Bank of Montreal Can Sells 338 Shares of Best Buy Co., Inc. (NYSE:BBY)

Bank of Montreal Can cut its stake in Best Buy Co., Inc. (NYSE:BBY) by 0.2% in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 189,858 shares of the technology retailer’s stock after selling 338 shares during the period. Bank of Montreal Can owned about 0.09% of Best Buy worth $16,290,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also modified their holdings of BBY. Aster Capital Management DIFC Ltd acquired a new stake in shares of Best Buy in the 4th quarter valued at $51,000. Russell Investments Group Ltd. boosted its position in Best Buy by 0.4% in the fourth quarter. Russell Investments Group Ltd. now owns 168,846 shares of the technology retailer’s stock valued at $14,488,000 after buying an additional 690 shares in the last quarter. Envestnet Asset Management Inc. grew its stake in Best Buy by 2.5% during the fourth quarter. Envestnet Asset Management Inc. now owns 843,244 shares of the technology retailer’s stock worth $72,350,000 after buying an additional 20,958 shares during the last quarter. Resona Asset Management Co. Ltd. acquired a new stake in shares of Best Buy during the fourth quarter worth approximately $6,132,000. Finally, Wealth Advisors of Tampa Bay LLC raised its stake in shares of Best Buy by 4.6% in the fourth quarter. Wealth Advisors of Tampa Bay LLC now owns 48,621 shares of the technology retailer’s stock valued at $4,172,000 after acquiring an additional 2,157 shares during the last quarter. Institutional investors own 80.96% of the company’s stock.

Insiders Place Their Bets

In other news, CAO Mathew Watson sold 3,182 shares of the business’s stock in a transaction dated Friday, March 14th. The stock was sold at an average price of $71.29, for a total value of $226,844.78. Following the sale, the chief accounting officer now directly owns 19,218 shares in the company, valued at $1,370,051.22. The trade was a 14.21 % 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, CEO Corie S. Barry acquired 13,500 shares of the firm’s stock in a transaction that occurred on Wednesday, March 12th. The shares were purchased at an average price of $72.92 per share, with a total value of $984,420.00. Following the completion of the acquisition, the chief executive officer now owns 378,780 shares of the company’s stock, valued at $27,620,637.60. This represents a 3.70 % increase in their position. The disclosure for this purchase can be found here. In the last three months, insiders have sold 78,355 shares of company stock worth $5,767,213. Company insiders own 0.59% of the company’s stock.

Best Buy Stock Up 1.2 %

Shares of NYSE:BBY opened at $60.47 on Friday. The company has a 50 day moving average price of $77.46 and a two-hundred day moving average price of $85.45. The company has a market capitalization of $12.78 billion, a PE ratio of 10.34, a PEG ratio of 2.10 and a beta of 1.42. Best Buy Co., Inc. has a 52 week low of $54.99 and a 52 week high of $103.71. 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 issued its quarterly earnings data on Tuesday, March 4th. The technology retailer reported $2.58 EPS 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 business had revenue of $13.95 billion for the quarter, compared to the consensus estimate of $13.69 billion. During the same quarter last year, the business posted $2.72 EPS. Analysts forecast 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 will be paid on Tuesday, April 15th. Investors of record on Tuesday, March 25th will be paid a dividend of $0.95 per share. This represents a $3.80 dividend on an annualized basis and a yield of 6.28%. This is a boost from Best Buy’s previous quarterly dividend of $0.94. The ex-dividend date of this dividend is Tuesday, March 25th. Best Buy’s dividend payout ratio is presently 88.99%.

Analysts Set New Price Targets

BBY has been the topic of a number of research analyst reports. Wedbush restated a “neutral” rating and set a $90.00 price target on shares of Best Buy in a research report on Monday, March 3rd. Jefferies Financial Group lowered their target price on Best Buy from $106.00 to $92.00 and set a “buy” rating for the company in a research note on Tuesday, March 4th. UBS Group set a $105.00 price target on shares of Best Buy in a research report on Wednesday, March 5th. Evercore ISI lowered their price objective on shares of Best Buy from $95.00 to $80.00 and set an “in-line” rating for the company in a research report on Wednesday, March 5th. Finally, DA Davidson dropped their target price on shares of Best Buy from $117.00 to $110.00 and set a “buy” rating for the company in a research note on Wednesday, March 5th. Two research analysts have rated the stock with a sell rating, ten have assigned a hold rating, eight have issued a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, the company has an average rating of “Hold” and a consensus target price of $91.28.

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.