AMF Tjanstepension AB Purchases Shares of 105,583 Best Buy Co., Inc. (NYSE:BBY)

AMF Tjanstepension AB acquired a new position in shares of Best Buy Co., Inc. (NYSE:BBY) during the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm acquired 105,583 shares of the technology retailer’s stock, valued at approximately $8,676,000.

Several other hedge funds also recently made changes to their positions in BBY. Cary Street Partners Investment Advisory LLC grew 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. Bfsg LLC purchased a new position in shares of Best Buy during the fourth quarter worth about $25,000. Rise Advisors LLC grew its holdings in shares of Best Buy by 69.5% during the first quarter. Rise Advisors LLC now owns 322 shares of the technology retailer’s stock worth $26,000 after buying an additional 132 shares during the last quarter. Naples Money Management LLC purchased a new position in shares of Best Buy during the fourth quarter worth about $27,000. Finally, Access Investment Management LLC purchased a new position in shares of Best Buy during the fourth quarter worth about $27,000. Hedge funds and other institutional investors own 80.96% of the company’s stock.

Best Buy Stock Down 0.0 %

BBY stock opened at $84.29 on Friday. The stock has a market capitalization of $18.18 billion, a P/E ratio of 14.76, a PEG ratio of 2.72 and a beta of 1.49. The company has a debt-to-equity ratio of 0.37, a quick ratio of 0.33 and a current ratio of 1.01. Best Buy Co., Inc. has a one year low of $62.30 and a one year high of $93.72. The company has a 50 day moving average price of $79.74 and a two-hundred day moving average price of $77.69.

Best Buy (NYSE:BBY) last released its 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. The firm had revenue of $8.85 billion during the quarter, compared to analysts’ expectations of $8.96 billion. Best Buy had a net margin of 2.90% and a return on equity of 47.56%. Best Buy’s revenue for the quarter was down 6.5% on a year-over-year basis. During the same period in the previous year, the company earned $1.15 EPS. As a group, sell-side analysts expect that Best Buy Co., Inc. will post 6.11 EPS for the current year.

Best Buy Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, July 11th. Stockholders of record on Thursday, June 20th will be paid a dividend of $0.94 per share. The ex-dividend date is Thursday, June 20th. This represents a $3.76 annualized dividend and a dividend yield of 4.46%. Best Buy’s dividend payout ratio is presently 65.85%.

Insider Activity

In related news, CEO Corie S. Barry sold 366 shares of the company’s stock in a transaction on Wednesday, April 17th. The shares were sold at an average price of $75.76, for a total transaction of $27,728.16. Following the completion of the sale, the chief executive officer now directly owns 431,231 shares of the company’s stock, valued at approximately $32,670,060.56. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. In other news, CAO Mathew Watson sold 3,520 shares of the company’s stock in a transaction dated Tuesday, April 9th. The shares were sold at an average price of $82.43, for a total value of $290,153.60. Following the sale, the chief accounting officer now owns 22,118 shares in the company, valued at approximately $1,823,186.74. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, CEO Corie S. Barry sold 366 shares of the company’s stock in a transaction dated Wednesday, April 17th. The shares were sold at an average price of $75.76, for a total transaction of $27,728.16. Following the completion of the sale, the chief executive officer now owns 431,231 shares in the company, valued at approximately $32,670,060.56. The disclosure for this sale can be found here. Insiders sold 2,004,149 shares of company stock valued at $166,397,807 in the last ninety days. Company insiders own 0.59% of the company’s stock.

Analysts Set New Price Targets

BBY has been the topic of a number of research reports. UBS Group raised Best Buy from a “neutral” rating to a “buy” rating and raised their price target for the stock from $85.00 to $106.00 in a report on Monday, June 17th. Jefferies Financial Group reduced their price objective on shares of Best Buy from $95.00 to $94.00 and set a “buy” rating for the company in a research report on Monday, April 8th. Loop Capital raised their price objective on shares of Best Buy from $93.00 to $100.00 and gave the company a “buy” rating in a research report on Friday, June 7th. The Goldman Sachs Group raised their price objective on shares of Best Buy from $81.00 to $90.00 and gave the company a “buy” rating in a research report on Friday, March 1st. Finally, Citigroup upgraded shares of Best Buy from a “sell” rating to a “buy” rating and raised their price objective for the company from $67.00 to $100.00 in a research report on Monday, June 3rd. Seven investment analysts have rated the stock with a hold rating and nine have issued a buy rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $90.87.

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.