Bank of New York Mellon Corp Acquires 459,353 Shares of Best Buy Co., Inc. (NYSE:BBY)

Bank of New York Mellon Corp grew its holdings in Best Buy Co., Inc. (NYSE:BBY) by 13.7% in the fourth quarter, HoldingsChannel reports. The institutional investor owned 3,824,425 shares of the technology retailer’s stock after acquiring an additional 459,353 shares during the period. Bank of New York Mellon Corp’s holdings in Best Buy were worth $328,136,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. QRG Capital Management Inc. raised its position in Best Buy by 10.5% in the third quarter. QRG Capital Management Inc. now owns 31,745 shares of the technology retailer’s stock worth $3,279,000 after purchasing an additional 3,025 shares in the last quarter. Asset Management One Co. Ltd. grew its stake in shares of Best Buy by 27.4% in the 3rd quarter. Asset Management One Co. Ltd. now owns 90,341 shares of the technology retailer’s stock valued at $9,332,000 after purchasing an additional 19,405 shares during the period. Klein Pavlis & Peasley Financial Inc. raised its holdings in shares of Best Buy by 48.6% in the 4th quarter. Klein Pavlis & Peasley Financial Inc. now owns 26,400 shares of the technology retailer’s stock worth $2,265,000 after buying an additional 8,640 shares in the last quarter. Merit Financial Group LLC bought a new position in shares of Best Buy during the 4th quarter worth approximately $453,000. Finally, Alberta Investment Management Corp boosted its stake in Best Buy by 424.0% in the 4th quarter. Alberta Investment Management Corp now owns 26,200 shares of the technology retailer’s stock valued at $2,248,000 after buying an additional 21,200 shares in the last quarter. 80.96% of the stock is owned by institutional investors.

Analysts Set New Price Targets

Several research analysts have issued reports on BBY shares. Morgan Stanley dropped their price objective on Best Buy from $105.00 to $100.00 and set an “equal weight” rating for the company in a research note on Tuesday, January 21st. Barclays dropped their target price on shares of Best Buy from $95.00 to $89.00 and set an “equal weight” rating for the company in a research report on Thursday, January 9th. Citigroup reduced their price target on shares of Best Buy from $109.00 to $101.00 and set a “buy” rating on the stock in a research report on Wednesday, November 27th. Guggenheim dropped their price objective on shares of Best Buy from $110.00 to $105.00 and set a “buy” rating for the company in a report on Friday, November 29th. Finally, UBS Group cut their target price on shares of Best Buy from $123.00 to $115.00 and set a “buy” rating for the company in a research note on Wednesday, November 27th. One equities research analyst has rated the stock with a sell rating, eight have issued a hold rating, ten have issued a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $101.72.

Insider Transactions at Best Buy

In related news, CFO Matthew M. Bilunas sold 69,166 shares of the stock in a transaction that occurred on Wednesday, December 11th. The shares were sold at an average price of $87.46, for a total value of $6,049,258.36. Following the transaction, the chief financial officer now directly owns 92,070 shares in the company, valued at $8,052,442.20. This represents a 42.90 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at the SEC website. 0.59% of the stock is owned by corporate insiders.

Best Buy Trading Up 0.4 %

BBY stock opened at $90.41 on Thursday. 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 Co., Inc. has a twelve month low of $69.29 and a twelve month high of $103.71. The company has a market cap of $19.33 billion, a P/E ratio of 15.45, a PEG ratio of 2.10 and a beta of 1.43. The business has a fifty day moving average of $86.24 and a 200-day moving average of $90.52.

Best Buy (NYSE:BBY) last announced its quarterly earnings data on Tuesday, November 26th. The technology retailer reported $1.26 earnings per share for the quarter, missing the consensus estimate of $1.30 by ($0.04). Best Buy had a return on equity of 45.93% and a net margin of 3.01%. The firm had revenue of $9.45 billion for the quarter, compared to the consensus estimate of $9.63 billion. During the same period in the prior year, the firm posted $1.29 earnings per share. The business’s revenue for the quarter was down 3.2% compared to the same quarter last year. As a group, equities research analysts expect that Best Buy Co., Inc. will post 6.18 EPS for the current year.

About Best Buy

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.