Allianz Asset Management GmbH Acquires 236,524 Shares of Best Buy Co., Inc. (NYSE:BBY)

Allianz Asset Management GmbH increased its holdings in Best Buy Co., Inc. (NYSE:BBY) by 17.3% during the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 1,606,242 shares of the technology retailer’s stock after purchasing an additional 236,524 shares during the quarter. Allianz Asset Management GmbH owned approximately 0.75% of Best Buy worth $137,816,000 at the end of the most recent reporting period.

Several other institutional investors also recently modified their holdings of the business. Concurrent Investment Advisors LLC lifted its holdings in Best Buy by 0.7% in the fourth quarter. Concurrent Investment Advisors LLC now owns 27,467 shares of the technology retailer’s stock valued at $2,357,000 after buying an additional 200 shares during the period. Handelsbanken Fonder AB lifted its holdings in Best Buy by 28.6% in the fourth quarter. Handelsbanken Fonder AB now owns 38,191 shares of the technology retailer’s stock valued at $3,277,000 after buying an additional 8,499 shares during the period. Ieq Capital LLC lifted its holdings in Best Buy by 209.3% in the fourth quarter. Ieq Capital LLC now owns 47,574 shares of the technology retailer’s stock valued at $4,082,000 after buying an additional 32,195 shares during the period. Alberta Investment Management Corp lifted its holdings in Best Buy by 424.0% in the fourth quarter. Alberta Investment Management Corp now owns 26,200 shares of the technology retailer’s stock valued at $2,248,000 after buying an additional 21,200 shares during the period. Finally, Kentucky Retirement Systems Insurance Trust Fund lifted its holdings in Best Buy by 66.6% in the fourth quarter. Kentucky Retirement Systems Insurance Trust Fund now owns 9,680 shares of the technology retailer’s stock valued at $831,000 after buying an additional 3,868 shares during the period. Institutional investors own 80.96% of the company’s stock.

Insiders Place Their Bets

In other news, CFO Matthew M. Bilunas sold 69,166 shares of the stock in a transaction that occurred on 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 transaction, the chief financial officer now directly owns 92,070 shares of the company’s stock, valued at $8,052,442.20. This represents a 42.90 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. 0.59% of the stock is currently owned by insiders.

Wall Street Analyst Weigh In

BBY has been the topic of several recent analyst reports. Morgan Stanley dropped their target price on shares of Best Buy from $105.00 to $100.00 and set an “equal weight” rating on the stock in a report on Tuesday, January 21st. Telsey Advisory Group dropped their target price on shares of Best Buy from $115.00 to $110.00 and set an “outperform” rating on the stock in a report on Tuesday, November 26th. Barclays dropped their price objective on shares of Best Buy from $95.00 to $89.00 and set an “equal weight” rating on the stock in a report on Thursday, January 9th. JPMorgan Chase & Co. upped their price objective on shares of Best Buy from $111.00 to $117.00 and gave the company an “overweight” rating in a report on Friday, November 22nd. Finally, Wells Fargo & Company dropped their price objective on shares of Best Buy from $95.00 to $89.00 and set an “equal weight” rating on the stock in a report on Wednesday, November 27th. One investment analyst has rated the stock with a sell rating, eight have issued a hold rating, ten have assigned a buy rating and one has given a strong buy rating to the company. According to MarketBeat, Best Buy presently has an average rating of “Moderate Buy” and an average target price of $101.72.

Best Buy Trading Down 0.1 %

BBY opened at $90.98 on Friday. The company has a debt-to-equity ratio of 0.37, a current ratio of 1.00 and a quick ratio of 0.22. Best Buy Co., Inc. has a fifty-two week low of $69.29 and a fifty-two week high of $103.71. The firm has a market capitalization of $19.45 billion, a PE ratio of 15.55, a P/E/G ratio of 2.13 and a beta of 1.43. The company’s 50-day moving average is $86.00 and its 200 day moving average is $90.23.

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

Best Buy Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, January 7th. Shareholders of record on Tuesday, December 17th were given a $0.94 dividend. This represents a $3.76 dividend on an annualized basis and a yield of 4.13%. The ex-dividend date of this dividend was Tuesday, December 17th. Best Buy’s payout ratio is 64.27%.

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.