Ameriprise Financial Inc. Has $62.07 Million Position in Best Buy Co., Inc. (NYSE:BBY)

Ameriprise Financial Inc. increased its holdings in Best Buy Co., Inc. (NYSE:BBY) by 6.2% in the 4th quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 723,133 shares of the technology retailer’s stock after purchasing an additional 42,159 shares during the period. Ameriprise Financial Inc. owned approximately 0.34% of Best Buy worth $62,074,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in BBY. Principal Financial Group Inc. grew its position in Best Buy by 2.0% in the third quarter. Principal Financial Group Inc. now owns 247,510 shares of the technology retailer’s stock valued at $25,568,000 after acquiring an additional 4,958 shares during the period. Wealth Enhancement Advisory Services LLC boosted its stake in shares of Best Buy by 0.4% in the 4th quarter. Wealth Enhancement Advisory Services LLC now owns 115,771 shares of the technology retailer’s stock valued at $9,933,000 after purchasing an additional 485 shares in the last quarter. Harbor Capital Advisors Inc. boosted its stake in shares of Best Buy by 79.5% in the 4th quarter. Harbor Capital Advisors Inc. now owns 691 shares of the technology retailer’s stock valued at $59,000 after purchasing an additional 306 shares in the last quarter. Graypoint LLC grew its holdings in shares of Best Buy by 8.7% in the 4th quarter. Graypoint LLC now owns 9,970 shares of the technology retailer’s stock worth $855,000 after purchasing an additional 799 shares during the last quarter. Finally, Czech National Bank increased its position in shares of Best Buy by 5.9% during the 4th quarter. Czech National Bank now owns 42,367 shares of the technology retailer’s stock worth $3,635,000 after purchasing an additional 2,379 shares in the last quarter. Institutional investors own 80.96% of the company’s stock.

Insider Buying and Selling at Best Buy

In related news, CEO Corie S. Barry bought 13,500 shares of the company’s stock in a transaction that occurred on Wednesday, March 12th. The shares were acquired at an average price of $72.92 per share, for a total transaction of $984,420.00. Following the completion of the acquisition, the chief executive officer now owns 378,780 shares of the company’s stock, valued at approximately $27,620,637.60. The trade was a 3.70 % increase in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CAO Mathew Watson sold 3,182 shares of the firm’s stock in a transaction that occurred on Friday, March 14th. The shares were sold at an average price of $71.29, for a total value of $226,844.78. Following the completion of the transaction, the chief accounting officer now owns 19,218 shares of the company’s stock, valued at approximately $1,370,051.22. This represents a 14.21 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 78,355 shares of company stock worth $5,767,213. Insiders own 0.47% of the company’s stock.

Analysts Set New Price Targets

Several brokerages have weighed in on BBY. KeyCorp reaffirmed a “sector weight” rating on shares of Best Buy in a research note on Wednesday, March 5th. Citigroup reiterated a “neutral” rating and issued a $70.00 price objective (down previously from $93.00) on shares of Best Buy in a research report on Thursday, April 3rd. Telsey Advisory Group decreased their target price on Best Buy from $110.00 to $100.00 and set an “outperform” rating on the stock in a report on Wednesday, March 5th. DA Davidson reaffirmed a “buy” rating and issued a $110.00 price target on shares of Best Buy in a report on Monday, April 14th. Finally, Wedbush restated a “neutral” rating and issued a $90.00 price objective on shares of Best Buy in a research report on Monday, March 3rd. Two analysts have rated the stock with a sell rating, ten have assigned a hold rating, eight have issued a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, Best Buy has a consensus rating of “Hold” and an average target price of $91.28.

Best Buy Trading Down 0.8 %

BBY opened at $68.85 on Friday. The stock has a market capitalization of $14.57 billion, a P/E ratio of 11.77, a P/E/G ratio of 2.10 and a beta of 1.27. The company has a current ratio of 1.00, a quick ratio of 0.22 and a debt-to-equity ratio of 0.37. Best Buy Co., Inc. has a 12 month low of $54.99 and a 12 month high of $103.71. The firm’s fifty day simple moving average is $68.31 and its 200 day simple moving average is $81.00.

Best Buy (NYSE:BBY) last posted its quarterly earnings data on Tuesday, March 4th. The technology retailer reported $2.58 earnings per share for the quarter, topping the consensus estimate of $2.40 by $0.18. The company had revenue of $13.95 billion during the quarter, compared to analysts’ expectations of $13.69 billion. Best Buy had a return on equity of 45.93% and a net margin of 3.01%. During the same period in the prior year, the firm earned $2.72 earnings per share. As a group, research analysts anticipate that Best Buy Co., Inc. will post 6.18 EPS for the current fiscal year.

Best Buy Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Tuesday, April 15th. Investors of record on Tuesday, March 25th were issued a dividend of $0.95 per share. This is a boost from Best Buy’s previous quarterly dividend of $0.94. The ex-dividend date of this dividend was Tuesday, March 25th. This represents a $3.80 annualized dividend and a yield of 5.52%. Best Buy’s dividend payout ratio is presently 88.99%.

Best Buy Company 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.