Victory Capital Management Inc. Has $69.77 Million Position in Best Buy Co., Inc. (NYSE:BBY)

Victory Capital Management Inc. cut its holdings in shares of Best Buy Co., Inc. (NYSE:BBY) by 25.0% during the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 891,253 shares of the technology retailer’s stock after selling 296,525 shares during the period. Victory Capital Management Inc. owned about 0.41% of Best Buy worth $69,767,000 at the end of the most recent quarter.

A number of other institutional investors have also recently added to or reduced their stakes in the business. Cary Street Partners Investment Advisory LLC grew its position in shares of Best Buy by 549.1% in the 3rd quarter. Cary Street Partners Investment Advisory LLC now owns 357 shares of the technology retailer’s stock valued at $25,000 after buying an additional 302 shares during the last quarter. Bfsg LLC acquired a new stake in Best Buy during the 4th quarter valued at approximately $25,000. Naples Money Management LLC bought a new position in Best Buy during the 4th quarter worth approximately $27,000. Stonebridge Capital Advisors LLC lifted its position in shares of Best Buy by 81.9% in the 3rd quarter. Stonebridge Capital Advisors LLC now owns 411 shares of the technology retailer’s stock worth $29,000 after purchasing an additional 185 shares during the period. Finally, Hartford Financial Management Inc. boosted its stake in shares of Best Buy by 56.5% in the 4th quarter. Hartford Financial Management Inc. now owns 388 shares of the technology retailer’s stock valued at $30,000 after purchasing an additional 140 shares during the last quarter. 80.96% of the stock is owned by institutional investors.

Analyst Ratings Changes

Several research firms recently issued reports on BBY. TheStreet upgraded shares of Best Buy from a “c” rating to a “b-” rating in a report on Thursday, February 29th. Barclays boosted their price target on Best Buy from $69.00 to $88.00 and gave the company an “equal weight” rating in a research note on Friday, March 1st. JPMorgan Chase & Co. raised shares of Best Buy from a “neutral” rating to an “overweight” rating and raised their price objective for the stock from $89.00 to $101.00 in a research report on Friday, March 22nd. Citigroup boosted their target price on shares of Best Buy from $67.00 to $76.00 and gave the company a “sell” rating in a research report on Friday, March 1st. Finally, Wedbush raised their price target on shares of Best Buy from $75.00 to $85.00 and gave the stock a “neutral” rating in a report on Friday, March 1st. One research analyst has rated the stock with a sell rating, eight have issued a hold rating and seven have issued a buy rating to the company’s stock. According to data from MarketBeat.com, Best Buy presently has a consensus rating of “Hold” and a consensus target price of $84.60.

Best Buy Trading Up 2.8 %

Shares of Best Buy stock opened at $74.48 on Friday. The company has a market capitalization of $16.11 billion, a P/E ratio of 13.09, a price-to-earnings-growth ratio of 1.88 and a beta of 1.50. The stock has a fifty day simple moving average of $77.95 and a 200 day simple moving average of $74.20. Best Buy Co., Inc. has a 12-month low of $62.30 and a 12-month high of $86.11. The company has a current ratio of 1.00, a quick ratio of 0.37 and a debt-to-equity ratio of 0.38.

Best Buy (NYSE:BBY) last posted its earnings results on Thursday, February 29th. The technology retailer reported $2.72 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.51 by $0.21. Best Buy had a net margin of 2.86% and a return on equity of 48.45%. The firm had revenue of $14.65 billion during the quarter, compared to analyst estimates of $14.58 billion. During the same quarter in the prior year, the business posted $2.61 EPS. The business’s revenue was down .6% compared to the same quarter last year. On average, sell-side analysts anticipate that Best Buy Co., Inc. will post 6.03 earnings per share for the current fiscal year.

Best Buy Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Thursday, April 11th. Stockholders of record on Thursday, March 21st were paid a $0.94 dividend. This represents a $3.76 dividend on an annualized basis and a dividend yield of 5.05%. The ex-dividend date of this dividend was Wednesday, March 20th. This is an increase from Best Buy’s previous quarterly dividend of $0.92. Best Buy’s payout ratio is presently 66.08%.

Insider Activity

In related news, CAO Mathew Watson sold 3,520 shares of Best Buy stock in a transaction on Tuesday, April 9th. The stock was sold at an average price of $82.43, for a total transaction of $290,153.60. Following the sale, the chief accounting officer now directly owns 22,118 shares in the company, valued at $1,823,186.74. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In related news, CAO Mathew Watson sold 3,520 shares of the firm’s stock in a transaction dated Tuesday, April 9th. The shares were sold at an average price of $82.43, for a total transaction of $290,153.60. Following the completion of the sale, the chief accounting officer now owns 22,118 shares in the company, valued at $1,823,186.74. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Corie S. Barry sold 28,042 shares of the business’s stock in a transaction dated Friday, March 22nd. The shares were sold at an average price of $81.80, for a total transaction of $2,293,835.60. Following the completion of the transaction, the chief executive officer now owns 429,159 shares in the company, valued at $35,105,206.20. The disclosure for this sale can be found here. Insiders sold a total of 52,023 shares of company stock valued at $4,253,900 over the last three months. Corporate insiders own 0.56% of the company’s stock.

Best Buy Company Profile

Best Buy Co, Inc engages in the retail of technology products in the United States, Canada, 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, portable audio comprising headphones and portable speakers, and smart home products, as well as home theaters, which includes home theater accessories, soundbars, and televisions.