Skandinaviska Enskilda Banken AB publ Reduces Holdings in Best Buy Co., Inc. (NYSE:BBY)

Skandinaviska Enskilda Banken AB publ lowered its position in shares of Best Buy Co., Inc. (NYSE:BBY) by 60.1% during the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 67,280 shares of the technology retailer’s stock after selling 101,437 shares during the period. Skandinaviska Enskilda Banken AB publ’s holdings in Best Buy were worth $5,776,000 as of its most recent SEC filing.

Other hedge funds also recently made changes to their positions in the company. Rakuten Securities Inc. raised its stake in shares of Best Buy by 971.9% during the fourth 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 period. Golden State Wealth Management LLC bought a new stake in shares of Best Buy in the fourth quarter worth $32,000. OFI Invest Asset Management bought a new stake in shares of Best Buy in the fourth quarter worth $34,000. Trust Co. of Vermont increased its stake in shares of Best Buy by 1,200.0% in the fourth quarter. Trust Co. of Vermont now owns 416 shares of the technology retailer’s stock worth $36,000 after buying an additional 384 shares during the last quarter. Finally, LRI Investments LLC increased its stake in shares of Best Buy by 632.1% in the third quarter. LRI Investments LLC now owns 388 shares of the technology retailer’s stock worth $40,000 after buying an additional 335 shares during the last quarter. Hedge funds and other institutional investors own 80.96% of the company’s stock.

Best Buy Stock Performance

BBY stock opened at $71.56 on Friday. The company has a market capitalization of $15.30 billion, a P/E ratio of 12.23, a PEG ratio of 2.10 and a beta of 1.43. The company has a 50-day simple moving average of $84.40 and a 200 day simple moving average of $89.94. Best Buy Co., Inc. has a fifty-two week low of $69.29 and a fifty-two week high of $103.71. The company has a quick ratio of 0.22, a current ratio of 1.00 and a debt-to-equity ratio of 0.37.

Best Buy (NYSE:BBY) last posted its quarterly earnings data on Tuesday, March 4th. The technology retailer reported $2.58 earnings per share for the quarter, topping the consensus estimate of $2.40 by $0.18. The business had revenue of $13.95 billion during the quarter, compared to the consensus estimate of $13.69 billion. Best Buy had a net margin of 3.01% and a return on equity of 45.93%. During the same quarter in the prior year, the company posted $2.72 earnings per share. Sell-side analysts predict that Best Buy Co., Inc. will post 6.18 earnings per share for the current fiscal year.

Best Buy Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, April 15th. Investors of record on Tuesday, March 25th will be issued a $0.95 dividend. The ex-dividend date is Tuesday, March 25th. This represents a $3.80 annualized dividend and a yield of 5.31%. This is an increase from Best Buy’s previous quarterly dividend of $0.94. Best Buy’s dividend payout ratio is presently 88.99%.

Wall Street Analysts Forecast Growth

A number of brokerages recently issued reports on BBY. UBS Group set a $105.00 price target on shares of Best Buy in a research note on Wednesday, March 5th. Telsey Advisory Group dropped their price target on shares of Best Buy from $110.00 to $100.00 and set an “outperform” rating for the company in a research note on Wednesday, March 5th. Wells Fargo & Company dropped their price target on shares of Best Buy from $89.00 to $85.00 and set an “equal weight” rating for the company in a research note on Wednesday, March 5th. Barclays dropped their price target on shares of Best Buy from $95.00 to $89.00 and set an “equal weight” rating for the company in a research note on Thursday, January 9th. Finally, Morgan Stanley decreased their price objective on shares of Best Buy from $100.00 to $85.00 and set an “equal weight” rating for the company in a report on Wednesday, March 5th. Two research analysts have rated the stock with a sell rating, nine have given a hold rating, nine have issued a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, the company currently has a consensus rating of “Hold” and an average price target of $93.50.

Insider Buying and Selling

In other Best Buy news, CEO Corie S. Barry purchased 13,500 shares of the company’s stock in a transaction on Wednesday, March 12th. The shares were purchased at an average cost of $72.92 per share, for a total transaction of $984,420.00. Following the completion of the transaction, the chief executive officer now owns 378,780 shares in the company, valued at $27,620,637.60. The trade was a 3.70 % increase in their ownership of the stock. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Corporate insiders own 0.59% of the company’s stock.

Best Buy 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.