Elo Mutual Pension Insurance Co Increases Stake in Best Buy Co., Inc. (NYSE:BBY)

Elo Mutual Pension Insurance Co increased its holdings in Best Buy Co., Inc. (NYSE:BBY) by 32.6% during the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 24,078 shares of the technology retailer’s stock after purchasing an additional 5,917 shares during the quarter. Elo Mutual Pension Insurance Co’s holdings in Best Buy were worth $2,066,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds have also added to or reduced their stakes in BBY. Vanguard Group Inc. increased its holdings in shares of Best Buy by 0.8% in the fourth quarter. Vanguard Group Inc. now owns 22,982,608 shares of the technology retailer’s stock worth $1,971,908,000 after buying an additional 191,161 shares during the period. Charles Schwab Investment Management Inc. increased its stake in Best Buy by 6.4% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 6,560,368 shares of the technology retailer’s stock worth $562,880,000 after purchasing an additional 395,415 shares during the period. Raymond James Financial Inc. bought a new stake in Best Buy in the fourth quarter valued at approximately $514,483,000. Geode Capital Management LLC boosted its stake in shares of Best Buy by 2.5% during the third quarter. Geode Capital Management LLC now owns 4,852,980 shares of the technology retailer’s stock valued at $499,954,000 after purchasing an additional 120,185 shares during the period. Finally, Bank of New York Mellon Corp grew its holdings in shares of Best Buy by 13.7% in the fourth quarter. Bank of New York Mellon Corp now owns 3,824,425 shares of the technology retailer’s stock worth $328,136,000 after purchasing an additional 459,353 shares during the last quarter. 80.96% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently commented on BBY shares. Morgan Stanley lowered their price target on shares of Best Buy from $100.00 to $85.00 and set an “equal weight” rating for the company in a report on Wednesday, March 5th. Guggenheim dropped their target price on shares of Best Buy from $105.00 to $90.00 and set a “buy” rating for the company in a report on Wednesday, March 5th. JPMorgan Chase & Co. cut their target price on Best Buy from $115.00 to $110.00 and set an “overweight” rating on the stock in a research note on Wednesday, March 5th. Bank of America dropped their price objective on Best Buy from $80.00 to $75.00 and set an “underperform” rating for the company in a report on Wednesday, March 5th. Finally, DA Davidson reduced their target price on Best Buy from $117.00 to $110.00 and set a “buy” rating on the stock in a research note on Wednesday, March 5th. Two analysts have rated the stock with a sell rating, nine have issued a hold rating, nine have issued a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus price target of $93.50.

Best Buy Price Performance

Shares of BBY opened at $72.28 on Friday. Best Buy Co., Inc. has a fifty-two week low of $69.29 and a fifty-two week high of $103.71. The firm’s 50-day simple moving average is $82.51 and its two-hundred day simple moving average is $88.25. The stock has a market cap of $15.28 billion, a PE ratio of 12.36, a price-to-earnings-growth ratio of 2.10 and a beta of 1.43. The company has a debt-to-equity ratio of 0.37, a quick ratio of 0.22 and a current ratio of 1.00.

Best Buy (NYSE:BBY) last posted its quarterly earnings results on Tuesday, March 4th. The technology retailer reported $2.58 earnings per share for the quarter, topping the consensus estimate of $2.40 by $0.18. Best Buy had a return on equity of 45.93% and a net margin of 3.01%. The company had revenue of $13.95 billion for the quarter, compared to the consensus estimate of $13.69 billion. During the same quarter in the prior year, the business posted $2.72 EPS. Analysts anticipate that Best Buy Co., Inc. will post 6.18 earnings per share for the current fiscal year.

Best Buy Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, April 15th. Stockholders of record on Tuesday, March 25th will be given a $0.95 dividend. This represents a $3.80 annualized dividend and a dividend yield of 5.26%. The ex-dividend date of this dividend is Tuesday, March 25th. This is a positive change from Best Buy’s previous quarterly dividend of $0.94. Best Buy’s payout ratio is currently 88.99%.

Insider Buying and Selling

In related news, CFO Matthew M. Bilunas sold 51,000 shares of the business’s stock in a transaction that occurred on Monday, March 24th. The shares were sold at an average price of $74.20, for a total value of $3,784,200.00. Following the completion of the transaction, the chief financial officer now directly owns 55,856 shares in the company, valued at $4,144,515.20. The trade was a 47.73 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Corie S. Barry acquired 13,500 shares of the stock in a transaction that occurred on Wednesday, March 12th. The stock was acquired at an average cost of $72.92 per share, for a total transaction of $984,420.00. Following the completion of the transaction, the chief executive officer now directly owns 378,780 shares in the company, valued at $27,620,637.60. This represents a 3.70 % increase in their position. The disclosure for this purchase can be found here. Insiders have sold a total of 78,355 shares of company stock worth $5,767,213 in the last quarter. Corporate insiders own 0.59% of the company’s stock.

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.