SVB Wealth LLC Sells 41,549 Shares of Best Buy Co., Inc. (NYSE:BBY)

SVB Wealth LLC lowered its stake in shares of Best Buy Co., Inc. (NYSE:BBY) by 29.1% during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 101,328 shares of the technology retailer’s stock after selling 41,549 shares during the period. SVB Wealth LLC’s holdings in Best Buy were worth $7,932,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors and hedge funds have also recently modified their holdings of the stock. BlackRock Inc. raised its position in shares of Best Buy by 1.2% during the first quarter. BlackRock Inc. now owns 19,612,957 shares of the technology retailer’s stock valued at $1,535,106,000 after buying an additional 223,536 shares during the last quarter. State Street Corp increased its position in Best Buy by 1.2% in the first quarter. State Street Corp now owns 10,152,129 shares of the technology retailer’s stock worth $803,778,000 after purchasing an additional 123,256 shares during the last quarter. Price T Rowe Associates Inc. MD increased its position in Best Buy by 32.2% in the first quarter. Price T Rowe Associates Inc. MD now owns 9,885,308 shares of the technology retailer’s stock worth $773,724,000 after purchasing an additional 2,409,006 shares during the last quarter. Charles Schwab Investment Management Inc. increased its position in Best Buy by 1.5% in the third quarter. Charles Schwab Investment Management Inc. now owns 4,478,759 shares of the technology retailer’s stock worth $311,139,000 after purchasing an additional 66,770 shares during the last quarter. Finally, Geode Capital Management LLC increased its position in Best Buy by 0.7% in the first quarter. Geode Capital Management LLC now owns 4,218,968 shares of the technology retailer’s stock worth $329,735,000 after purchasing an additional 27,257 shares during the last quarter. Institutional investors own 80.96% of the company’s stock.

Analysts Set New Price Targets

BBY has been the topic of several research reports. Citigroup boosted their price target on shares of Best Buy from $67.00 to $76.00 and gave the stock a “sell” rating in a research report on Friday, March 1st. UBS Group boosted their price target on shares of Best Buy from $82.00 to $85.00 and gave the stock a “neutral” rating in a research report on Friday, March 1st. Barclays increased their target price on shares of Best Buy from $69.00 to $88.00 and gave the company an “equal weight” rating in a research note on Friday, March 1st. JPMorgan Chase & Co. raised shares of Best Buy from a “neutral” rating to an “overweight” rating and increased their target price for the company from $89.00 to $101.00 in a research note on Friday, March 22nd. Finally, The Goldman Sachs Group increased their target price on shares of Best Buy from $81.00 to $90.00 and gave the company a “buy” rating in a research note on Friday, March 1st. One analyst has rated the stock with a sell rating, eight have given a hold rating and seven have assigned a buy rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of “Hold” and an average target price of $84.60.

Insiders Place Their Bets

In other Best Buy news, EVP Kathleen Scarlett sold 5,096 shares of the stock in a transaction dated Friday, March 22nd. The shares were sold at an average price of $81.80, for a total transaction of $416,852.80. Following the transaction, the executive vice president now directly owns 76,226 shares in the company, valued at approximately $6,235,286.80. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. In other Best Buy news, insider Todd G. Hartman sold 3,973 shares of the stock in a transaction dated Friday, March 22nd. The shares were sold at an average price of $81.80, for a total transaction of $324,991.40. Following the transaction, the insider now directly owns 25,912 shares in the company, valued at approximately $2,119,601.60. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, EVP Kathleen Scarlett sold 5,096 shares of the stock in a transaction dated Friday, March 22nd. The shares were sold at an average price of $81.80, for a total transaction of $416,852.80. Following the sale, the executive vice president now directly owns 76,226 shares of the company’s stock, valued at $6,235,286.80. The disclosure for this sale can be found here. Insiders have sold a total of 51,394 shares of company stock worth $4,206,247 in the last three months. Corporate insiders own 0.56% of the company’s stock.

Best Buy Trading Down 1.5 %

NYSE BBY opened at $75.18 on Wednesday. The company’s 50-day moving average price is $77.92 and its 200-day moving average price is $73.81. The company has a current ratio of 1.00, a quick ratio of 0.37 and a debt-to-equity ratio of 0.38. The stock has a market cap of $16.19 billion, a PE ratio of 13.21, a PEG ratio of 1.99 and a beta of 1.49. Best Buy Co., Inc. has a 12 month low of $62.30 and a 12 month high of $86.11.

Best Buy (NYSE:BBY) last posted its quarterly earnings results on Thursday, February 29th. The technology retailer reported $2.72 EPS for the quarter, topping analysts’ consensus estimates of $2.51 by $0.21. The firm had revenue of $14.65 billion for the quarter, compared to analysts’ expectations of $14.58 billion. Best Buy had a net margin of 2.86% and a return on equity of 48.45%. The business’s revenue for the quarter was down .6% on a year-over-year basis. During the same period in the prior year, the business posted $2.61 earnings per share. Equities research analysts forecast that Best Buy Co., Inc. will post 6.03 earnings per share for the current year.

Best Buy Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Thursday, April 11th. Shareholders of record on Thursday, March 21st were issued a dividend of $0.94 per share. This represents a $3.76 annualized dividend and a yield of 5.00%. This is a boost from Best Buy’s previous quarterly dividend of $0.92. The ex-dividend date of this dividend was Wednesday, March 20th. Best Buy’s dividend payout ratio is presently 66.08%.

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.