Swedbank AB Sells 11,282 Shares of Best Buy Co., Inc. (NYSE:BBY)

Swedbank AB cut its stake in shares of Best Buy Co., Inc. (NYSE:BBY) by 2.2% in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 493,763 shares of the technology retailer’s stock after selling 11,282 shares during the period. Swedbank AB owned about 0.23% of Best Buy worth $42,365,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently modified their holdings of BBY. Forsta AP Fonden lifted its holdings in Best Buy by 28.4% in the fourth quarter. Forsta AP Fonden now owns 66,400 shares of the technology retailer’s stock valued at $5,697,000 after acquiring an additional 14,700 shares during the period. Smith Group Asset Management LLC purchased a new position in shares of Best Buy during the 4th quarter worth $343,000. Robeco Institutional Asset Management B.V. grew its position in shares of Best Buy by 33.7% during the 4th quarter. Robeco Institutional Asset Management B.V. now owns 603,735 shares of the technology retailer’s stock valued at $51,800,000 after acquiring an additional 152,126 shares during the period. Lebenthal Global Advisors LLC increased its stake in shares of Best Buy by 68.7% in the 4th quarter. Lebenthal Global Advisors LLC now owns 6,495 shares of the technology retailer’s stock worth $557,000 after purchasing an additional 2,645 shares in the last quarter. Finally, Pacer Advisors Inc. lifted its position in Best Buy by 76.1% during the fourth quarter. Pacer Advisors Inc. now owns 25,656 shares of the technology retailer’s stock valued at $2,201,000 after purchasing an additional 11,090 shares in the last quarter. 80.96% of the stock is owned by institutional investors.

Best Buy Stock Down 2.0 %

Shares of NYSE BBY opened at $85.08 on Thursday. The company has a current ratio of 1.00, a quick ratio of 0.22 and a debt-to-equity ratio of 0.37. Best Buy Co., Inc. has a 12-month low of $69.29 and a 12-month high of $103.71. The firm’s 50-day moving average price is $86.41 and its 200-day moving average price is $90.19. The stock has a market capitalization of $18.19 billion, a price-to-earnings ratio of 14.54, a P/E/G ratio of 2.11 and a beta of 1.43.

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). The company had revenue of $9.45 billion for the quarter, compared to analysts’ expectations of $9.63 billion. Best Buy had a net margin of 3.01% and a return on equity of 45.93%. The company’s revenue for the quarter was down 3.2% on a year-over-year basis. During the same quarter last year, the company earned $1.29 earnings per share. On average, equities research analysts anticipate that Best Buy Co., Inc. will post 6.18 EPS 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 dividend of $0.94 per share. This represents a $3.76 dividend on an annualized basis and a yield of 4.42%. The ex-dividend date of this dividend was Tuesday, December 17th. Best Buy’s dividend payout ratio (DPR) is 64.27%.

Insider Activity

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 sale, 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 document filed with the SEC, which is available through this hyperlink. Insiders own 0.59% of the company’s stock.

Analyst Upgrades and Downgrades

A number of brokerages have commented on BBY. Loop Capital restated a “buy” rating and issued a $100.00 price target on shares of Best Buy in a research report on Wednesday, December 18th. Barclays lowered their price target 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. DA Davidson reissued a “buy” rating and issued a $117.00 price objective on shares of Best Buy in a research note on Tuesday, October 15th. JPMorgan Chase & Co. lifted their target price on shares of Best Buy from $111.00 to $117.00 and gave the company an “overweight” rating in a research note on Friday, November 22nd. Finally, StockNews.com lowered Best Buy from a “buy” rating to a “hold” rating in a research note on Friday, November 15th. One analyst has rated the stock with a sell rating, eight have assigned a hold rating, ten have assigned a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $101.72.

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.