Best Buy Co., Inc. (NYSE:BBY) Position Increased by United Services Automobile Association

United Services Automobile Association raised its position in Best Buy Co., Inc. (NYSE:BBY) by 0.4% during the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 92,610 shares of the technology retailer’s stock after purchasing an additional 373 shares during the quarter. United Services Automobile Association’s holdings in Best Buy were worth $7,946,000 at the end of the most recent quarter.

Several other hedge funds also recently bought and sold shares of BBY. Rakuten Securities Inc. grew its stake in shares of Best Buy by 971.9% in the 4th quarter. Rakuten Securities Inc. now owns 343 shares of the technology retailer’s stock valued at $29,000 after buying an additional 311 shares in the last quarter. Golden State Wealth Management LLC bought a new stake in Best Buy in the fourth quarter worth approximately $32,000. LRI Investments LLC increased its stake in shares of Best Buy by 632.1% during the 3rd quarter. LRI Investments LLC now owns 388 shares of the technology retailer’s stock worth $40,000 after purchasing an additional 335 shares during the last quarter. OFI Invest Asset Management acquired a new position in shares of Best Buy during the 4th quarter worth $34,000. Finally, Trust Co. of Vermont raised its holdings in shares of Best Buy by 1,200.0% during the 4th quarter. Trust Co. of Vermont now owns 416 shares of the technology retailer’s stock valued at $36,000 after purchasing an additional 384 shares in the last quarter. 80.96% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several research firms have commented on BBY. KeyCorp reissued a “sector weight” rating on shares of Best Buy in a research report on Wednesday, March 5th. Citigroup decreased their price target on Best Buy from $105.00 to $93.00 and set a “buy” rating for the company in a research note on Wednesday, March 5th. Guggenheim cut their price objective on Best Buy from $105.00 to $90.00 and set a “buy” rating on the stock in a research note on Wednesday, March 5th. Wells Fargo & Company decreased their target price 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. Finally, UBS Group set a $105.00 price target on Best Buy in a report on Wednesday, March 5th. Two research analysts have rated the stock with a sell rating, nine have issued a hold rating, nine have given a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus price target of $93.50.

Insider Activity

In other Best Buy news, CAO Mathew Watson sold 3,182 shares of Best Buy stock in a transaction on Friday, March 14th. The stock was sold at an average price of $71.29, for a total transaction of $226,844.78. Following the completion of the transaction, the chief accounting officer now directly owns 19,218 shares of the company’s stock, valued at approximately $1,370,051.22. This trade represents a 14.21 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Corie S. Barry bought 13,500 shares of the stock in a transaction dated Wednesday, March 12th. The stock was purchased at an average cost of $72.92 per share, for a total transaction of $984,420.00. Following the acquisition, the chief executive officer now owns 378,780 shares in the company, valued at $27,620,637.60. The trade was a 3.70 % increase in their position. The disclosure for this purchase can be found here. Corporate insiders own 0.59% of the company’s stock.

Best Buy Price Performance

Shares of BBY stock opened at $73.63 on Monday. The company has a market capitalization of $15.74 billion, a P/E ratio of 12.59, a P/E/G ratio of 2.10 and a beta of 1.43. 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 $69.29 and a 12 month high of $103.71. The stock has a 50 day moving average of $83.34 and a two-hundred day moving average of $89.01.

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

Best Buy Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, April 15th. Shareholders of record on Tuesday, March 25th will be issued a dividend of $0.95 per share. This represents a $3.80 dividend on an annualized basis and a yield of 5.16%. This is an increase from Best Buy’s previous quarterly dividend of $0.94. The ex-dividend date of this dividend is Tuesday, March 25th. Best Buy’s payout ratio is presently 88.99%.

About Best Buy

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.