Twin Capital Management Inc. Cuts Stock Position in Best Buy Co., Inc. (NYSE:BBY)

Twin Capital Management Inc. lowered its stake in Best Buy Co., Inc. (NYSE:BBYGet Rating) by 74.0% during the 1st quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 9,388 shares of the technology retailer’s stock after selling 26,682 shares during the period. Twin Capital Management Inc.’s holdings in Best Buy were worth $853,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds and other institutional investors also recently made changes to their positions in BBY. National Asset Management Inc. grew its stake in shares of Best Buy by 5.5% in the 4th quarter. National Asset Management Inc. now owns 4,604 shares of the technology retailer’s stock worth $468,000 after buying an additional 238 shares during the last quarter. Commonwealth Equity Services LLC lifted its position in Best Buy by 16.8% in the 4th quarter. Commonwealth Equity Services LLC now owns 44,254 shares of the technology retailer’s stock valued at $4,496,000 after acquiring an additional 6,367 shares in the last quarter. Yousif Capital Management LLC bought a new position in Best Buy in the 4th quarter valued at approximately $3,930,000. CWM LLC bought a new position in Best Buy in the 4th quarter valued at approximately $238,000. Finally, Nomura Asset Management Co. Ltd. lifted its position in Best Buy by 4.8% in the 4th quarter. Nomura Asset Management Co. Ltd. now owns 49,915 shares of the technology retailer’s stock valued at $5,071,000 after acquiring an additional 2,297 shares in the last quarter. Hedge funds and other institutional investors own 80.79% of the company’s stock.

Analyst Upgrades and Downgrades

Several research firms recently issued reports on BBY. Citigroup reaffirmed a “buy” rating on shares of Best Buy in a research report on Thursday, June 23rd. Barclays cut Best Buy from an “overweight” rating to an “equal weight” rating and set a $80.00 price objective on the stock. in a research report on Wednesday, May 25th. StockNews.com cut Best Buy from a “buy” rating to a “hold” rating in a research report on Friday, May 27th. TheStreet cut Best Buy from a “b-” rating to a “c+” rating in a report on Tuesday, July 5th. Finally, Wells Fargo & Company lowered their price target on Best Buy from $82.00 to $70.00 and set an “equal weight” rating on the stock in a report on Thursday, July 28th. One research analyst has rated the stock with a sell rating, eight have assigned a hold rating and eight have given a buy rating to the stock. According to MarketBeat, Best Buy has an average rating of “Hold” and an average price target of $87.69.

Best Buy Trading Up 0.8 %

NYSE:BBY opened at $76.29 on Friday. The company has a debt-to-equity ratio of 0.42, a current ratio of 0.96 and a quick ratio of 0.24. The firm has a market capitalization of $17.18 billion, a price-to-earnings ratio of 8.47, a price-to-earnings-growth ratio of 0.62 and a beta of 1.50. Best Buy Co., Inc. has a one year low of $64.29 and a one year high of $141.97. The business has a fifty day moving average price of $73.75 and a 200-day moving average price of $87.25.

Best Buy (NYSE:BBYGet Rating) last posted its quarterly earnings data on Tuesday, May 24th. The technology retailer reported $1.57 EPS for the quarter, missing the consensus estimate of $1.59 by ($0.02). The company had revenue of $10.65 billion during the quarter, compared to analysts’ expectations of $10.43 billion. Best Buy had a return on equity of 63.39% and a net margin of 4.33%. The company’s revenue for the quarter was down 8.5% on a year-over-year basis. During the same quarter last year, the company earned $2.23 earnings per share. Sell-side analysts forecast that Best Buy Co., Inc. will post 6.9 EPS for the current year.

Best Buy Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Tuesday, July 5th. Shareholders of record on Tuesday, June 14th were paid a $0.88 dividend. The ex-dividend date was Monday, June 13th. This represents a $3.52 dividend on an annualized basis and a yield of 4.61%. Best Buy’s payout ratio is presently 39.07%.

Insiders Place Their Bets

In other Best Buy news, insider Allison Peterson sold 1,646 shares of the stock in a transaction on Wednesday, June 1st. The stock was sold at an average price of $80.68, for a total value of $132,799.28. Following the completion of the sale, the insider now owns 39,030 shares in the company, valued at approximately $3,148,940.40. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. In other Best Buy news, insider Allison Peterson sold 1,646 shares of the stock in a transaction on Wednesday, June 1st. The stock was sold at an average price of $80.68, for a total value of $132,799.28. Following the completion of the sale, the insider now owns 39,030 shares in the company, valued at approximately $3,148,940.40. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CEO Corie S. Barry sold 4,388 shares of the stock in a transaction on Tuesday, June 14th. The stock was sold at an average price of $70.00, for a total value of $307,160.00. Following the completion of the sale, the chief executive officer now owns 315,313 shares of the company’s stock, valued at approximately $22,071,910. The disclosure for this sale can be found here. In the last quarter, insiders sold 63,011 shares of company stock worth $5,036,334. Corporate insiders own 0.44% of the company’s stock.

About Best Buy

(Get Rating)

Best Buy Co, Inc retails technology products in the United States and Canada. The company operates in two segments, Domestic and International. Its stores provide computing 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, home theater, portable audio comprising headphones and portable speakers, and smart home products.

See Also

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Institutional Ownership by Quarter for Best Buy (NYSE:BBY)

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