State of Alaska Department of Revenue Sells 5,715 Shares of Best Buy Co., Inc. (NYSE:BBY)

State of Alaska Department of Revenue cut its position in Best Buy Co., Inc. (NYSE:BBY) by 13.0% in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 38,349 shares of the technology retailer’s stock after selling 5,715 shares during the quarter. State of Alaska Department of Revenue’s holdings in Best Buy were worth $3,145,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also made changes to their positions in the company. Albion Financial Group UT grew its stake in shares of Best Buy by 15.7% in the first quarter. Albion Financial Group UT now owns 7,975 shares of the technology retailer’s stock valued at $654,000 after buying an additional 1,085 shares in the last quarter. Sumitomo Mitsui Trust Holdings Inc. grew its stake in shares of Best Buy by 0.4% in the first quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 576,416 shares of the technology retailer’s stock valued at $47,283,000 after buying an additional 2,235 shares in the last quarter. Saxon Interests Inc. grew its stake in shares of Best Buy by 16.6% in the first quarter. Saxon Interests Inc. now owns 7,218 shares of the technology retailer’s stock valued at $592,000 after buying an additional 1,030 shares in the last quarter. MV Capital Management Inc. grew its stake in shares of Best Buy by 14.5% in the first quarter. MV Capital Management Inc. now owns 1,966 shares of the technology retailer’s stock valued at $161,000 after buying an additional 249 shares in the last quarter. Finally, MEAG MUNICH ERGO Kapitalanlagegesellschaft mbH grew its stake in shares of Best Buy by 44.6% in the first quarter. MEAG MUNICH ERGO Kapitalanlagegesellschaft mbH now owns 65,867 shares of the technology retailer’s stock valued at $5,403,000 after buying an additional 20,305 shares in the last quarter. 80.96% of the stock is owned by institutional investors.

Best Buy Stock Up 0.1 %

BBY opened at $82.45 on Friday. The company has a market capitalization of $17.79 billion, a P/E ratio of 14.44, a P/E/G ratio of 2.65 and a beta of 1.48. The stock has a fifty day moving average of $80.47 and a 200-day moving average of $77.93. Best Buy Co., Inc. has a fifty-two week low of $62.30 and a fifty-two week high of $93.72. The company has a debt-to-equity ratio of 0.37, a quick ratio of 0.33 and a current ratio of 1.01.

Best Buy (NYSE:BBY) last posted its quarterly earnings results on Thursday, May 30th. The technology retailer reported $1.20 EPS for the quarter, beating analysts’ consensus estimates of $1.08 by $0.12. The business had revenue of $8.85 billion during the quarter, compared to the consensus estimate of $8.96 billion. Best Buy had a return on equity of 47.56% and a net margin of 2.90%. Best Buy’s revenue for the quarter was down 6.5% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $1.15 earnings per share. On average, equities analysts expect that Best Buy Co., Inc. will post 6.11 EPS for the current year.

Best Buy Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Thursday, July 11th. Investors of record on Thursday, June 20th will be paid a $0.94 dividend. This represents a $3.76 dividend on an annualized basis and a yield of 4.56%. The ex-dividend date is Thursday, June 20th. Best Buy’s dividend payout ratio (DPR) is presently 65.85%.

Wall Street Analyst Weigh In

Several brokerages have issued reports on BBY. JPMorgan Chase & Co. raised Best Buy from a “neutral” rating to an “overweight” rating and raised their price target for the company from $89.00 to $101.00 in a report on Friday, March 22nd. Loop Capital raised their price target on Best Buy from $93.00 to $100.00 and gave the company a “buy” rating in a report on Friday, June 7th. Telsey Advisory Group reaffirmed an “outperform” rating and set a $95.00 price target on shares of Best Buy in a report on Thursday, May 30th. Wedbush reaffirmed a “neutral” rating and set a $85.00 price target on shares of Best Buy in a report on Tuesday, May 28th. Finally, Evercore ISI raised their price target on Best Buy from $80.00 to $90.00 and gave the company an “in-line” rating in a report on Friday, May 31st. Seven analysts have rated the stock with a hold rating and nine have given a buy rating to the stock. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average target price of $90.87.

Insider Activity at Best Buy

In related news, Chairman Richard M. Schulze sold 1,000,000 shares of the business’s stock in a transaction dated Monday, June 3rd. The stock was sold at an average price of $85.85, for a total value of $85,850,000.00. Following the completion of the transaction, the chairman now owns 15,890,103 shares of the company’s stock, valued at $1,364,165,342.55. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. In other Best Buy news, CAO Mathew Watson sold 3,520 shares of the business’s stock in a transaction dated Tuesday, April 9th. The stock was sold at an average price of $82.43, for a total transaction of $290,153.60. Following the completion of the transaction, the chief accounting officer now owns 22,118 shares of the company’s stock, valued at $1,823,186.74. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, Chairman Richard M. Schulze sold 1,000,000 shares of the business’s stock in a transaction dated Monday, June 3rd. The stock was sold at an average price of $85.85, for a total value of $85,850,000.00. Following the transaction, the chairman now directly owns 15,890,103 shares of the company’s stock, valued at approximately $1,364,165,342.55. The disclosure for this sale can be found here. Insiders sold a total of 2,004,149 shares of company stock valued at $166,397,807 over the last quarter. 0.59% of the stock is owned by corporate insiders.

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.