Livforsakringsbolaget Skandia Omsesidigt Sells 5,500 Shares of Best Buy Co., Inc. (NYSE:BBY)

Livforsakringsbolaget Skandia Omsesidigt lessened its position in Best Buy Co., Inc. (NYSE:BBY) by 9.3% in the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 53,687 shares of the technology retailer’s stock after selling 5,500 shares during the quarter. Livforsakringsbolaget Skandia Omsesidigt’s holdings in Best Buy were worth $4,441,000 at the end of the most recent reporting period.

A number of other large investors have also recently made changes to their positions in BBY. Oliver Lagore Vanvalin Investment Group bought a new stake in shares of Best Buy during the first quarter worth $28,000. Arlington Partners LLC purchased a new stake in Best Buy in the 1st quarter valued at about $28,000. Clear Street Markets LLC increased its position in shares of 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 acquiring an additional 183 shares during the period. Cambridge Trust Co. raised its stake in shares of Best Buy by 3,900.0% during the first quarter. Cambridge Trust Co. now owns 400 shares of the technology retailer’s stock valued at $31,000 after acquiring an additional 390 shares in the last quarter. Finally, BOKF NA purchased a new stake in shares of Best Buy in the first quarter valued at approximately $33,000. 76.10% of the stock is owned by hedge funds and other institutional investors.

Best Buy Stock Performance

BBY stock traded up $1.05 during midday trading on Thursday, reaching $73.32. The stock had a trading volume of 354,770 shares, compared to its average volume of 2,306,947. The stock has a market cap of $15.96 billion, a PE ratio of 12.58, a P/E/G ratio of 1.90 and a beta of 1.54. Best Buy Co., Inc. has a 52-week low of $60.78 and a 52-week high of $93.32. The firm has a fifty day simple moving average of $78.77 and a two-hundred day simple moving average of $76.90. The company has a debt-to-equity ratio of 0.40, a quick ratio of 0.32 and a current ratio of 0.98.

Best Buy (NYSE:BBY) last announced its quarterly earnings results on Tuesday, August 29th. The technology retailer reported $1.22 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.06 by $0.16. The firm had revenue of $9.58 billion for the quarter, compared to the consensus estimate of $9.52 billion. Best Buy had a net margin of 2.91% and a return on equity of 49.40%. The firm’s quarterly revenue was down 7.2% compared to the same quarter last year. During the same period in the prior year, the firm posted $1.54 earnings per share. As a group, equities research analysts anticipate that Best Buy Co., Inc. will post 6.23 EPS for the current year.

Best Buy Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, October 10th. Investors of record on Tuesday, September 19th will be issued a $0.92 dividend. The ex-dividend date of this dividend is Monday, September 18th. This represents a $3.68 dividend on an annualized basis and a yield of 5.02%. Best Buy’s payout ratio is 63.34%.

Wall Street Analyst Weigh In

BBY has been the topic of several research reports. Wedbush raised their price target on Best Buy from $72.00 to $82.00 and gave the company a “buy” rating in a research note on Wednesday, August 30th. Wells Fargo & Company raised their target price on shares of Best Buy from $75.00 to $80.00 and gave the company a “buy” rating in a research report on Wednesday, August 30th. DA Davidson upped their price target on shares of Best Buy from $87.00 to $90.00 and gave the stock a “buy” rating in a research report on Wednesday, August 30th. Telsey Advisory Group lifted their price objective on shares of Best Buy from $78.00 to $85.00 and gave the company a “buy” rating in a report on Wednesday, August 30th. Finally, UBS Group lowered their target price on Best Buy from $87.00 to $85.00 and set a “buy” rating for the company in a report on Wednesday, August 30th. One research analyst has rated the stock with a sell rating, four have given a hold rating and eleven have issued a buy rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $80.67.

Insiders Place Their Bets

In other news, Chairman Richard M. Schulze sold 250,000 shares of the business’s stock in a transaction that occurred on Tuesday, June 27th. The stock was sold at an average price of $82.90, for a total value of $20,725,000.00. Following the completion of the sale, the chairman now directly owns 390,148 shares in the company, valued at $32,343,269.20. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. In other Best Buy news, Chairman Richard M. Schulze sold 250,000 shares of the stock in a transaction on Tuesday, June 27th. The shares were sold at an average price of $82.90, for a total transaction of $20,725,000.00. Following the transaction, the chairman now directly owns 390,148 shares of the company’s stock, valued at $32,343,269.20. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, Chairman Richard M. Schulze sold 100,000 shares of Best Buy stock in a transaction dated Tuesday, July 25th. The shares were sold at an average price of $85.24, for a total transaction of $8,524,000.00. Following the completion of the sale, the chairman now owns 349,448 shares in the company, valued at approximately $29,786,947.52. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 384,191 shares of company stock worth $32,028,728. 0.56% of the stock is owned by corporate insiders.

About Best Buy

Best Buy Co, Inc engages in the retail of technology products in the United States and Canada. The company operates in two segments, Domestic 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, home theater, portable audio comprising headphones and portable speakers, and smart home products.