Shell Asset Management Co. Sells 4,918 Shares of Best Buy Co., Inc. (NYSE:BBY)

Shell Asset Management Co. decreased its holdings in Best Buy Co., Inc. (NYSE:BBY) by 9.4% in the 4th quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 47,362 shares of the technology retailer’s stock after selling 4,918 shares during the quarter. Shell Asset Management Co.’s holdings in Best Buy were worth $4,064,000 as of its most recent SEC filing.

Several other institutional investors have also recently bought and sold shares of BBY. Rakuten Securities Inc. raised its position in Best Buy by 971.9% in the 4th quarter. Rakuten Securities Inc. now owns 343 shares of the technology retailer’s stock valued at $29,000 after purchasing an additional 311 shares during the last quarter. Golden State Wealth Management LLC bought a new position in Best Buy in the 4th quarter valued at $32,000. Atlas Capital Advisors Inc. raised its position in Best Buy by 186.9% in the 4th quarter. Atlas Capital Advisors Inc. now owns 373 shares of the technology retailer’s stock valued at $32,000 after purchasing an additional 243 shares during the last quarter. Ancora Advisors LLC raised its position in Best Buy by 18,700.0% in the 4th quarter. Ancora Advisors LLC now owns 376 shares of the technology retailer’s stock valued at $32,000 after purchasing an additional 374 shares during the last quarter. Finally, OFI Invest Asset Management bought a new position in Best Buy in the 4th quarter valued at $34,000. Institutional investors own 80.96% of the company’s stock.

Analysts Set New Price Targets

BBY has been the subject of several research analyst reports. Jefferies Financial Group cut their price objective on Best Buy from $106.00 to $92.00 and set a “buy” rating for the company in a research report on Tuesday, March 4th. Evercore ISI lowered their target price on Best Buy from $95.00 to $80.00 and set an “in-line” rating for the company in a research note on Wednesday, March 5th. Morgan Stanley lowered their target price 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. Loop Capital reissued a “negative” rating on shares of Best Buy in a research note on Wednesday, March 5th. Finally, Telsey Advisory Group lowered their target price on Best Buy from $110.00 to $100.00 and set an “outperform” rating for the company in a research note on Wednesday, March 5th. Two analysts have rated the stock with a sell rating, ten have assigned a hold rating, eight have issued a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, the stock currently has an average rating of “Hold” and an average target price of $91.28.

Insider Buying and Selling at Best Buy

In other news, insider Todd G. Hartman sold 4,893 shares of the business’s stock in a transaction dated Friday, March 21st. The stock was sold at an average price of $72.65, for a total value of $355,476.45. Following the sale, the insider now directly owns 32,320 shares in the company, valued at $2,348,048. The trade was a 13.15% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, CFO Matthew M. Bilunas sold 51,000 shares of the business’s stock in a transaction dated 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 sale, the chief financial officer now owns 55,856 shares in the company, valued at approximately $4,144,515.20. This trade represents a 47.73% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 78,355 shares of company stock valued at $5,767,213. Company insiders own 0.47% of the company’s stock.

Best Buy Stock Down 0.7%

NYSE:BBY opened at $72.91 on Friday. Best Buy Co., Inc. has a 1 year low of $54.99 and a 1 year high of $103.71. The company has a current ratio of 1.00, a quick ratio of 0.22 and a debt-to-equity ratio of 0.37. The stock has a market cap of $15.43 billion, a price-to-earnings ratio of 12.46, a PEG ratio of 2.10 and a beta of 1.27. The stock has a 50-day moving average price of $67.92 and a two-hundred day moving average price of $80.46.

Best Buy (NYSE:BBY) last posted its earnings results on Tuesday, March 4th. The technology retailer reported $2.58 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.40 by $0.18. Best Buy had a return on equity of 45.93% and a net margin of 3.01%. The firm had revenue of $13.95 billion during the quarter, compared to analysts’ expectations of $13.69 billion. During the same period in the previous year, the firm earned $2.72 earnings per share. As a group, equities analysts expect that Best Buy Co., Inc. will post 6.18 earnings per share for the current year.

Best Buy Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Tuesday, April 15th. Shareholders of record on Tuesday, March 25th were paid a $0.95 dividend. This represents a $3.80 dividend on an annualized basis and a yield of 5.21%. This is a boost from Best Buy’s previous quarterly dividend of $0.94. The ex-dividend date of this dividend was Tuesday, March 25th. Best Buy’s payout ratio is presently 88.99%.

About Best Buy

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.