Best Buy Co., Inc. (NYSE:BBY) Shares Acquired by Summit Securities Group LLC

Summit Securities Group LLC increased its stake in shares of Best Buy Co., Inc. (NYSE:BBY) by 365.0% in the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 930 shares of the technology retailer’s stock after purchasing an additional 730 shares during the quarter. Summit Securities Group LLC’s holdings in Best Buy were worth $80,000 at the end of the most recent quarter.

Other large investors also recently bought and sold shares of the company. Raymond James Financial Inc. purchased a new position in Best Buy in the fourth quarter valued at approximately $514,483,000. Norges Bank acquired a new position in shares of Best Buy in the fourth quarter valued at approximately $178,015,000. Arrowstreet Capital Limited Partnership raised its position in Best Buy by 101.4% during the 4th quarter. Arrowstreet Capital Limited Partnership now owns 1,114,928 shares of the technology retailer’s stock worth $95,661,000 after buying an additional 561,413 shares during the last quarter. Nordea Investment Management AB raised its holdings in Best Buy by 563.8% during the fourth quarter. Nordea Investment Management AB now owns 592,460 shares of the technology retailer’s stock worth $50,643,000 after purchasing an additional 503,204 shares in the last quarter. Finally, National Bank of Canada FI lifted its holdings in shares of Best Buy by 817.4% in the 3rd quarter. National Bank of Canada FI now owns 537,886 shares of the technology retailer’s stock valued at $55,564,000 after buying an additional 479,256 shares during the period. Hedge funds and other institutional investors own 80.96% of the company’s stock.

Insider Buying and Selling at Best Buy

In other news, EVP Kathleen Scarlett sold 6,847 shares of the stock in a transaction that occurred on Friday, March 21st. The stock was sold at an average price of $72.65, for a total transaction of $497,434.55. Following the completion of the transaction, the executive vice president now directly owns 87,389 shares in the company, valued at approximately $6,348,810.85. This represents a 7.27 % decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, insider Todd G. Hartman sold 4,893 shares of the firm’s stock in a transaction that occurred on Friday, March 21st. The stock was sold at an average price of $72.65, for a total transaction of $355,476.45. Following the sale, the insider now directly owns 32,320 shares of the company’s stock, valued at $2,348,048. The trade was a 13.15 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 78,355 shares of company stock valued at $5,767,213 in the last ninety days. Insiders own 0.59% of the company’s stock.

Best Buy Stock Down 3.5 %

Shares of NYSE:BBY opened at $72.28 on Monday. Best Buy Co., Inc. has a 1 year low of $69.29 and a 1 year high of $103.71. The stock has a 50-day simple moving average of $82.51 and a 200-day simple moving average of $88.18. The stock has a market capitalization of $15.28 billion, a P/E ratio of 12.36, a PEG ratio of 2.10 and a beta of 1.43. The company has a debt-to-equity ratio of 0.37, a quick ratio of 0.22 and a current ratio of 1.00.

Best Buy (NYSE:BBY) last released its quarterly earnings data on Tuesday, March 4th. The technology retailer reported $2.58 EPS for the quarter, beating the consensus estimate of $2.40 by $0.18. Best Buy had a return on equity of 45.93% and a net margin of 3.01%. The company had revenue of $13.95 billion for the quarter, compared to analyst estimates of $13.69 billion. During the same period last year, the company posted $2.72 earnings per share. Equities analysts forecast that Best Buy Co., Inc. will post 6.18 earnings per share for the current year.

Best Buy Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, April 15th. Stockholders of record on Tuesday, March 25th will be given a dividend of $0.95 per share. This is a boost from Best Buy’s previous quarterly dividend of $0.94. This represents a $3.80 dividend on an annualized basis and a dividend yield of 5.26%. The ex-dividend date is Tuesday, March 25th. Best Buy’s payout ratio is presently 88.99%.

Analysts Set New Price Targets

Several research analysts have issued reports on BBY shares. Morgan Stanley cut their price objective on Best Buy from $100.00 to $85.00 and set an “equal weight” rating for the company in a research report on Wednesday, March 5th. Evercore ISI cut their price target on Best Buy from $95.00 to $80.00 and set an “in-line” rating for the company in a research note on Wednesday, March 5th. Citigroup lowered their price target on shares of Best Buy from $105.00 to $93.00 and set a “buy” rating on the stock in a research report on Wednesday, March 5th. Wedbush restated a “neutral” rating and set a $90.00 price objective on shares of Best Buy in a research report on Monday, March 3rd. Finally, DA Davidson reduced their target price on Best Buy from $117.00 to $110.00 and set a “buy” rating on the stock in a research note on Wednesday, March 5th. Two analysts have rated the stock with a sell rating, nine have assigned a hold rating, nine have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat, the stock has an average rating of “Hold” and a consensus price target of $93.50.

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.