WBI Investments LLC Purchases 21,020 Shares of Best Buy Co., Inc. (NYSE:BBY)

WBI Investments LLC boosted its holdings in Best Buy Co., Inc. (NYSE:BBY) by 127.1% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 37,563 shares of the technology retailer’s stock after acquiring an additional 21,020 shares during the quarter. Best Buy accounts for about 0.8% of WBI Investments LLC’s investment portfolio, making the stock its 24th biggest position. WBI Investments LLC’s holdings in Best Buy were worth $3,223,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also added to or reduced their stakes in the company. Raymond James Financial Inc. acquired a new position in shares of Best Buy in the 4th quarter worth approximately $514,483,000. Norges Bank acquired a new position in Best Buy during the 4th quarter worth about $178,015,000. Northern Trust Corp grew its holdings in Best Buy by 31.3% during the 4th quarter. Northern Trust Corp now owns 2,942,832 shares of the technology retailer’s stock worth $252,495,000 after acquiring an additional 701,287 shares during the last quarter. Invesco Ltd. increased its position in Best Buy by 20.5% in the 4th quarter. Invesco Ltd. now owns 3,692,118 shares of the technology retailer’s stock valued at $316,784,000 after acquiring an additional 629,180 shares in the last quarter. Finally, Arrowstreet Capital Limited Partnership lifted its position in shares of Best Buy by 101.4% during the fourth quarter. Arrowstreet Capital Limited Partnership now owns 1,114,928 shares of the technology retailer’s stock worth $95,661,000 after purchasing an additional 561,413 shares in the last quarter. Institutional investors own 80.96% of the company’s stock.

Analyst Ratings Changes

A number of brokerages have commented on BBY. Bank of America decreased their price objective on Best Buy from $80.00 to $75.00 and set an “underperform” rating on the stock in a research report on Wednesday, March 5th. Wells Fargo & Company lowered their price objective on Best Buy from $89.00 to $85.00 and set an “equal weight” rating for the company in a research report on Wednesday, March 5th. KeyCorp restated a “sector weight” rating on shares of Best Buy in a report on Wednesday, March 5th. Jefferies Financial Group lowered their target price on shares of Best Buy from $106.00 to $92.00 and set a “buy” rating for the company in a report on Tuesday, March 4th. Finally, JPMorgan Chase & Co. cut their price target on Best Buy from $115.00 to $110.00 and set an “overweight” rating on the stock in a research note on Wednesday, March 5th. Two analysts have rated the stock with a sell rating, ten have issued a hold rating, eight have assigned a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, Best Buy presently has a consensus rating of “Hold” and an average price target of $91.28.

Best Buy Trading Up 1.3%

NYSE BBY opened at $73.79 on Monday. Best Buy Co., Inc. has a 52 week low of $54.99 and a 52 week high of $103.71. The company has a debt-to-equity ratio of 0.37, a quick ratio of 0.22 and a current ratio of 1.00. The stock’s 50 day moving average price is $67.90 and its two-hundred day moving average price is $80.21. The stock has a market capitalization of $15.62 billion, a price-to-earnings ratio of 12.61, a PEG ratio of 2.10 and a beta of 1.27.

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

Best Buy Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, April 15th. Stockholders of record on Tuesday, March 25th were paid a dividend of $0.95 per share. The ex-dividend date was Tuesday, March 25th. This is a positive change from Best Buy’s previous quarterly dividend of $0.94. This represents a $3.80 annualized dividend and a dividend yield of 5.15%. Best Buy’s payout ratio is currently 88.99%.

Insider Activity

In related news, CEO Corie S. Barry purchased 13,500 shares of the business’s stock in a transaction that occurred on Wednesday, March 12th. The stock was acquired at an average cost of $72.92 per share, for a total transaction of $984,420.00. Following the completion of the purchase, the chief executive officer now owns 378,780 shares in the company, valued at approximately $27,620,637.60. This represents a 3.70% increase in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Todd G. Hartman sold 4,893 shares of the firm’s stock in a transaction on Friday, March 21st. The stock was sold at an average price of $72.65, for a total value of $355,476.45. Following the transaction, the insider now owns 32,320 shares in the company, valued at approximately $2,348,048. This trade represents a 13.15% decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 78,355 shares of company stock valued at $5,767,213. 0.47% of the stock is owned by company insiders.

Best Buy 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.