AMF Tjanstepension AB Has $7.17 Million Position in Best Buy Co., Inc. (NYSE:BBY)

AMF Tjanstepension AB cut its stake in Best Buy Co., Inc. (NYSE:BBY) by 46.8% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 83,204 shares of the technology retailer’s stock after selling 73,086 shares during the quarter. AMF Tjanstepension AB’s holdings in Best Buy were worth $7,173,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds have also modified their holdings of the company. Golden State Wealth Management LLC acquired a new position in shares of Best Buy in the fourth quarter worth $32,000. Harbor Capital Advisors Inc. acquired a new position in shares of Best Buy in the third quarter worth $40,000. LRI Investments LLC increased its stake in shares of Best Buy by 632.1% in the third quarter. LRI Investments LLC now owns 388 shares of the technology retailer’s stock worth $40,000 after acquiring an additional 335 shares during the last quarter. Trust Co. of Vermont increased its stake in shares of Best Buy by 1,200.0% in the fourth quarter. Trust Co. of Vermont now owns 416 shares of the technology retailer’s stock worth $36,000 after acquiring an additional 384 shares during the last quarter. Finally, Brooklyn Investment Group acquired a new position in shares of Best Buy in the third quarter worth $44,000. 80.96% of the stock is owned by institutional investors and hedge funds.

Best Buy Stock Up 1.3 %

BBY stock opened at $79.66 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 52-week low of $69.29 and a 52-week high of $103.71. The company has a 50-day moving average of $85.58 and a two-hundred day moving average of $90.43. The stock has a market capitalization of $17.03 billion, a price-to-earnings ratio of 13.62, a price-to-earnings-growth ratio of 2.10 and a beta of 1.43.

Best Buy (NYSE:BBY) last released its earnings results on Tuesday, March 4th. The technology retailer reported $2.58 earnings per share for the quarter, beating the consensus estimate of $2.40 by $0.18. Best Buy had a net margin of 3.01% and a return on equity of 45.93%. The business had revenue of $13.95 billion during the quarter, compared to analysts’ expectations of $13.69 billion. During the same quarter last year, the company earned $2.72 earnings per share. As a group, equities research analysts anticipate that Best Buy Co., Inc. will post 6.18 EPS for the current year.

Best Buy Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Tuesday, April 15th. Investors of record on Tuesday, March 25th will be paid a $0.95 dividend. This represents a $3.80 annualized dividend and a dividend yield of 4.77%. The ex-dividend date is Tuesday, March 25th. This is a boost from Best Buy’s previous quarterly dividend of $0.94. Best Buy’s dividend payout ratio (DPR) is presently 88.99%.

Insider Activity at Best Buy

In related news, CFO Matthew M. Bilunas sold 69,166 shares of the stock in a transaction dated Wednesday, December 11th. The shares were sold at an average price of $87.46, for a total value of $6,049,258.36. Following the completion of the sale, the chief financial officer now 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 filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 0.59% of the stock is owned by corporate insiders.

Analysts Set New Price Targets

A number of equities analysts have recently weighed in on the stock. Guggenheim dropped their price target on shares of Best Buy from $105.00 to $90.00 and set a “buy” rating on the stock in a research note on Wednesday. Loop Capital decreased their price objective on shares of Best Buy from $100.00 to $90.00 and set a “buy” rating for the company in a report on Wednesday. Citigroup decreased their price objective on shares of Best Buy from $105.00 to $93.00 and set a “buy” rating for the company in a report on Wednesday. Wedbush reiterated a “neutral” rating and issued a $90.00 price objective on shares of Best Buy in a report on Monday, March 3rd. Finally, Bank of America decreased their price objective on shares of Best Buy from $80.00 to $75.00 and set an “underperform” rating for the company in a report on Wednesday. One equities research analyst has rated the stock with a sell rating, nine have assigned a hold rating, ten have given a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $93.50.

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.