Handelsbanken Fonder AB Reduces Position in Best Buy Co., Inc. (NYSE:BBY)

Handelsbanken Fonder AB trimmed its stake in Best Buy Co., Inc. (NYSE:BBY) by 31.3% in the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 29,692 shares of the technology retailer’s stock after selling 13,502 shares during the period. Handelsbanken Fonder AB’s holdings in Best Buy were worth $3,067,000 at the end of the most recent reporting period.

Other institutional investors also recently bought and sold shares of the company. Cullen Investment Group LTD. increased its position in Best Buy by 1.7% in the third quarter. Cullen Investment Group LTD. now owns 66,152 shares of the technology retailer’s stock worth $6,834,000 after buying an additional 1,111 shares in the last quarter. Rockland Trust Co. grew its stake in shares of Best Buy by 2.4% during the 3rd quarter. Rockland Trust Co. now owns 11,715 shares of the technology retailer’s stock valued at $1,210,000 after acquiring an additional 280 shares during the period. Park Avenue Securities LLC raised its stake in Best Buy by 1.3% during the 3rd quarter. Park Avenue Securities LLC now owns 8,281 shares of the technology retailer’s stock worth $855,000 after acquiring an additional 103 shares during the period. Delta Financial Group Inc. bought a new stake in Best Buy during the 3rd quarter worth approximately $216,000. Finally, Czech National Bank lifted its holdings in Best Buy by 9.0% during the third quarter. Czech National Bank now owns 39,988 shares of the technology retailer’s stock valued at $4,131,000 after purchasing an additional 3,296 shares in the last quarter. 80.96% of the stock is owned by institutional investors.

Best Buy Stock Up 0.5 %

NYSE:BBY opened at $98.33 on Wednesday. The company has a market cap of $21.21 billion, a price-to-earnings ratio of 17.22, a price-to-earnings-growth ratio of 2.56 and a beta of 1.46. Best Buy Co., Inc. has a twelve month low of $62.30 and a twelve month high of $103.71. The company has a current ratio of 1.01, a quick ratio of 0.34 and a debt-to-equity ratio of 0.37. The stock has a fifty day simple moving average of $92.80 and a 200-day simple moving average of $85.22.

Best Buy (NYSE:BBY) last announced its quarterly earnings data on Thursday, August 29th. The technology retailer reported $1.34 earnings per share for the quarter, beating analysts’ consensus estimates of $1.16 by $0.18. The company had revenue of $9.29 billion during the quarter, compared to analyst estimates of $9.23 billion. Best Buy had a net margin of 2.96% and a return on equity of 47.19%. The firm’s revenue for the quarter was down 3.1% on a year-over-year basis. During the same quarter last year, the business posted $1.22 EPS. Analysts anticipate that Best Buy Co., Inc. will post 6.28 EPS for the current year.

Best Buy Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Thursday, October 10th. Stockholders of record on Thursday, September 19th will be given a dividend of $0.94 per share. This represents a $3.76 dividend on an annualized basis and a dividend yield of 3.82%. The ex-dividend date is Thursday, September 19th. Best Buy’s payout ratio is 65.85%.

Analyst Upgrades and Downgrades

BBY has been the topic of several recent analyst reports. Loop Capital raised their price objective on shares of Best Buy from $100.00 to $110.00 and gave the company a “buy” rating in a research report on Friday, August 30th. Melius Research began coverage on Best Buy in a report on Monday, September 23rd. They set a “hold” rating and a $100.00 price target on the stock. UBS Group upped their price objective on Best Buy from $106.00 to $123.00 and gave the stock a “buy” rating in a research note on Friday, August 30th. Wedbush lifted their target price on Best Buy from $85.00 to $95.00 and gave the company a “neutral” rating in a research note on Friday, August 30th. Finally, Telsey Advisory Group upped their price target on Best Buy from $95.00 to $115.00 and gave the stock an “outperform” rating in a research note on Friday, August 30th. One investment analyst has rated the stock with a sell rating, seven have given a hold rating, ten have given a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $102.41.

Insider Activity

In other news, Chairman Richard M. Schulze sold 691,328 shares of the business’s stock in a transaction dated Thursday, July 18th. The shares were sold at an average price of $88.46, for a total value of $61,154,874.88. Following the completion of the sale, the chairman now owns 14,911,525 shares in the company, valued at approximately $1,319,073,501.50. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. In related news, Chairman Richard M. Schulze sold 691,328 shares of the business’s stock in a transaction that occurred on Thursday, July 18th. The shares were sold at an average price of $88.46, for a total value of $61,154,874.88. Following the completion of the transaction, the chairman now owns 14,911,525 shares of the company’s stock, valued at $1,319,073,501.50. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, Chairman Richard M. Schulze sold 600,000 shares of the business’s stock in a transaction on Monday, July 22nd. The stock was sold at an average price of $88.29, for a total value of $52,974,000.00. Following the completion of the transaction, the chairman now directly owns 14,002,853 shares of the company’s stock, valued at approximately $1,236,311,891.37. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 1,379,870 shares of company stock worth $121,942,706. Company insiders own 0.59% of the company’s stock.

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.