Best Buy Co., Inc. (NYSE:BBY) Stake Reduced by Fjarde AP Fonden Fourth Swedish National Pension Fund

Fjarde AP Fonden Fourth Swedish National Pension Fund cut its holdings in Best Buy Co., Inc. (NYSE:BBY) by 4.7% during the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 59,322 shares of the technology retailer’s stock after selling 2,900 shares during the quarter. Fjarde AP Fonden Fourth Swedish National Pension Fund’s holdings in Best Buy were worth $5,090,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. QRG Capital Management Inc. raised its position in Best Buy by 10.5% in the third quarter. QRG Capital Management Inc. now owns 31,745 shares of the technology retailer’s stock worth $3,279,000 after acquiring an additional 3,025 shares in the last quarter. Asset Management One Co. Ltd. raised its position in Best Buy by 27.4% in the third quarter. Asset Management One Co. Ltd. now owns 90,341 shares of the technology retailer’s stock worth $9,332,000 after acquiring an additional 19,405 shares in the last quarter. Klein Pavlis & Peasley Financial Inc. raised its position in Best Buy by 48.6% in the fourth quarter. Klein Pavlis & Peasley Financial Inc. now owns 26,400 shares of the technology retailer’s stock worth $2,265,000 after acquiring an additional 8,640 shares in the last quarter. Merit Financial Group LLC bought a new stake in Best Buy in the fourth quarter worth about $453,000. Finally, Alberta Investment Management Corp increased its stake in Best Buy by 424.0% in the 4th quarter. Alberta Investment Management Corp now owns 26,200 shares of the technology retailer’s stock worth $2,248,000 after purchasing an additional 21,200 shares in the last quarter. 80.96% of the stock is currently owned by institutional investors.

Insider Activity at Best Buy

In related news, CFO Matthew M. Bilunas sold 69,166 shares of the business’s stock in a transaction that occurred on Wednesday, December 11th. The stock was sold at an average price of $87.46, for a total value of $6,049,258.36. Following the completion of the sale, the chief financial officer now directly owns 92,070 shares in the company, valued at approximately $8,052,442.20. The trade was a 42.90 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. 0.59% of the stock is currently owned by company insiders.

Best Buy Trading Up 1.5 %

Shares of NYSE BBY opened at $90.02 on Wednesday. The stock has a market cap of $19.25 billion, a price-to-earnings ratio of 15.39, a PEG ratio of 2.10 and a beta of 1.43. The business has a 50 day simple moving average of $86.15 and a 200 day simple moving average of $90.52. Best Buy Co., Inc. has a 52 week low of $69.29 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.

Best Buy (NYSE:BBY) last announced its quarterly earnings results on Tuesday, November 26th. The technology retailer reported $1.26 EPS for the quarter, missing the consensus estimate of $1.30 by ($0.04). The firm had revenue of $9.45 billion during the quarter, compared to the consensus estimate of $9.63 billion. Best Buy had a net margin of 3.01% and a return on equity of 45.93%. The company’s quarterly revenue was down 3.2% compared to the same quarter last year. During the same period in the previous year, the firm posted $1.29 EPS. On average, research analysts predict that Best Buy Co., Inc. will post 6.18 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of brokerages recently weighed in on BBY. JPMorgan Chase & Co. lifted their price target on Best Buy from $111.00 to $117.00 and gave the stock an “overweight” rating in a research note on Friday, November 22nd. StockNews.com cut Best Buy from a “buy” rating to a “hold” rating in a research note on Friday, November 15th. Citigroup dropped their price target on Best Buy from $109.00 to $101.00 and set a “buy” rating on the stock in a research note on Wednesday, November 27th. Telsey Advisory Group dropped their price target on Best Buy from $115.00 to $110.00 and set an “outperform” rating on the stock in a research note on Tuesday, November 26th. Finally, Loop Capital reissued a “buy” rating and issued a $100.00 price target on shares of Best Buy in a research note on Wednesday, December 18th. One research analyst has rated the stock with a sell rating, eight have given a hold rating, ten have given a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat, Best Buy has a consensus rating of “Moderate Buy” and an average target price of $101.72.

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.