Janney Capital Management LLC Has $12.33 Million Position in Best Buy Co., Inc. (NYSE:BBY)

Janney Capital Management LLC reduced its holdings in Best Buy Co., Inc. (NYSE:BBY) by 4.7% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 167,523 shares of the technology retailer’s stock after selling 8,318 shares during the period. Janney Capital Management LLC owned 0.08% of Best Buy worth $12,331,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in BBY. Rakuten Securities Inc. increased its stake in shares of Best Buy by 971.9% during the 4th quarter. Rakuten Securities Inc. now owns 343 shares of the technology retailer’s stock worth $29,000 after purchasing an additional 311 shares during the last quarter. Vermillion Wealth Management Inc. acquired a new position in shares of Best Buy during the 4th quarter worth about $31,000. Atlas Capital Advisors Inc. increased its stake in shares of Best Buy by 186.9% during the 4th quarter. Atlas Capital Advisors Inc. now owns 373 shares of the technology retailer’s stock worth $32,000 after purchasing an additional 243 shares during the last quarter. Ancora Advisors LLC increased its stake in shares of Best Buy by 18,700.0% during the 4th quarter. Ancora Advisors LLC now owns 376 shares of the technology retailer’s stock worth $32,000 after purchasing an additional 374 shares during the last quarter. Finally, Grove Bank & Trust increased its stake in shares of Best Buy by 67.1% during the 1st quarter. Grove Bank & Trust now owns 431 shares of the technology retailer’s stock worth $32,000 after purchasing an additional 173 shares during the last quarter. 80.96% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

BBY has been the topic of several recent analyst reports. KeyCorp restated a “sector weight” rating on shares of Best Buy in a research note on Wednesday, March 5th. Evercore ISI lowered their price objective on shares of Best Buy from $95.00 to $80.00 and set an “in-line” rating on the stock in a research note on Wednesday, March 5th. DA Davidson restated a “buy” rating and set a $110.00 price objective on shares of Best Buy in a research note on Monday, April 14th. Morgan Stanley lowered their price objective on shares of Best Buy from $100.00 to $85.00 and set an “equal weight” rating on the stock in a research note on Wednesday, March 5th. Finally, Telsey Advisory Group reaffirmed an “outperform” rating and set a $90.00 target price on shares of Best Buy in a report on Friday, May 30th. One research analyst has rated the stock with a sell rating, eleven have given a hold rating and nine have assigned a buy rating to the company’s stock. According to MarketBeat.com, the company has an average rating of “Hold” and an average target price of $86.11.

Best Buy Stock Performance

NYSE BBY opened at $67.76 on Thursday. The company has a quick ratio of 0.32, a current ratio of 1.02 and a debt-to-equity ratio of 0.42. The company has a market capitalization of $14.32 billion, a P/E ratio of 16.57, a P/E/G ratio of 1.83 and a beta of 1.25. Best Buy Co., Inc. has a 12-month low of $54.99 and a 12-month high of $103.71. The firm has a 50-day moving average price of $68.31 and a two-hundred day moving average price of $77.27.

Best Buy (NYSE:BBY) last posted its quarterly earnings data on Thursday, May 29th. The technology retailer reported $1.15 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.09 by $0.06. The firm had revenue of $8.77 billion during the quarter, compared to the consensus estimate of $8.77 billion. Best Buy had a net margin of 2.13% and a return on equity of 46.40%. The business’s revenue for the quarter was down .9% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $1.20 EPS. Analysts anticipate that Best Buy Co., Inc. will post 6.18 earnings per share for the current year.

Best Buy Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, July 10th. Shareholders of record on Thursday, June 19th will be issued a $0.95 dividend. This represents a $3.80 dividend on an annualized basis and a yield of 5.61%. The ex-dividend date is Wednesday, June 18th. Best Buy’s dividend payout ratio is currently 92.91%.

Insider Buying and Selling at Best Buy

In other news, Chairman Richard M. Schulze sold 729,201 shares of the company’s stock in a transaction that occurred on Monday, June 9th. The shares were sold at an average price of $72.95, for a total transaction of $53,195,212.95. Following the completion of the sale, the chairman now owns 196,100 shares of the company’s stock, valued at approximately $14,305,495. This represents a 78.81% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, CFO Matthew M. Bilunas sold 51,000 shares of the company’s stock in a transaction that occurred on Monday, March 24th. The stock was sold at an average price of $74.20, for a total transaction of $3,784,200.00. Following the sale, the chief financial officer now directly owns 55,856 shares of the company’s stock, valued at approximately $4,144,515.20. This trade represents a 47.73% decrease in their position. The disclosure for this sale can be found here. Insiders sold 804,374 shares of company stock valued at $58,735,581 in the last quarter. Company insiders own 0.47% of the company’s stock.

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.