Citigroup Inc. Has $38.23 Million Holdings in Best Buy Co., Inc. (NYSE:BBY)

Citigroup Inc. grew its stake in Best Buy Co., Inc. (NYSE:BBY) by 43.7% in the second quarter, Holdings Channel.com reports. The institutional investor owned 466,452 shares of the technology retailer’s stock after buying an additional 141,860 shares during the quarter. Citigroup Inc.’s holdings in Best Buy were worth $38,226,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds also recently made changes to their positions in the stock. BlackRock Inc. lifted its position in shares of Best Buy by 1.2% in the first quarter. BlackRock Inc. now owns 19,612,957 shares of the technology retailer’s stock worth $1,535,106,000 after buying an additional 223,536 shares during the last quarter. State Street Corp lifted its position in shares of Best Buy by 1.2% in the first quarter. State Street Corp now owns 10,152,129 shares of the technology retailer’s stock worth $803,778,000 after buying an additional 123,256 shares during the last quarter. Price T Rowe Associates Inc. MD lifted its position in shares of Best Buy by 32.2% in the first quarter. Price T Rowe Associates Inc. MD now owns 9,885,308 shares of the technology retailer’s stock worth $773,724,000 after buying an additional 2,409,006 shares during the last quarter. Geode Capital Management LLC lifted its position in shares of Best Buy by 0.7% in the first quarter. Geode Capital Management LLC now owns 4,218,968 shares of the technology retailer’s stock worth $329,735,000 after buying an additional 27,257 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. lifted its position in shares of Best Buy by 6.8% in the first quarter. Charles Schwab Investment Management Inc. now owns 3,720,949 shares of the technology retailer’s stock worth $338,235,000 after buying an additional 236,513 shares during the last quarter. Institutional investors and hedge funds own 76.10% of the company’s stock.

Analyst Ratings Changes

BBY has been the subject of several research analyst reports. Telsey Advisory Group cut their price objective on Best Buy from $85.00 to $80.00 and set a “market perform” rating for the company in a research report on Friday. Citigroup boosted their price objective on Best Buy from $62.00 to $70.00 and gave the stock a “buy” rating in a research report on Wednesday, August 2nd. Wells Fargo & Company cut their price objective on Best Buy from $80.00 to $65.00 and set an “equal weight” rating for the company in a research report on Monday, November 13th. DA Davidson boosted their price objective on Best Buy from $87.00 to $90.00 and gave the stock a “buy” rating in a research report on Wednesday, August 30th. Finally, Guggenheim reissued a “buy” rating and set a $86.00 price objective on shares of Best Buy in a research report on Wednesday, August 30th. One equities research analyst has rated the stock with a sell rating, eight have assigned a hold rating and seven have issued a buy rating to the stock. According to data from MarketBeat, Best Buy has a consensus rating of “Hold” and an average target price of $77.93.

Insider Activity

In other news, insider Todd G. Hartman sold 7,948 shares of the company’s stock in a transaction that occurred on Friday, September 22nd. The stock was sold at an average price of $69.38, for a total value of $551,432.24. Following the sale, the insider now directly owns 13,337 shares in the company, valued at approximately $925,321.06. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. In related news, insider Todd G. Hartman sold 5,000 shares of the stock in a transaction that occurred on Wednesday, September 20th. The stock was sold at an average price of $71.18, for a total transaction of $355,900.00. Following the sale, the insider now directly owns 21,285 shares in the company, valued at approximately $1,515,066.30. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, insider Todd G. Hartman sold 7,948 shares of the stock in a transaction that occurred on Friday, September 22nd. The stock was sold at an average price of $69.38, for a total value of $551,432.24. Following the sale, the insider now owns 13,337 shares in the company, valued at $925,321.06. The disclosure for this sale can be found here. Corporate insiders own 0.56% of the company’s stock.

Best Buy Trading Up 2.2 %

Shares of BBY opened at $68.22 on Friday. Best Buy Co., Inc. has a 12-month low of $62.30 and a 12-month high of $93.32. The firm has a market capitalization of $14.85 billion, a price-to-earnings ratio of 11.74, a P/E/G ratio of 1.80 and a beta of 1.53. The stock’s 50-day moving average price is $68.53 and its 200 day moving average price is $74.28. The company has a quick ratio of 0.31, a current ratio of 0.98 and a debt-to-equity ratio of 0.40.

Best Buy (NYSE:BBY) last released its quarterly earnings data on Tuesday, August 29th. The technology retailer reported $1.22 earnings per share for the quarter, beating the consensus estimate of $1.06 by $0.16. Best Buy had a return on equity of 49.40% and a net margin of 2.91%. The company had revenue of $9.58 billion for the quarter, compared to analyst estimates of $9.52 billion. During the same period in the prior year, the company posted $1.54 EPS. The company’s revenue was down 7.2% compared to the same quarter last year. As a group, research analysts predict that Best Buy Co., Inc. will post 6.22 earnings per share for the current year.

Best Buy Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, October 10th. Stockholders of record on Tuesday, September 19th were paid a $0.92 dividend. The ex-dividend date was Monday, September 18th. This represents a $3.68 annualized dividend and a dividend yield of 5.39%. Best Buy’s dividend payout ratio is currently 63.34%.

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.