Best Buy Co., Inc. (NYSE:BBY) Shares Sold by American International Group Inc.

American International Group Inc. lowered its stake in shares of Best Buy Co., Inc. (NYSE:BBY) by 1.2% during the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 51,035 shares of the technology retailer’s stock after selling 597 shares during the period. American International Group Inc.’s holdings in Best Buy were worth $3,995,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in BBY. Bfsg LLC acquired a new stake in shares of Best Buy during the 4th quarter worth about $25,000. Naples Money Management LLC acquired a new position in Best Buy in the 4th quarter valued at $27,000. Access Investment Management LLC purchased a new position in shares of Best Buy during the 4th quarter worth $27,000. Cary Street Partners Investment Advisory LLC boosted its holdings in shares of Best Buy by 549.1% during the third quarter. Cary Street Partners Investment Advisory LLC now owns 357 shares of the technology retailer’s stock worth $25,000 after purchasing an additional 302 shares during the last quarter. Finally, Hartford Financial Management Inc. lifted its position in Best Buy by 56.5% during the fourth quarter. Hartford Financial Management Inc. now owns 388 shares of the technology retailer’s stock worth $30,000 after buying an additional 140 shares during the period. Hedge funds and other institutional investors own 80.96% of the company’s stock.

Wall Street Analysts Forecast Growth

Several analysts have commented on BBY shares. Telsey Advisory Group restated an “outperform” rating and issued a $95.00 price target on shares of Best Buy in a report on Thursday, May 30th. Wedbush reiterated a “neutral” rating and issued a $85.00 price target on shares of Best Buy in a report on Tuesday, May 28th. TheStreet upgraded Best Buy from a “c” rating to a “b-” rating in a report on Thursday, February 29th. Morgan Stanley boosted their price target on Best Buy from $80.00 to $82.00 and gave the company an “equal weight” rating in a research report on Friday, March 1st. Finally, DA Davidson raised their price objective on Best Buy from $90.00 to $95.00 and gave the stock a “buy” rating in a report on Friday, May 31st. Seven analysts have rated the stock with a hold rating and nine have given a buy rating to the company. According to MarketBeat, Best Buy currently has an average rating of “Moderate Buy” and a consensus price target of $90.87.

Insider Buying and Selling at Best Buy

In other news, Chairman Richard M. Schulze sold 1,000,000 shares of the company’s stock in a transaction dated Thursday, May 30th. The shares were sold at an average price of $80.21, for a total value of $80,210,000.00. Following the sale, the chairman now owns 8,850 shares in the company, valued at approximately $709,858.50. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. In other news, Chairman Richard M. Schulze sold 1,000,000 shares of the business’s stock in a transaction that occurred on Thursday, May 30th. The stock was sold at an average price of $80.21, for a total value of $80,210,000.00. Following the completion of the sale, the chairman now directly owns 8,850 shares in the company, valued at approximately $709,858.50. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, CAO Mathew Watson sold 3,520 shares of the firm’s stock in a transaction on Tuesday, April 9th. The stock was sold at an average price of $82.43, for a total value of $290,153.60. Following the transaction, the chief accounting officer now owns 22,118 shares in the company, valued at $1,823,186.74. The disclosure for this sale can be found here. Insiders have sold 2,004,149 shares of company stock worth $166,397,807 in the last ninety days. 0.59% of the stock is owned by insiders.

Best Buy Stock Performance

Shares of BBY stock opened at $90.40 on Monday. The company has a debt-to-equity ratio of 0.37, a current ratio of 1.01 and a quick ratio of 0.33. The company’s fifty day moving average price is $78.76 and its two-hundred day moving average price is $77.33. The firm has a market capitalization of $19.50 billion, a P/E ratio of 15.83, a P/E/G ratio of 2.98 and a beta of 1.49. Best Buy Co., Inc. has a 12 month low of $62.30 and a 12 month high of $93.72.

Best Buy (NYSE:BBY) last released its quarterly earnings results on Thursday, May 30th. The technology retailer reported $1.20 EPS for the quarter, topping the consensus estimate of $1.08 by $0.12. Best Buy had a return on equity of 47.56% and a net margin of 2.90%. The business had revenue of $8.85 billion for the quarter, compared to analysts’ expectations of $8.96 billion. During the same quarter in the previous year, the firm posted $1.15 earnings per share. The company’s revenue was down 6.5% compared to the same quarter last year. On average, research analysts anticipate that Best Buy Co., Inc. will post 6.11 earnings per share for the current fiscal year.

Best Buy Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Thursday, July 11th. Investors of record on Thursday, June 20th will be issued a $0.94 dividend. The ex-dividend date of this dividend is Thursday, June 20th. This represents a $3.76 annualized dividend and a yield of 4.16%. Best Buy’s dividend payout ratio is presently 65.85%.

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.