Hartford Investment Management Co. Sells 234 Shares of Best Buy Co., Inc. (NYSE:BBY)

Hartford Investment Management Co. lowered its position in Best Buy Co., Inc. (NYSE:BBY) by 1.9% in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 12,119 shares of the technology retailer’s stock after selling 234 shares during the quarter. Hartford Investment Management Co.’s holdings in Best Buy were worth $1,040,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors also recently made changes to their positions in the company. Community Financial Services Group LLC grew its holdings in shares of Best Buy by 7.2% in the fourth quarter. Community Financial Services Group LLC now owns 14,538 shares of the technology retailer’s stock worth $1,247,000 after purchasing an additional 974 shares during the last quarter. Community Bank & Trust Waco Texas boosted its position in shares of Best Buy by 1.2% during the fourth quarter. Community Bank & Trust Waco Texas now owns 30,825 shares of the technology retailer’s stock valued at $2,645,000 after purchasing an additional 358 shares in the last quarter. Empowered Funds LLC increased its stake in shares of Best Buy by 312.3% in the 4th quarter. Empowered Funds LLC now owns 119,141 shares of the technology retailer’s stock worth $10,222,000 after acquiring an additional 90,247 shares in the last quarter. Wilmington Savings Fund Society FSB lifted its holdings in shares of Best Buy by 14.0% during the fourth quarter. Wilmington Savings Fund Society FSB now owns 2,730 shares of the technology retailer’s stock valued at $234,000 after purchasing an additional 335 shares during the last quarter. Finally, Apollon Wealth Management LLC boosted its holdings in Best Buy by 30.3% in the fourth quarter. Apollon Wealth Management LLC now owns 6,403 shares of the technology retailer’s stock worth $549,000 after acquiring an additional 1,490 shares in the last quarter. Hedge funds and other institutional investors own 80.96% of the company’s stock.

Insider Transactions at Best Buy

In other Best Buy news, CFO Matthew M. Bilunas sold 69,166 shares of the company’s stock in a transaction that occurred on Wednesday, December 11th. The stock was sold at an average price of $87.46, for a total value of $6,049,258.36. Following the completion of the transaction, the chief financial officer now directly owns 92,070 shares in the company, valued at $8,052,442.20. This represents a 42.90 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Corporate insiders own 0.59% of the company’s stock.

Best Buy Stock Up 2.2 %

NYSE BBY opened at $91.16 on Friday. The stock’s 50-day moving average price is $85.70 and its 200-day moving average price is $90.03. The company has a market capitalization of $19.49 billion, a P/E ratio of 15.58, a price-to-earnings-growth ratio of 2.01 and a beta of 1.43. The company has a quick ratio of 0.22, a current ratio of 1.00 and a debt-to-equity ratio of 0.37. Best Buy Co., Inc. has a 52 week low of $69.29 and a 52 week high of $103.71.

Best Buy (NYSE:BBY) last issued its quarterly earnings results on Tuesday, November 26th. The technology retailer reported $1.26 earnings per share for the quarter, missing the consensus estimate of $1.30 by ($0.04). The firm had revenue of $9.45 billion for the quarter, compared to analysts’ expectations of $9.63 billion. Best Buy had a net margin of 3.01% and a return on equity of 45.93%. Best Buy’s revenue for the quarter was down 3.2% compared to the same quarter last year. During the same period in the prior year, the firm earned $1.29 EPS. On average, equities research analysts predict that Best Buy Co., Inc. will post 6.18 earnings per share for the current year.

Best Buy Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, January 7th. Stockholders of record on Tuesday, December 17th were given a $0.94 dividend. The ex-dividend date was Tuesday, December 17th. This represents a $3.76 annualized dividend and a dividend yield of 4.12%. Best Buy’s payout ratio is 64.27%.

Analyst Ratings Changes

Several brokerages have issued reports on BBY. Wells Fargo & Company decreased their target price on shares of Best Buy from $95.00 to $89.00 and set an “equal weight” rating for the company in a report on Wednesday, November 27th. Loop Capital reiterated a “buy” rating and set a $100.00 target price on shares of Best Buy in a research note on Wednesday, December 18th. JPMorgan Chase & Co. boosted their price target on Best Buy from $111.00 to $117.00 and gave the stock an “overweight” rating in a research note on Friday, November 22nd. StockNews.com cut Best Buy from a “buy” rating to a “hold” rating in a research report on Friday, November 15th. Finally, UBS Group decreased their target price on Best Buy from $123.00 to $115.00 and set a “buy” rating for the company in a research report on Wednesday, November 27th. One investment analyst has rated the stock with a sell rating, eight have issued a hold rating, ten have assigned a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, Best Buy presently has a consensus rating of “Moderate Buy” and an average price target of $101.72.

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.