Cetera Advisor Networks LLC Lowers Stake in Best Buy Co., Inc. (NYSE:BBY)

Cetera Advisor Networks LLC cut its holdings in shares of Best Buy Co., Inc. (NYSE:BBYGet Rating) by 3.0% during the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 7,978 shares of the technology retailer’s stock after selling 250 shares during the period. Cetera Advisor Networks LLC’s holdings in Best Buy were worth $725,000 at the end of the most recent quarter.

Other large investors have also made changes to their positions in the company. Capital Advisory Group Advisory Services LLC acquired a new position in shares of Best Buy during the first quarter worth $27,000. Adirondack Trust Co. acquired a new position in shares of Best Buy during the first quarter worth $30,000. Mascoma Wealth Management LLC increased its position in shares of Best Buy by 77.9% during the first quarter. Mascoma Wealth Management LLC now owns 386 shares of the technology retailer’s stock worth $35,000 after purchasing an additional 169 shares in the last quarter. Concord Wealth Partners increased its position in shares of Best Buy by 39.4% during the first quarter. Concord Wealth Partners now owns 389 shares of the technology retailer’s stock worth $35,000 after purchasing an additional 110 shares in the last quarter. Finally, Bank Julius Baer & Co. Ltd Zurich acquired a new position in shares of Best Buy during the first quarter worth $38,000. 79.86% of the stock is owned by institutional investors and hedge funds.

Best Buy Trading Up 0.3 %

BBY stock opened at $71.38 on Wednesday. The company’s 50-day simple moving average is $74.77 and its 200-day simple moving average is $84.57. The company has a quick ratio of 0.27, a current ratio of 0.96 and a debt-to-equity ratio of 0.41. Best Buy Co., Inc. has a 52-week low of $64.29 and a 52-week high of $141.97. The firm has a market cap of $16.07 billion, a P/E ratio of 9.57, a PEG ratio of 0.65 and a beta of 1.50.

Best Buy (NYSE:BBYGet Rating) last posted its earnings results on Tuesday, August 30th. The technology retailer reported $1.54 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.27 by $0.27. Best Buy had a net margin of 3.60% and a return on equity of 57.98%. The business had revenue of $10.33 billion for the quarter, compared to analyst estimates of $10.25 billion. During the same period in the prior year, the company posted $2.98 EPS. The company’s revenue for the quarter was down 12.8% on a year-over-year basis. As a group, equities analysts forecast that Best Buy Co., Inc. will post 6.17 EPS for the current fiscal year.

Best Buy Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, October 11th. Investors of record on Tuesday, September 20th will be paid a $0.88 dividend. This represents a $3.52 dividend on an annualized basis and a yield of 4.93%. The ex-dividend date of this dividend is Monday, September 19th. Best Buy’s dividend payout ratio is presently 47.18%.

Insider Activity at Best Buy

In related news, CEO Corie S. Barry sold 4,388 shares of the firm’s stock in a transaction dated Tuesday, June 14th. The shares were sold at an average price of $70.00, for a total value of $307,160.00. Following the transaction, the chief executive officer now directly owns 315,313 shares of the company’s stock, valued at approximately $22,071,910. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. In other Best Buy news, CFO Matthew M. Bilunas sold 890 shares of the firm’s stock in a transaction that occurred on Tuesday, August 23rd. The shares were sold at an average price of $79.09, for a total value of $70,390.10. Following the transaction, the chief financial officer now directly owns 59,513 shares of the company’s stock, valued at approximately $4,706,883.17. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Corie S. Barry sold 4,388 shares of the firm’s stock in a transaction that occurred on Tuesday, June 14th. The stock was sold at an average price of $70.00, for a total transaction of $307,160.00. Following the completion of the transaction, the chief executive officer now directly owns 315,313 shares in the company, valued at $22,071,910. The disclosure for this sale can be found here. In the last three months, insiders have sold 5,334 shares of company stock valued at $381,538. 0.44% of the stock is owned by corporate insiders.

Wall Street Analysts Forecast Growth

Several equities analysts recently issued reports on the company. StockNews.com downgraded Best Buy from a “buy” rating to a “hold” rating in a research report on Friday, May 27th. Citigroup upped their target price on Best Buy from $59.00 to $61.00 and gave the company a “sell” rating in a research report on Wednesday, August 31st. UBS Group cut their target price on Best Buy from $80.00 to $76.00 and set a “neutral” rating on the stock in a research report on Thursday, July 28th. DA Davidson cut their target price on Best Buy from $110.00 to $99.00 and set a “buy” rating on the stock in a research report on Wednesday, August 31st. Finally, Telsey Advisory Group cut their target price on Best Buy from $88.00 to $82.00 and set an “outperform” rating on the stock in a research report on Thursday, July 28th. Two equities research analysts have rated the stock with a sell rating, nine have assigned a hold rating and six have issued a buy rating to the stock. According to MarketBeat, the stock currently has an average rating of “Hold” and an average target price of $86.13.

About Best Buy

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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 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, 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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