record on Tuesday, December 17th were issued a $0.94 dividend. The ex-dividend date was Tuesday, December 17th. This represents a $3.76 annualized dividend and a dividend yield of 4.46%. Best Buy’s dividend payout ratio is presently 64.27%.

Insider Buying and Selling

In related news, CFO Matthew M. Bilunas sold 69,166 shares of the firm’s stock in a transaction dated 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 completion of the sale, the chief financial officer now directly owns 92,070 shares in the company, valued at approximately $8,052,442.20. This trade represents a 42.90 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. 0.59% of the stock is currently owned by company insiders.

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.