Financial Advisors Network Inc. decreased its position in Best Buy Co Inc (NYSE:BBY) by 56.6% in the 1st quarter, Holdings Channel reports. The institutional investor owned 7,073 shares of the technology retailer’s stock after selling 9,225 shares during the period. Financial Advisors Network Inc.’s holdings in Best Buy were worth $443,000 as of its most recent SEC filing.

A number of other large investors have also recently bought and sold shares of the business. Cambridge Investment Research Advisors Inc. raised its position in Best Buy by 9.3% during the fourth quarter. Cambridge Investment Research Advisors Inc. now owns 4,890 shares of the technology retailer’s stock valued at $259,000 after buying an additional 415 shares during the period. Victory Capital Management Inc. raised its position in Best Buy by 2.0% during the fourth quarter. Victory Capital Management Inc. now owns 43,441 shares of the technology retailer’s stock valued at $2,301,000 after buying an additional 836 shares during the period. Oregon Public Employees Retirement Fund grew its stake in Best Buy by 3,134.7% in the fourth quarter. Oregon Public Employees Retirement Fund now owns 3,280,289 shares of the technology retailer’s stock valued at $62,000 after purchasing an additional 3,178,881 shares in the last quarter. Commerzbank Aktiengesellschaft FI grew its stake in Best Buy by 15.1% in the fourth quarter. Commerzbank Aktiengesellschaft FI now owns 83,962 shares of the technology retailer’s stock valued at $4,447,000 after purchasing an additional 11,041 shares in the last quarter. Finally, Cullen Frost Bankers Inc. grew its stake in Best Buy by 58.6% in the fourth quarter. Cullen Frost Bankers Inc. now owns 6,888 shares of the technology retailer’s stock valued at $365,000 after purchasing an additional 2,544 shares in the last quarter. Hedge funds and other institutional investors own 78.71% of the company’s stock.

In related news, insider Rajendra M. Mohan sold 30,000 shares of the business’s stock in a transaction dated Wednesday, April 17th. The stock was sold at an average price of $73.92, for a total transaction of $2,217,600.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, insider Brian A. Tilzer sold 2,739 shares of the business’s stock in a transaction dated Wednesday, May 8th. The stock was sold at an average price of $72.88, for a total value of $199,618.32. The disclosure for this sale can be found here. In the last quarter, insiders have sold 814,973 shares of company stock valued at $54,406,869. 0.95% of the stock is currently owned by corporate insiders.

Shares of BBY traded up $0.19 during trading hours on Friday, hitting $66.03. 2,148,015 shares of the company were exchanged, compared to its average volume of 3,188,534. The company has a market cap of $17.63 billion, a PE ratio of 12.41, a price-to-earnings-growth ratio of 1.31 and a beta of 1.05. Best Buy Co Inc has a 52 week low of $47.72 and a 52 week high of $84.37. The company has a debt-to-equity ratio of 1.00, a quick ratio of 0.39 and a current ratio of 1.12.

Best Buy (NYSE:BBY) last released its quarterly earnings results on Thursday, May 23rd. The technology retailer reported $1.02 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.88 by $0.14. The company had revenue of $9.14 billion during the quarter, compared to the consensus estimate of $9.14 billion. Best Buy had a return on equity of 47.91% and a net margin of 3.54%. The firm’s revenue was up .4% on a year-over-year basis. During the same quarter in the prior year, the company posted $0.82 EPS. On average, research analysts predict that Best Buy Co Inc will post 5.73 earnings per share for the current year.

Best Buy declared that its board has authorized a stock repurchase program on Wednesday, February 27th that allows the company to buyback $3.00 billion in shares. This buyback authorization allows the technology retailer to reacquire up to 18.5% of its shares through open market purchases. Shares buyback programs are often a sign that the company’s board believes its shares are undervalued.

The business also recently declared a quarterly dividend, which will be paid on Friday, July 5th. Stockholders of record on Thursday, June 13th will be paid a dividend of $0.50 per share. The ex-dividend date is Wednesday, June 12th. This represents a $2.00 annualized dividend and a dividend yield of 3.03%. Best Buy’s dividend payout ratio (DPR) is presently 37.59%.

A number of brokerages have commented on BBY. Zacks Investment Research downgraded Best Buy from a “buy” rating to a “hold” rating in a research note on Tuesday, April 30th. Oppenheimer upgraded Best Buy from a “market perform” rating to an “outperform” rating and set a $86.00 target price on the stock in a research note on Friday, March 22nd. Wedbush set a $71.00 target price on Best Buy and gave the company a “hold” rating in a research note on Friday, May 24th. Morgan Stanley boosted their target price on Best Buy from $65.00 to $77.00 and gave the company an “equal weight” rating in a research note on Thursday, February 28th. Finally, Credit Suisse Group upgraded Best Buy from a “neutral” rating to a “buy” rating and boosted their target price for the company from $70.00 to $78.00 in a research note on Thursday, February 28th. Eleven analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company. Best Buy has an average rating of “Hold” and a consensus price target of $77.81.

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Best Buy 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 Computing and Mobile Phones, such as computing and peripherals, e-readers, networking products, tablets, and wearables, as well as mobile phones comprising related mobile network carrier commissions; consumer electronics, including digital imaging, health and fitness, home theater, portable audio, and smart home products; and entertainment products consisting of drones, movies, music, and toys, as well as gaming hardware and software, and virtual reality and other software products.

Featured Story: Intrinsic Value

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

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