The Manufacturers Life Insurance Company Trims Stake in Best Buy Co., Inc. (NYSE:BBY)

The Manufacturers Life Insurance Company reduced its stake in shares of Best Buy Co., Inc. (NYSE:BBY) by 0.3% in the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 232,922 shares of the technology retailer’s stock after selling 624 shares during the quarter. The Manufacturers Life Insurance Company owned 0.09% of Best Buy worth $26,742,000 at the end of the most recent reporting period.

A number of other hedge funds also recently made changes to their positions in the stock. Altium Wealth Management LLC raised its position in Best Buy by 4.2% during the fourth quarter. Altium Wealth Management LLC now owns 2,194 shares of the technology retailer’s stock valued at $219,000 after acquiring an additional 89 shares in the last quarter. QS Investors LLC raised its position in Best Buy by 0.3% during the fourth quarter. QS Investors LLC now owns 29,072 shares of the technology retailer’s stock valued at $2,901,000 after acquiring an additional 97 shares in the last quarter. Doheny Asset Management CA increased its position in shares of Best Buy by 2.7% in the fourth quarter. Doheny Asset Management CA now owns 3,850 shares of the technology retailer’s stock valued at $384,000 after buying an additional 100 shares in the last quarter. Jennison Associates LLC increased its position in shares of Best Buy by 0.7% in the fourth quarter. Jennison Associates LLC now owns 15,256 shares of the technology retailer’s stock valued at $1,522,000 after buying an additional 101 shares in the last quarter. Finally, Parallel Advisors LLC increased its position in shares of Best Buy by 7.3% in the first quarter. Parallel Advisors LLC now owns 1,730 shares of the technology retailer’s stock valued at $199,000 after buying an additional 117 shares in the last quarter. Institutional investors own 76.56% of the company’s stock.

In related news, insider Kathleen Scarlett sold 1,078 shares of the business’s stock in a transaction on Tuesday, March 16th. The stock was sold at an average price of $113.88, for a total value of $122,762.64. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, CAO Mathew Watson sold 567 shares of the business’s stock in a transaction on Tuesday, March 16th. The shares were sold at an average price of $113.88, for a total value of $64,569.96. The disclosure for this sale can be found here. In the last ninety days, insiders sold 47,298 shares of company stock worth $5,600,588. Corporate insiders own 0.64% of the company’s stock.

BBY has been the subject of a number of recent analyst reports. Royal Bank of Canada cut their price objective on Best Buy from $130.00 to $114.00 and set a “sector perform” rating for the company in a research report on Thursday, March 4th. Zacks Investment Research upgraded Best Buy from a “sell” rating to a “hold” rating and set a $125.00 price objective for the company in a research report on Wednesday, April 28th. Bank of America restated a “buy” rating on shares of Best Buy in a research report on Tuesday, February 16th. Citigroup Inc. 3% Minimum Coupon Principal Protected Based Upon Russell assumed coverage on Best Buy in a research note on Monday, March 15th. They issued a “sell” rating and a $86.00 price target on the stock. Finally, Wedbush reaffirmed a “neutral” rating and issued a $125.00 price target (down from $135.00) on shares of Best Buy in a research note on Monday, May 3rd. Three research analysts have rated the stock with a sell rating, ten have issued a hold rating and twelve have issued a buy rating to the company’s stock. Best Buy has a consensus rating of “Hold” and a consensus target price of $111.05.

Shares of Best Buy stock opened at $120.39 on Monday. Best Buy Co., Inc. has a 52 week low of $75.23 and a 52 week high of $128.57. The business’s fifty day simple moving average is $118.77 and its 200-day simple moving average is $112.73. The firm has a market cap of $30.15 billion, a PE ratio of 18.30, a price-to-earnings-growth ratio of 1.40 and a beta of 1.52. The company has a quick ratio of 0.55, a current ratio of 1.12 and a debt-to-equity ratio of 0.31.

Best Buy (NYSE:BBY) last announced its quarterly earnings results on Wednesday, February 24th. The technology retailer reported $3.48 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $3.46 by $0.02. Best Buy had a return on equity of 52.17% and a net margin of 3.79%. The business had revenue of $16.94 billion for the quarter, compared to analyst estimates of $17.19 billion. As a group, equities analysts expect that Best Buy Co., Inc. will post 7.9 earnings per share for the current year.

The firm also recently declared a quarterly dividend, which was paid on Thursday, April 8th. Stockholders of record on Thursday, March 18th were paid a $0.70 dividend. This represents a $2.80 annualized dividend and a dividend yield of 2.33%. The ex-dividend date was Wednesday, March 17th. This is a positive change from Best Buy’s previous quarterly dividend of $0.55. Best Buy’s dividend payout ratio is 46.13%.

Best Buy Company Profile

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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