JPMorgan Chase & Co. Cuts Position in Best Buy Co., Inc. (NYSE:BBY)

JPMorgan Chase & Co. cut its stake in shares of Best Buy Co., Inc. (NYSE:BBY) by 6.4% during the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 11,390,281 shares of the technology retailer’s stock after selling 782,091 shares during the quarter. JPMorgan Chase & Co. owned about 4.55% of Best Buy worth $1,307,718,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently made changes to their positions in the stock. First Trust Advisors LP increased its holdings in Best Buy by 19.0% in the fourth quarter. First Trust Advisors LP now owns 216,164 shares of the technology retailer’s stock valued at $21,571,000 after buying an additional 34,505 shares in the last quarter. California Public Employees Retirement System raised its holdings in Best Buy by 4.8% during the fourth quarter. California Public Employees Retirement System now owns 580,510 shares of the technology retailer’s stock worth $57,929,000 after purchasing an additional 26,685 shares during the last quarter. Fort Washington Investment Advisors Inc. OH boosted its position in Best Buy by 11.8% during the fourth quarter. Fort Washington Investment Advisors Inc. OH now owns 7,357 shares of the technology retailer’s stock worth $734,000 after purchasing an additional 777 shares in the last quarter. Baker Tilly Financial LLC acquired a new stake in Best Buy in the fourth quarter valued at $284,000. Finally, State of Wisconsin Investment Board increased its position in shares of Best Buy by 13.3% in the fourth quarter. State of Wisconsin Investment Board now owns 138,250 shares of the technology retailer’s stock valued at $13,796,000 after buying an additional 16,260 shares in the last quarter. Hedge funds and other institutional investors own 77.39% of the company’s stock.

In other Best Buy news, CAO Mathew Watson sold 2,257 shares of the business’s stock in a transaction dated Monday, May 10th. The stock was sold at an average price of $125.00, for a total transaction of $282,125.00. Following the transaction, the chief accounting officer now owns 13,145 shares in the company, valued at $1,643,125. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, CFO Matthew M. Bilunas sold 809 shares of the company’s stock in a transaction dated Tuesday, March 16th. The stock was sold at an average price of $113.88, for a total value of $92,128.92. The disclosure for this sale can be found here. Insiders have sold a total of 182,358 shares of company stock worth $21,229,515 in the last 90 days. Company insiders own 0.36% of the company’s stock.

BBY stock traded up $2.24 during trading on Friday, reaching $114.78. 43,938 shares of the stock traded hands, compared to its average volume of 2,611,706. The firm has a market cap of $28.75 billion, a price-to-earnings ratio of 13.16, a PEG ratio of 1.66 and a beta of 1.53. The company has a quick ratio of 0.58, a current ratio of 1.17 and a debt-to-equity ratio of 0.30. The firm’s 50 day simple moving average is $118.02. Best Buy Co., Inc. has a 52-week low of $75.23 and a 52-week high of $128.57.

Best Buy (NYSE:BBY) last issued its earnings results on Wednesday, May 26th. The technology retailer reported $2.23 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $1.39 by $0.84. Best Buy had a return on equity of 59.67% and a net margin of 4.44%. The business had revenue of $11.64 billion during the quarter, compared to analysts’ expectations of $10.43 billion. During the same quarter in the previous year, the business earned $0.67 EPS. The company’s revenue for the quarter was up 35.9% on a year-over-year basis. Equities research analysts anticipate that Best Buy Co., Inc. will post 8.53 EPS for the current year.

The firm also recently announced a quarterly dividend, which will be paid on Thursday, July 8th. Stockholders of record on Thursday, June 17th will be paid a $0.70 dividend. This represents a $2.80 dividend on an annualized basis and a dividend yield of 2.44%. The ex-dividend date is Wednesday, June 16th. Best Buy’s dividend payout ratio is presently 35.40%.

Several equities analysts have weighed in on BBY shares. Zacks Investment Research upgraded shares of Best Buy from a “sell” rating to a “hold” rating and set a $125.00 target price for the company in a report on Wednesday, April 28th. UBS Group lifted their price objective on Best Buy from $110.00 to $120.00 and gave the stock a “neutral” rating in a research report on Thursday, February 25th. Morgan Stanley increased their target price on Best Buy from $115.00 to $120.00 and gave the company an “equal weight” rating in a report on Tuesday, June 1st. Citigroup Inc. 3% Minimum Coupon Principal Protected Based Upon Russell raised Best Buy to a “buy” rating and boosted their price target for the stock from $86.00 to $109.00 in a report on Friday, May 28th. Finally, Telsey Advisory Group increased their price objective on Best Buy from $130.00 to $140.00 and gave the company an “outperform” rating in a research note on Friday, May 28th. One analyst has rated the stock with a sell rating, eight have given a hold rating and thirteen have assigned a buy rating to the company’s stock. Best Buy currently has an average rating of “Buy” and a consensus price target of $120.79.

About Best Buy

Best Buy Co, Inc retails technology products in the United States and Canada. The company operates in two segments, Domestic and International. Its stores provide computing and mobile phones, such as computing covering desktops, notebooks, and peripherals; mobile phones comprising related mobile network carrier commissions, networking products, tablets covering e-readers, and wearables, such as smartwatches; and consumer electronics consisting of digital imaging, health and fitness, home theater, portable audio comprising headphones and portable speakers, and smart home products.

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Institutional Ownership by Quarter for Best Buy (NYSE:BBY)

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