Forsta AP Fonden Buys 14,700 Shares of Best Buy Co., Inc. (NYSE:BBY)

Forsta AP Fonden lifted its stake in shares of Best Buy Co., Inc. (NYSE:BBY) by 28.4% during the fourth quarter, HoldingsChannel.com reports. The firm owned 66,400 shares of the technology retailer’s stock after purchasing an additional 14,700 shares during the quarter. Forsta AP Fonden’s holdings in Best Buy were worth $5,697,000 as of its most recent filing with the SEC.

A number of other institutional investors have also added to or reduced their stakes in the stock. Charles Schwab Investment Management Inc. increased its position in shares of Best Buy by 4.1% during the third quarter. Charles Schwab Investment Management Inc. now owns 6,164,953 shares of the technology retailer’s stock valued at $636,840,000 after buying an additional 241,988 shares during the period. Geode Capital Management LLC increased its holdings in Best Buy by 2.5% during the 3rd quarter. Geode Capital Management LLC now owns 4,852,980 shares of the technology retailer’s stock worth $499,954,000 after acquiring an additional 120,185 shares during the period. Raymond James & Associates increased its holdings in Best Buy by 1.8% during the 3rd quarter. Raymond James & Associates now owns 3,440,215 shares of the technology retailer’s stock worth $355,374,000 after acquiring an additional 62,452 shares during the period. Eagle Asset Management Inc. lifted its stake in Best Buy by 3.3% in the 3rd quarter. Eagle Asset Management Inc. now owns 1,388,151 shares of the technology retailer’s stock worth $143,396,000 after purchasing an additional 44,693 shares in the last quarter. Finally, Thrivent Financial for Lutherans boosted its holdings in Best Buy by 5.6% in the 3rd quarter. Thrivent Financial for Lutherans now owns 1,160,614 shares of the technology retailer’s stock valued at $119,892,000 after purchasing an additional 61,119 shares during the period. Hedge funds and other institutional investors own 80.96% of the company’s stock.

Best Buy Price Performance

BBY opened at $85.73 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. The stock’s 50 day simple moving average is $86.38 and its 200 day simple moving average is $90.13. The firm has a market cap of $18.33 billion, a price-to-earnings ratio of 14.65, a PEG ratio of 2.14 and a beta of 1.43. Best Buy Co., Inc. has a 1 year low of $69.29 and a 1 year high of $103.71.

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

Best Buy Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, January 7th. Stockholders of record on Tuesday, December 17th were paid a dividend of $0.94 per share. This represents a $3.76 annualized dividend and a dividend yield of 4.39%. The ex-dividend date was Tuesday, December 17th. Best Buy’s dividend payout ratio (DPR) is 64.27%.

Insider Transactions at Best Buy

In other news, CFO Matthew M. Bilunas sold 69,166 shares of Best Buy stock in a transaction that occurred on Wednesday, December 11th. The stock was 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 in the company, valued at approximately $8,052,442.20. This trade represents a 42.90 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 0.59% of the stock is currently owned by company insiders.

Analysts Set New Price Targets

A number of equities research analysts recently issued reports on the company. DA Davidson reiterated a “buy” rating and issued a $117.00 price objective on shares of Best Buy in a research report on Tuesday, October 15th. Morgan Stanley dropped their price target on Best Buy from $105.00 to $100.00 and set an “equal weight” rating for the company in a research report on Tuesday, January 21st. StockNews.com cut shares of Best Buy from a “buy” rating to a “hold” rating in a research report on Friday, November 15th. Citigroup cut their price target on shares of Best Buy from $109.00 to $101.00 and set a “buy” rating for the company in a research note on Wednesday, November 27th. Finally, Telsey Advisory Group decreased their price target 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. One investment analyst has rated the stock with a sell rating, eight have given a hold rating, ten have issued a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, Best Buy presently has a consensus rating of “Moderate Buy” and an average price target of $101.72.

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.