Twin Capital Management Inc. Sells 330 Shares of Best Buy Co., Inc. (NYSE:BBY)

Twin Capital Management Inc. lessened its stake in Best Buy Co., Inc. (NYSE:BBY) by 3.1% in the 4th quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 10,451 shares of the technology retailer’s stock after selling 330 shares during the period. Twin Capital Management Inc.’s holdings in Best Buy were worth $818,000 at the end of the most recent reporting period.

Other hedge funds have also made changes to their positions in the company. Cary Street Partners Investment Advisory LLC lifted its stake in shares of Best Buy by 549.1% in the third quarter. Cary Street Partners Investment Advisory LLC now owns 357 shares of the technology retailer’s stock valued at $25,000 after buying an additional 302 shares during the period. Clear Street Markets LLC lifted its stake in Best Buy by 90.6% during the first quarter. Clear Street Markets LLC now owns 385 shares of the technology retailer’s stock worth $30,000 after purchasing an additional 183 shares during the period. Hartford Financial Management Inc. lifted its stake in Best Buy by 56.5% during the fourth quarter. Hartford Financial Management Inc. now owns 388 shares of the technology retailer’s stock worth $30,000 after purchasing an additional 140 shares during the period. Stonebridge Capital Advisors LLC lifted its stake in Best Buy by 81.9% during the third quarter. Stonebridge Capital Advisors LLC now owns 411 shares of the technology retailer’s stock worth $29,000 after purchasing an additional 185 shares during the period. Finally, Quarry LP bought a new position in Best Buy during the first quarter worth about $48,000. Institutional investors own 80.96% of the company’s stock.

Insiders Place Their Bets

In other Best Buy news, CEO Corie S. Barry sold 366 shares of Best Buy stock in a transaction on Wednesday, April 17th. The shares were sold at an average price of $75.76, for a total transaction of $27,728.16. Following the completion of the sale, the chief executive officer now owns 431,231 shares of the company’s stock, valued at approximately $32,670,060.56. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. In other news, CAO Mathew Watson sold 3,520 shares of the business’s stock in a transaction on Tuesday, April 9th. The shares were sold at an average price of $82.43, for a total value of $290,153.60. Following the completion of the transaction, the chief accounting officer now owns 22,118 shares of the company’s stock, valued at approximately $1,823,186.74. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CEO Corie S. Barry sold 366 shares of the business’s stock in a transaction on Wednesday, April 17th. The shares were sold at an average price of $75.76, for a total transaction of $27,728.16. Following the completion of the transaction, the chief executive officer now directly owns 431,231 shares of the company’s stock, valued at approximately $32,670,060.56. The disclosure for this sale can be found here. In the last 90 days, insiders sold 52,023 shares of company stock valued at $4,253,900. Company insiders own 0.56% of the company’s stock.

Analysts Set New Price Targets

A number of research analysts have commented on the stock. Barclays raised their price target on shares of Best Buy from $69.00 to $88.00 and gave the stock an “equal weight” rating in a research note on Friday, March 1st. Wedbush raised their price target on shares of Best Buy from $75.00 to $85.00 and gave the stock a “neutral” rating in a research note on Friday, March 1st. Jefferies Financial Group cut their price target on shares of Best Buy from $95.00 to $94.00 and set a “buy” rating for the company in a research note on Monday, April 8th. The Goldman Sachs Group lifted their target price on shares of Best Buy from $81.00 to $90.00 and gave the company a “buy” rating in a research note on Friday, March 1st. Finally, Citigroup lifted their target price on shares of Best Buy from $67.00 to $76.00 and gave the company a “sell” rating in a research note on Friday, March 1st. One analyst has rated the stock with a sell rating, eight have assigned a hold rating and seven have given a buy rating to the company. According to data from MarketBeat, Best Buy presently has an average rating of “Hold” and an average target price of $84.60.

Best Buy Stock Performance

Shares of Best Buy stock opened at $76.15 on Friday. The company has a debt-to-equity ratio of 0.38, a current ratio of 1.00 and a quick ratio of 0.37. The firm has a market cap of $16.40 billion, a P/E ratio of 13.38, a P/E/G ratio of 1.99 and a beta of 1.49. The firm has a 50 day simple moving average of $77.96 and a 200 day simple moving average of $73.89. Best Buy Co., Inc. has a fifty-two week low of $62.30 and a fifty-two week high of $86.11.

Best Buy (NYSE:BBY) last issued its quarterly earnings results on Thursday, February 29th. The technology retailer reported $2.72 earnings per share for the quarter, beating analysts’ consensus estimates of $2.51 by $0.21. Best Buy had a net margin of 2.86% and a return on equity of 48.45%. The business had revenue of $14.65 billion during the quarter, compared to analyst estimates of $14.58 billion. During the same quarter last year, the business posted $2.61 earnings per share. Best Buy’s revenue for the quarter was down .6% compared to the same quarter last year. Sell-side analysts predict that Best Buy Co., Inc. will post 6.03 earnings per share for the current fiscal year.

Best Buy Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Thursday, April 11th. Shareholders of record on Thursday, March 21st were issued a dividend of $0.94 per share. This represents a $3.76 dividend on an annualized basis and a yield of 4.94%. The ex-dividend date was Wednesday, March 20th. This is a positive change from Best Buy’s previous quarterly dividend of $0.92. Best Buy’s payout ratio is currently 66.08%.

Best Buy 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.