Best Buy Co., Inc. (NYSE:BBY) Shares Sold by First Citizens Bank & Trust Co.

First Citizens Bank & Trust Co. reduced its holdings in Best Buy Co., Inc. (NYSE:BBY) by 13.9% in the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 29,244 shares of the technology retailer’s stock after selling 4,740 shares during the quarter. First Citizens Bank & Trust Co.’s holdings in Best Buy were worth $2,509,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors have also recently added to or reduced their stakes in BBY. Nordea Investment Management AB increased its stake in Best Buy by 563.8% during the fourth quarter. Nordea Investment Management AB now owns 592,460 shares of the technology retailer’s stock worth $50,643,000 after acquiring an additional 503,204 shares during the last quarter. National Bank of Canada FI boosted its holdings in Best Buy by 817.4% in the third quarter. National Bank of Canada FI now owns 537,886 shares of the technology retailer’s stock valued at $55,564,000 after purchasing an additional 479,256 shares during the last quarter. Healthcare of Ontario Pension Plan Trust Fund purchased a new position in Best Buy in the second quarter valued at about $25,287,000. Charles Schwab Investment Management Inc. boosted its holdings in Best Buy by 4.1% in the third quarter. Charles Schwab Investment Management Inc. now owns 6,164,953 shares of the technology retailer’s stock valued at $636,840,000 after purchasing an additional 241,988 shares during the last quarter. Finally, Franklin Resources Inc. raised its stake in Best Buy by 36.5% during the third quarter. Franklin Resources Inc. now owns 753,471 shares of the technology retailer’s stock valued at $73,016,000 after buying an additional 201,562 shares in the last quarter. 80.96% of the stock is currently owned by institutional investors and hedge funds.

Best Buy Trading Down 1.0 %

Shares of BBY opened at $84.80 on Monday. Best Buy Co., Inc. has a 12-month low of $69.29 and a 12-month high of $103.71. The company has a quick ratio of 0.22, a current ratio of 1.00 and a debt-to-equity ratio of 0.37. The firm has a market capitalization of $18.13 billion, a price-to-earnings ratio of 14.50, a P/E/G ratio of 2.11 and a beta of 1.43. The stock’s 50-day moving average price is $86.49 and its 200 day moving average price is $90.16.

Best Buy (NYSE:BBY) last announced its 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). Best Buy had a return on equity of 45.93% and a net margin of 3.01%. The business had revenue of $9.45 billion during the quarter, compared to analyst estimates of $9.63 billion. During the same period in the previous year, the firm earned $1.29 earnings per share. The firm’s revenue was down 3.2% compared to the same quarter last year. As a group, research analysts predict that Best Buy Co., Inc. will post 6.18 earnings per share for the current year.

Best Buy Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Tuesday, January 7th. Stockholders of record on Tuesday, December 17th were paid a $0.94 dividend. This represents a $3.76 dividend on an annualized basis and a dividend yield of 4.43%. The ex-dividend date of this dividend was Tuesday, December 17th. Best Buy’s dividend payout ratio (DPR) is currently 64.27%.

Insider Activity

In related news, CFO Matthew M. Bilunas sold 69,166 shares of the company’s stock in a transaction on Wednesday, December 11th. The shares were 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 owns 92,070 shares in the company, valued at $8,052,442.20. This represents a 42.90 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. 0.59% of the stock is currently owned by company insiders.

Analysts Set New Price Targets

Several analysts have issued reports on BBY shares. StockNews.com cut Best Buy from a “buy” rating to a “hold” rating in a research note on Friday, November 15th. DA Davidson reaffirmed a “buy” rating and set a $117.00 price target on shares of Best Buy in a research note on Tuesday, October 15th. Wells Fargo & Company reduced their price objective on Best Buy from $95.00 to $89.00 and set an “equal weight” rating for the company in a research note on Wednesday, November 27th. Barclays decreased their target price on Best Buy from $95.00 to $89.00 and set an “equal weight” rating for the company in a research report on Thursday, January 9th. Finally, UBS Group reduced their price objective on Best Buy from $123.00 to $115.00 and set a “buy” rating for the company in a research report on Wednesday, November 27th. One research analyst has rated the stock with a sell rating, eight have given a hold rating, ten have issued a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat, Best Buy presently has an average rating of “Moderate Buy” and a consensus price target of $101.72.

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.