Handelsbanken Fonder AB Has $3.28 Million Stock Holdings in Best Buy Co., Inc. (NYSE:BBY)

Handelsbanken Fonder AB increased its stake in Best Buy Co., Inc. (NYSE:BBY) by 28.6% during the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm 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.

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

Best Buy Stock Down 1.3 %

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

Best Buy (NYSE:BBY) last posted 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 return on equity of 45.93% and a net margin of 3.01%. The firm had revenue of $9.45 billion for the quarter, compared to analysts’ expectations of $9.63 billion. During the same period in the prior year, the firm earned $1.29 earnings per share. Best Buy’s revenue was down 3.2% compared to the same quarter last year. Sell-side analysts expect that Best Buy Co., Inc. will post 6.18 EPS for the current fiscal year.

Best Buy Dividend Announcement

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 $0.94 dividend. This represents a $3.76 dividend on an annualized basis and a yield of 4.19%. The ex-dividend date was Tuesday, December 17th. Best Buy’s payout ratio is 64.27%.

Insider Buying and Selling at Best Buy

In other news, CFO Matthew M. Bilunas sold 69,166 shares of the company’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 directly owns 92,070 shares of the company’s stock, valued at $8,052,442.20. This represents a 42.90 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Company insiders own 0.59% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research analysts have recently issued reports on the company. Wells Fargo & Company dropped their price objective on Best Buy from $95.00 to $89.00 and set an “equal weight” rating on the stock in a research note on Wednesday, November 27th. UBS Group dropped their price target on Best Buy from $123.00 to $115.00 and set a “buy” rating on the stock in a research note on Wednesday, November 27th. JPMorgan Chase & Co. raised their price objective on shares of Best Buy from $111.00 to $117.00 and gave the stock an “overweight” rating in a research report on Friday, November 22nd. Guggenheim dropped their target price on shares of Best Buy from $110.00 to $105.00 and set a “buy” rating on the stock in a research report on Friday, November 29th. Finally, Barclays cut their target price on shares of Best Buy from $95.00 to $89.00 and set an “equal weight” rating on the stock in a research note on Thursday, January 9th. One equities research analyst has rated the stock with a sell rating, eight have issued a hold rating, ten have assigned a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, the company presently has an average 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.