First National Bank of Mount Dora Trust Investment Services purchased a new position in Best Buy Co Inc (NYSE:BBY) during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund purchased 18,572 shares of the technology retailer’s stock, valued at approximately $1,319,000.
Other institutional investors also recently made changes to their positions in the company. FMR LLC increased its stake in shares of Best Buy by 3.6% during the fourth quarter. FMR LLC now owns 23,545,963 shares of the technology retailer’s stock valued at $1,246,994,000 after buying an additional 816,394 shares during the period. Bank of New York Mellon Corp increased its stake in shares of Best Buy by 10.0% during the third quarter. Bank of New York Mellon Corp now owns 6,519,666 shares of the technology retailer’s stock valued at $517,400,000 after buying an additional 591,086 shares during the period. Northern Trust Corp increased its stake in shares of Best Buy by 13.3% during the fourth quarter. Northern Trust Corp now owns 4,061,338 shares of the technology retailer’s stock valued at $215,088,000 after buying an additional 478,177 shares during the period. OppenheimerFunds Inc. increased its stake in shares of Best Buy by 10.1% during the third quarter. OppenheimerFunds Inc. now owns 3,851,524 shares of the technology retailer’s stock valued at $305,657,000 after buying an additional 353,522 shares during the period. Finally, LSV Asset Management increased its stake in shares of Best Buy by 7.8% during the fourth quarter. LSV Asset Management now owns 3,481,562 shares of the technology retailer’s stock valued at $184,383,000 after buying an additional 250,769 shares during the period. 83.70% of the stock is currently owned by institutional investors and hedge funds.
Shares of NYSE BBY traded down $0.75 during mid-day trading on Tuesday, hitting $71.34. 521,188 shares of the stock traded hands, compared to its average volume of 3,613,511. The company has a quick ratio of 0.46, a current ratio of 1.18 and a debt-to-equity ratio of 0.40. Best Buy Co Inc has a 52 week low of $47.72 and a 52 week high of $84.37. The firm has a market capitalization of $19.12 billion, a PE ratio of 13.41, a P/E/G ratio of 1.39 and a beta of 0.94.
Best Buy announced that its board has approved a stock buyback program on Wednesday, February 27th that authorizes the company to repurchase $3.00 billion in outstanding shares. This repurchase authorization authorizes the technology retailer to repurchase up to 18.5% of its shares through open market purchases. Shares repurchase programs are typically a sign that the company’s management believes its stock is undervalued.
The business also recently announced a quarterly dividend, which will be paid on Wednesday, April 10th. Shareholders of record on Wednesday, March 20th will be issued a $0.50 dividend. This represents a $2.00 annualized dividend and a yield of 2.80%. This is an increase from Best Buy’s previous quarterly dividend of $0.45. The ex-dividend date is Tuesday, March 19th. Best Buy’s payout ratio is 37.59%.
In other Best Buy news, SVP Mathew Watson sold 1,990 shares of the business’s stock in a transaction on Friday, March 15th. The stock was sold at an average price of $68.58, for a total value of $136,474.20. Following the sale, the senior vice president now directly owns 18,711 shares of the company’s stock, valued at $1,283,200.38. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, major shareholder Richard M. Schulze sold 25,443 shares of the business’s stock in a transaction on Monday, March 4th. The stock was sold at an average price of $68.22, for a total value of $1,735,721.46. Following the completion of the sale, the insider now directly owns 1,732,500 shares in the company, valued at $118,191,150. The disclosure for this sale can be found here. Insiders sold 1,239,284 shares of company stock worth $85,077,082 over the last three months. Corporate insiders own 0.75% of the company’s stock.
Several equities analysts have recently issued reports on the company. Oppenheimer raised Best Buy from a “market perform” rating to an “outperform” rating and set a $86.00 target price on the stock in a research note on Friday, March 22nd. Evercore ISI assumed coverage on Best Buy in a research note on Wednesday, March 20th. They set an “in-line” rating and a $75.00 target price on the stock. Bank of America raised Best Buy from an “underperform” rating to a “neutral” rating and set a $50.00 target price on the stock in a research note on Wednesday, February 27th. Citigroup boosted their target price on Best Buy from $72.00 to $77.00 and gave the company a “neutral” rating in a research note on Friday, March 1st. Finally, Telsey Advisory Group reissued a “market perform” rating and set a $74.00 target price (up from $67.00) on shares of Best Buy in a research note on Thursday, February 28th. One investment analyst has rated the stock with a sell rating, eleven have given a hold rating and eight have given a buy rating to the company. The stock currently has a consensus rating of “Hold” and an average target price of $76.82.
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Best Buy Company Profile
Best Buy Co, Inc operates as a retailer of technology products, services, and solutions in the United States, Canada, and Mexico. The company operates in two segments, Domestic and International. Its stores provide consumer electronics, including digital imaging, health and fitness, home automation, home theater, and portable audio products; computing and mobile phones, such as computing and peripherals, networking products, tablets, smart watches, and e-readers, as well as mobile phones comprising related mobile network carrier commissions; and entertainment products, including drones, movies, music, and technology toys, as well as gaming hardware and software, and virtual reality and other software products.
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