Chevy Chase Trust Holdings LLC Has $7.51 Million Stake in Best Buy Co., Inc. (NYSE:BBY)

Chevy Chase Trust Holdings LLC lowered its holdings in Best Buy Co., Inc. (NYSE:BBY) by 0.5% during the first quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 102,044 shares of the technology retailer’s stock after selling 494 shares during the quarter. Chevy Chase Trust Holdings LLC’s holdings in Best Buy were worth $7,511,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Raymond James Financial Inc. acquired a new stake in shares of Best Buy during the 4th quarter worth approximately $514,483,000. Norges Bank acquired a new stake in shares of Best Buy during the 4th quarter worth approximately $178,015,000. Northern Trust Corp grew its holdings in shares of Best Buy by 31.3% during the 4th quarter. Northern Trust Corp now owns 2,942,832 shares of the technology retailer’s stock worth $252,495,000 after purchasing an additional 701,287 shares in the last quarter. Invesco Ltd. grew its holdings in shares of Best Buy by 20.5% during the 4th quarter. Invesco Ltd. now owns 3,692,118 shares of the technology retailer’s stock worth $316,784,000 after purchasing an additional 629,180 shares in the last quarter. Finally, Arrowstreet Capital Limited Partnership grew its holdings in shares of Best Buy by 101.4% during the 4th quarter. Arrowstreet Capital Limited Partnership now owns 1,114,928 shares of the technology retailer’s stock worth $95,661,000 after purchasing an additional 561,413 shares in the last quarter. Institutional investors and hedge funds own 80.96% of the company’s stock.

Best Buy Stock Performance

BBY opened at $68.45 on Friday. Best Buy Co., Inc. has a 52-week low of $54.99 and a 52-week high of $103.71. The firm has a market capitalization of $14.47 billion, a PE ratio of 16.74, a PEG ratio of 1.80 and a beta of 1.25. The company has a debt-to-equity ratio of 0.42, a quick ratio of 0.32 and a current ratio of 1.02. The business’s 50-day simple moving average is $69.16 and its 200 day simple moving average is $76.39.

Best Buy (NYSE:BBY) last released its quarterly earnings data on Thursday, May 29th. The technology retailer reported $1.15 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.09 by $0.06. The firm had revenue of $8.77 billion for the quarter, compared to analyst estimates of $8.77 billion. Best Buy had a return on equity of 46.40% and a net margin of 2.13%. The business’s revenue for the quarter was down .9% compared to the same quarter last year. During the same quarter in the prior year, the company earned $1.20 earnings per share. As a group, sell-side analysts expect that Best Buy Co., Inc. will post 6.18 earnings per share for the current fiscal year.

Best Buy Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Thursday, July 10th. Stockholders of record on Thursday, June 19th will be paid a dividend of $0.95 per share. The ex-dividend date is Wednesday, June 18th. This represents a $3.80 dividend on an annualized basis and a dividend yield of 5.55%. Best Buy’s dividend payout ratio (DPR) is currently 92.91%.

Insider Transactions at Best Buy

In related news, Chairman Richard M. Schulze sold 729,201 shares of the stock in a transaction that occurred on Monday, June 9th. The stock was sold at an average price of $72.95, for a total transaction of $53,195,212.95. Following the sale, the chairman now owns 196,100 shares of the company’s stock, valued at $14,305,495. This represents a 78.81% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. 0.47% of the stock is owned by corporate insiders.

Analyst Ratings Changes

BBY has been the topic of several recent research reports. Wells Fargo & Company decreased their price objective on Best Buy from $75.00 to $67.00 and set an “equal weight” rating on the stock in a report on Friday, May 30th. Wedbush cut their price objective on Best Buy from $75.00 to $70.00 and set a “neutral” rating for the company in a research report on Friday, May 30th. Telsey Advisory Group reissued an “outperform” rating and issued a $90.00 target price on shares of Best Buy in a research note on Friday, May 30th. Morgan Stanley decreased their price objective on Best Buy from $100.00 to $85.00 and set an “equal weight” rating for the company in a research note on Wednesday, March 5th. Finally, JPMorgan Chase & Co. decreased their target price on Best Buy from $115.00 to $110.00 and set an “overweight” rating for the company in a research note on Wednesday, March 5th. One analyst has rated the stock with a sell rating, eleven have given a hold rating and nine have assigned a buy rating to the company. According to data from MarketBeat, Best Buy currently has an average rating of “Hold” and a consensus target price of $86.11.

Best Buy 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.