First National Bank of Mount Dora Trust Investment Services lifted its position in shares of Best Buy Co., Inc. (NYSE:BBY) by 8.4% during the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 44,247 shares of the technology retailer’s stock after purchasing an additional 3,436 shares during the period. Best Buy accounts for approximately 1.8% of First National Bank of Mount Dora Trust Investment Services’ investment portfolio, making the stock its 19th biggest holding. First National Bank of Mount Dora Trust Investment Services’ holdings in Best Buy were worth $5,080,000 at the end of the most recent reporting period.
A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in BBY. Altium Wealth Management LLC boosted its stake in Best Buy by 4.2% during the 4th quarter. Altium Wealth Management LLC now owns 2,194 shares of the technology retailer’s stock valued at $219,000 after purchasing an additional 89 shares during the last quarter. QS Investors LLC lifted its holdings in shares of Best Buy by 0.3% in the fourth quarter. QS Investors LLC now owns 29,072 shares of the technology retailer’s stock valued at $2,901,000 after purchasing an additional 97 shares in the last quarter. Doheny Asset Management CA boosted its position in shares of Best Buy by 2.7% during 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 during the last quarter. Jennison Associates LLC grew its holdings in Best Buy by 0.7% during the fourth quarter. Jennison Associates LLC now owns 15,256 shares of the technology retailer’s stock worth $1,522,000 after buying an additional 101 shares in the last quarter. Finally, Huntington National Bank raised its position in Best Buy by 4.4% in the 4th quarter. Huntington National Bank now owns 2,819 shares of the technology retailer’s stock valued at $281,000 after buying an additional 118 shares during the last quarter. Institutional investors and hedge funds own 76.56% of the company’s stock.
A number of research analysts recently weighed in on BBY shares. Citigroup initiated coverage on shares of Best Buy in a research report on Monday, March 15th. They set a “sell” rating and a $86.00 price target on the stock. UBS Group boosted their price target on shares of Best Buy from $110.00 to $120.00 and gave the stock a “neutral” rating in a report on Thursday, February 25th. DA Davidson restated a “buy” rating on shares of Best Buy in a report on Friday, February 26th. The Goldman Sachs Group cut shares of Best Buy from a “neutral” rating to a “sell” rating and dropped their target price for the company from $107.00 to $97.00 in a research note on Thursday, December 10th. Finally, Royal Bank of Canada reduced their target price on shares of 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. Three equities research analysts have rated the stock with a sell rating, ten have issued a hold rating and thirteen have assigned a buy rating to the company’s stock. The company presently has a consensus rating of “Hold” and a consensus target price of $109.26.
Best Buy (NYSE:BBY) last posted its quarterly earnings data on Wednesday, February 24th. The technology retailer reported $3.48 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $3.46 by $0.02. The business had revenue of $16.94 billion during the quarter, compared to the consensus estimate of $17.19 billion. Best Buy had a return on equity of 52.17% and a net margin of 3.79%. As a group, equities analysts anticipate that Best Buy Co., Inc. will post 7.9 EPS for the current year.
The business also recently announced a quarterly dividend, which will be paid on Thursday, April 8th. Stockholders of record on Thursday, March 18th will be paid a $0.70 dividend. This is a boost from Best Buy’s previous quarterly dividend of $0.55. This represents a $2.80 dividend on an annualized basis and a dividend yield of 2.33%. The ex-dividend date is Wednesday, March 17th. Best Buy’s dividend payout ratio is currently 46.13%.
In related news, insider Kathleen Scarlett sold 1,078 shares of the business’s stock in a transaction that occurred on Tuesday, March 16th. The shares were sold at an average price of $113.88, for a total value of $122,762.64. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, CAO Mathew Watson sold 567 shares of Best Buy stock in a transaction dated Tuesday, March 16th. The stock was 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. Insiders have sold 37,923 shares of company stock valued at $4,454,091 over the last 90 days. Corporate insiders own 0.64% of the company’s stock.
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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