Toroso Investments LLC Sells 1,672 Shares of Best Buy Co., Inc. (NYSE:BBY)

Toroso Investments LLC lessened its stake in Best Buy Co., Inc. (NYSE:BBY – Get Rating) by 6.2% during the third quarter, HoldingsChannel reports. The firm owned 25,467 shares of the technology retailer’s stock after selling 1,672 shares during the period. Toroso Investments LLC’s holdings in Best Buy were worth $1,613,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds also recently modified their holdings of the company. Vanguard Group Inc. raised its holdings in Best Buy by 0.5% during the 3rd quarter. Vanguard Group Inc. now owns 26,161,759 shares of the technology retailer’s stock valued at $1,657,087,000 after acquiring an additional 131,280 shares during the period. State Street Corp raised its holdings in Best Buy by 12.7% during the 3rd quarter. State Street Corp now owns 10,350,936 shares of the technology retailer’s stock valued at $664,704,000 after acquiring an additional 1,169,374 shares during the period. Price T Rowe Associates Inc. MD raised its holdings in Best Buy by 43.3% during the 3rd quarter. Price T Rowe Associates Inc. MD now owns 6,945,507 shares of the technology retailer’s stock valued at $439,930,000 after acquiring an additional 2,099,663 shares during the period. Northern Trust Corp raised its holdings in Best Buy by 2.0% during the 2nd quarter. Northern Trust Corp now owns 3,744,729 shares of the technology retailer’s stock valued at $244,119,000 after acquiring an additional 72,608 shares during the period. Finally, Charles Schwab Investment Management Inc. raised its holdings in Best Buy by 6.8% during the 1st quarter. Charles Schwab Investment Management Inc. now owns 3,720,949 shares of the technology retailer’s stock valued at $338,235,000 after acquiring an additional 236,513 shares during the period. Institutional investors own 78.48% of the company’s stock.

Analyst Ratings Changes

A number of equities research analysts have issued reports on BBY shares. Credit Suisse Group lowered their target price on shares of Best Buy from $90.00 to $85.00 and set a “neutral” rating on the stock in a report on Friday, March 3rd. BNP Paribas cut shares of Best Buy from an “outperform” rating to a “neutral” rating in a report on Thursday, January 12th. TheStreet upgraded shares of Best Buy from a “c+” rating to a “b” rating in a research report on Wednesday, December 7th. Telsey Advisory Group lowered shares of Best Buy from an “outperform” rating to a “market perform” rating and reduced their price target for the company from $88.00 to $83.00 in a research report on Monday, February 27th. Finally, Citigroup boosted their price target on shares of Best Buy from $61.00 to $72.00 and gave the company a “buy” rating in a research report on Wednesday, November 23rd. One research analyst has rated the stock with a sell rating, nine have given a hold rating and eight have assigned a buy rating to the stock. Based on data from MarketBeat, Best Buy has a consensus rating of “Hold” and an average target price of $81.44.

Best Buy Stock Down 0.5 %

Shares of NYSE:BBY opened at $76.73 on Friday. The firm has a fifty day moving average of $83.94 and a 200 day moving average of $77.15. The company has a debt-to-equity ratio of 0.42, a quick ratio of 0.41 and a current ratio of 0.98. Best Buy Co., Inc. has a 52-week low of $60.78 and a 52-week high of $103.23. The firm has a market capitalization of $16.98 billion, a PE ratio of 12.20, a price-to-earnings-growth ratio of 1.48 and a beta of 1.51.

Best Buy (NYSE:BBY – Get Rating) last posted its quarterly earnings results on Thursday, March 2nd. The technology retailer reported $2.61 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.09 by $0.52. Best Buy had a net margin of 3.06% and a return on equity of 55.81%. The business had revenue of $14.74 billion during the quarter, compared to analyst estimates of $14.80 billion. During the same period in the prior year, the business posted $2.73 earnings per share. The company’s revenue was down 10.0% on a year-over-year basis. As a group, research analysts anticipate that Best Buy Co., Inc. will post 6.27 EPS for the current fiscal year.

Best Buy Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Thursday, April 13th. Shareholders of record on Thursday, March 23rd will be given a dividend of $0.92 per share. This represents a $3.68 annualized dividend and a yield of 4.80%. This is a positive change from Best Buy’s previous quarterly dividend of $0.88. The ex-dividend date of this dividend is Wednesday, March 22nd. Best Buy’s dividend payout ratio is presently 55.96%.

Insider Buying and Selling at Best Buy

In other news, EVP Damien Harmon sold 2,500 shares of the company’s stock in a transaction dated Friday, December 23rd. The shares were sold at an average price of $79.99, for a total transaction of $199,975.00. Following the completion of the transaction, the executive vice president now directly owns 42,805 shares of the company’s stock, valued at $3,423,971.95. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Company insiders own 0.44% of the company’s stock.

Best Buy Company Profile

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Best Buy Co, Inc engages in the provision of consumer technology products and services. It operates through two business segments: Domestic and International. The Domestic segment includes operations in all states, districts, and territories of the U.S., operating under various brand names, including Best Buy, Best Buy Mobile, Geek Squad, Magnolia Audio Video, Napster, and Pacific Sales.