Handelsbanken Fonder AB Acquires 8,499 Shares of Best Buy Co., Inc. (NYSE:BBY)

Handelsbanken Fonder AB boosted its holdings in Best Buy Co., Inc. (NYSE:BBY) by 28.6% during the fourth quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 38,191 shares of the technology retailer’s stock after acquiring an additional 8,499 shares during the quarter. Handelsbanken Fonder AB’s holdings in Best Buy were worth $3,277,000 at the end of the most recent reporting period.

Other institutional investors have also added to or reduced their stakes in the company. Golden State Wealth Management LLC purchased a new position in shares of Best Buy during the fourth quarter worth about $32,000. Harbor Capital Advisors Inc. purchased a new position in Best Buy in the 3rd quarter worth approximately $40,000. LRI Investments LLC grew its stake in Best Buy by 632.1% in the 3rd quarter. LRI Investments LLC now owns 388 shares of the technology retailer’s stock worth $40,000 after buying an additional 335 shares in the last quarter. Trust Co. of Vermont increased its holdings in shares of Best Buy by 1,200.0% in the 4th quarter. Trust Co. of Vermont now owns 416 shares of the technology retailer’s stock worth $36,000 after buying an additional 384 shares during the last quarter. Finally, Brooklyn Investment Group purchased a new stake in shares of Best Buy during the 3rd quarter valued at $44,000. 80.96% of the stock is currently owned by institutional investors.

Insider Buying and Selling at Best Buy

In other news, CFO Matthew M. Bilunas sold 69,166 shares of the firm’s 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 completion of the transaction, the chief financial officer now owns 92,070 shares in the company, valued at $8,052,442.20. This trade 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 Ratings Changes

Several brokerages have issued reports on BBY. Barclays dropped their price target on Best Buy from $95.00 to $89.00 and set an “equal weight” rating for the company in a research note on Thursday, January 9th. StockNews.com downgraded Best Buy from a “buy” rating to a “hold” rating in a research report on Friday, November 15th. UBS Group reduced their price target on shares of Best Buy from $123.00 to $115.00 and set a “buy” rating on the stock in a research report on Wednesday, November 27th. Citigroup decreased their price target on shares of Best Buy from $109.00 to $101.00 and set a “buy” rating on the stock in a research note on Wednesday, November 27th. Finally, Wells Fargo & Company cut their price objective on shares of Best Buy from $95.00 to $89.00 and set an “equal weight” rating for the company in a research note on Wednesday, November 27th. One equities research analyst has rated the stock with a sell rating, eight have assigned 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 a consensus price target of $101.72.

Best Buy Price Performance

BBY opened at $89.80 on Monday. The stock’s 50 day moving average price is $86.10 and its 200-day moving average price is $90.43. Best Buy Co., Inc. has a 52-week low of $69.29 and a 52-week high of $103.71. The stock has a market capitalization of $19.20 billion, a PE ratio of 15.35, a price-to-earnings-growth ratio of 2.13 and a beta of 1.43. The company has a debt-to-equity ratio of 0.37, a quick ratio of 0.22 and a current ratio of 1.00.

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 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 in the previous year, the firm posted $1.29 earnings per share. The firm’s revenue for the quarter was down 3.2% compared to the same quarter last year. On average, equities research analysts predict that Best Buy Co., Inc. will post 6.18 EPS for the current year.

Best Buy Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, January 7th. Shareholders of record on Tuesday, December 17th were issued a $0.94 dividend. The ex-dividend date was Tuesday, December 17th. This represents a $3.76 annualized dividend and a yield of 4.19%. Best Buy’s dividend payout ratio (DPR) is presently 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.