Hartford Investment Management Co. cut its position in Best Buy Co Inc (NYSE:BBY) by 4.9% during the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 32,368 shares of the technology retailer’s stock after selling 1,681 shares during the period. Hartford Investment Management Co.’s holdings in Best Buy were worth $2,569,000 as of its most recent SEC filing.

Other large investors have also recently added to or reduced their stakes in the company. Principal Financial Group Inc. lifted its stake in shares of Best Buy by 5.9% during the 1st quarter. Principal Financial Group Inc. now owns 970,027 shares of the technology retailer’s stock worth $67,891,000 after purchasing an additional 53,983 shares during the last quarter. Atria Investments LLC purchased a new stake in shares of Best Buy during the 2nd quarter worth $595,000. Bank of Montreal Can lifted its stake in shares of Best Buy by 22.6% during the 2nd quarter. Bank of Montreal Can now owns 464,888 shares of the technology retailer’s stock worth $34,672,000 after purchasing an additional 85,552 shares during the last quarter. Amalgamated Bank lifted its stake in shares of Best Buy by 5.4% during the 2nd quarter. Amalgamated Bank now owns 32,983 shares of the technology retailer’s stock worth $2,460,000 after purchasing an additional 1,701 shares during the last quarter. Finally, Cornerstone Wealth Management LLC purchased a new stake in shares of Best Buy during the 2nd quarter worth $2,423,000. Hedge funds and other institutional investors own 84.91% of the company’s stock.

Best Buy stock opened at $62.20 on Tuesday. The company has a debt-to-equity ratio of 0.25, a current ratio of 1.21 and a quick ratio of 0.52. Best Buy Co Inc has a one year low of $55.81 and a one year high of $84.37. The stock has a market capitalization of $18.24 billion, a price-to-earnings ratio of 13.48, a price-to-earnings-growth ratio of 1.11 and a beta of 1.01.

Best Buy (NYSE:BBY) last released its quarterly earnings results on Tuesday, August 28th. The technology retailer reported $0.91 EPS for the quarter, beating analysts’ consensus estimates of $0.83 by $0.08. Best Buy had a return on equity of 40.28% and a net margin of 2.44%. The company had revenue of $9.38 billion during the quarter, compared to analysts’ expectations of $9.25 billion. During the same period last year, the business posted $0.69 earnings per share. The firm’s revenue was up 4.6% compared to the same quarter last year. As a group, equities analysts predict that Best Buy Co Inc will post 5.11 earnings per share for the current year.

A number of brokerages recently weighed in on BBY. Raymond James upped their price objective on Best Buy from $87.00 to $90.00 and gave the stock a “buy” rating in a research note on Wednesday, August 29th. Credit Suisse Group upped their price objective on Best Buy from $74.00 to $78.00 and gave the stock a “hold” rating in a research note on Wednesday, August 29th. Deutsche Bank upped their price objective on Best Buy from $75.00 to $76.00 and gave the stock a “hold” rating in a research note on Wednesday, August 29th. Wedbush set a $65.00 price objective on Best Buy and gave the stock a “sell” rating in a research note on Thursday, August 23rd. Finally, Telsey Advisory Group upped their price objective on Best Buy from $76.00 to $80.00 and gave the stock a “market perform” rating in a research note on Wednesday, August 29th. Two analysts have rated the stock with a sell rating, twelve have given a hold rating and four have issued a buy rating to the stock. The stock presently has a consensus rating of “Hold” and an average target price of $79.25.

In other news, insider Patricia H. Walker sold 5,000 shares of the stock in a transaction dated Wednesday, August 29th. The stock was sold at an average price of $77.66, for a total value of $388,300.00. Following the transaction, the insider now directly owns 21,698 shares of the company’s stock, valued at $1,685,066.68. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, General Counsel Keith J. Nelsen sold 33,473 shares of the stock in a transaction dated Tuesday, September 4th. The shares were sold at an average price of $80.38, for a total value of $2,690,559.74. The disclosure for this sale can be found here. Over the last quarter, insiders sold 76,711 shares of company stock valued at $6,081,426. 0.75% of the stock is currently owned by company insiders.

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Best Buy Company Profile

Best Buy Co, Inc operates as a retailer of technology products, services, and solutions in the United States, Canada, and Mexico. The company operates in two segments, Domestic and International. Its stores provide consumer electronics, including digital imaging, health and fitness, home automation, home theater, and portable audio products; computing and mobile phones, such as computing and peripherals, networking products, tablets, smart watches, and e-readers, as well as mobile phones comprising related mobile network carrier commissions; and entertainment products, including drones, movies, music, and technology toys, as well as gaming hardware and software, and virtual reality and other software products.

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

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