First Citizens Bank & Trust Co. decreased its stake in Best Buy Co., Inc. (NYSE:BBY) by 22.9% during the second quarter, Holdings Channel reports. The institutional investor owned 52,645 shares of the technology retailer’s stock after selling 15,617 shares during the period. First Citizens Bank & Trust Co.’s holdings in Best Buy Co. were worth $3,018,000 at the end of the most recent reporting period.

Several other hedge funds have also modified their holdings of BBY. Cleararc Capital Inc. boosted its stake in shares of Best Buy Co. by 0.3% in the first quarter. Cleararc Capital Inc. now owns 6,644 shares of the technology retailer’s stock valued at $327,000 after buying an additional 18 shares in the last quarter. CENTRAL TRUST Co boosted its stake in shares of Best Buy Co. by 1.9% in the second quarter. CENTRAL TRUST Co now owns 5,310 shares of the technology retailer’s stock valued at $304,000 after buying an additional 100 shares in the last quarter. Janney Montgomery Scott LLC boosted its stake in shares of Best Buy Co. by 0.6% in the first quarter. Janney Montgomery Scott LLC now owns 17,173 shares of the technology retailer’s stock valued at $844,000 after buying an additional 106 shares in the last quarter. Mn Services Vermogensbeheer B.V. boosted its stake in shares of Best Buy Co. by 2.4% in the first quarter. Mn Services Vermogensbeheer B.V. now owns 7,538 shares of the technology retailer’s stock valued at $346,000 after buying an additional 175 shares in the last quarter. Finally, Intrust Bank NA boosted its stake in shares of Best Buy Co. by 4.5% in the first quarter. Intrust Bank NA now owns 4,998 shares of the technology retailer’s stock valued at $246,000 after buying an additional 216 shares in the last quarter. 94.17% of the stock is currently owned by institutional investors and hedge funds.

Shares of Best Buy Co., Inc. (NYSE:BBY) traded up 0.940% during trading on Tuesday, hitting $55.315. 1,607,939 shares of the stock were exchanged. Best Buy Co., Inc. has a one year low of $32.02 and a one year high of $61.95. The stock has a market cap of $16.87 billion, a PE ratio of 14.882 and a beta of 1.45. The stock’s 50 day moving average price is $56.40 and its 200 day moving average price is $49.94. Best Buy Co. also was the target of some unusual options trading on Monday. Traders purchased 993 call options on the stock. This is an increase of 163% compared to the average volume of 378 call options.

Best Buy Co. (NYSE:BBY) last posted its quarterly earnings results on Thursday, May 25th. The technology retailer reported $0.60 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.40 by $0.20. The business had revenue of $8.53 billion for the quarter, compared to analyst estimates of $8.28 billion. Best Buy Co. had a return on equity of 26.81% and a net margin of 3.01%. The business’s revenue was up 1.0% compared to the same quarter last year. During the same period in the prior year, the company posted $0.44 EPS. Equities research analysts predict that Best Buy Co., Inc. will post $3.89 EPS for the current year.

The business also recently disclosed a quarterly dividend, which was paid on Thursday, July 6th. Investors of record on Thursday, June 15th were paid a dividend of $0.34 per share. The ex-dividend date was Tuesday, June 13th. This represents a $1.36 dividend on an annualized basis and a yield of 2.48%. Best Buy Co.’s payout ratio is currently 36.46%.

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Several analysts have recently issued reports on the stock. Sanford C. Bernstein reissued a “sell” rating on shares of Best Buy Co. in a research report on Saturday, April 8th. UBS AG reissued a “buy” rating and set a $51.00 price target (up previously from $47.00) on shares of Best Buy Co. in a research report on Wednesday, May 24th. ValuEngine cut shares of Best Buy Co. from a “buy” rating to a “hold” rating in a research report on Friday, May 26th. Loop Capital raised shares of Best Buy Co. from a “sell” rating to a “hold” rating and reduced their price target for the stock from $37.00 to $35.00 in a research report on Monday, May 15th. Finally, Bank of America Corporation raised shares of Best Buy Co. from a “neutral” rating to a “buy” rating and increased their price target for the stock from $46.00 to $58.00 in a research report on Tuesday, April 25th. Four analysts have rated the stock with a sell rating, three have given a hold rating and twenty have assigned a buy rating to the company. Best Buy Co. has a consensus rating of “Buy” and a consensus price target of $56.76.

In related news, General Counsel Keith J. Nelsen sold 55,153 shares of the company’s stock in a transaction on Wednesday, May 31st. The stock was sold at an average price of $59.01, for a total transaction of $3,254,578.53. Following the completion of the transaction, the general counsel now directly owns 89,306 shares in the company, valued at approximately $5,269,947.06. The sale was disclosed in a document filed with the SEC, which is available through this link. Also, VP Mathew Watson sold 14,568 shares of the company’s stock in a transaction on Friday, May 26th. The stock was sold at an average price of $60.43, for a total value of $880,344.24. Following the transaction, the vice president now owns 21,872 shares of the company’s stock, valued at $1,321,724.96. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 121,917 shares of company stock valued at $7,107,375. 0.84% of the stock is owned by company insiders.

About Best Buy Co.

Best Buy Co, Inc is a provider of technology products, services and solutions. The Company offers products and services to the customers visiting its stores, engaging with Geek Squad agents, or using its Websites or mobile applications. It has operations in the United States, Canada and Mexico. The Company operates through two segments: Domestic and International.

Want to see what other hedge funds are holding BBY? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Best Buy Co., Inc. (NYSE:BBY).

Institutional Ownership by Quarter for Best Buy Co. (NYSE:BBY)

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