Summit Global Investments Sells 72,600 Shares of Best Buy Co., Inc. (NYSE:BBY)

Summit Global Investments cut its stake in shares of Best Buy Co., Inc. (NYSE:BBY – Get Rating) by 48.8% in the 4th quarter, according to its most recent Form 13F filing with the SEC. The fund owned 76,043 shares of the technology retailer’s stock after selling 72,600 shares during the period. Summit Global Investments’ holdings in Best Buy were worth $7,726,000 as of its most recent filing with the SEC.

A number of other hedge funds and other institutional investors also recently modified their holdings of the stock. Blair William & Co. IL boosted its position in Best Buy by 17.0% during the fourth quarter. Blair William & Co. IL now owns 61,175 shares of the technology retailer’s stock valued at $6,215,000 after purchasing an additional 8,880 shares during the last quarter. Nissay Asset Management Corp Japan ADV lifted its position in shares of Best Buy by 3.0% in the fourth quarter. Nissay Asset Management Corp Japan ADV now owns 24,957 shares of the technology retailer’s stock valued at $2,536,000 after buying an additional 726 shares during the last quarter. Mutual Advisors LLC lifted its position in shares of Best Buy by 7.2% in the fourth quarter. Mutual Advisors LLC now owns 2,222 shares of the technology retailer’s stock valued at $226,000 after buying an additional 150 shares during the last quarter. Siemens Fonds Invest GmbH lifted its position in shares of Best Buy by 2.4% in the fourth quarter. Siemens Fonds Invest GmbH now owns 6,250 shares of the technology retailer’s stock valued at $635,000 after buying an additional 147 shares during the last quarter. Finally, Gotham Asset Management LLC lifted its position in shares of Best Buy by 35.5% in the fourth quarter. Gotham Asset Management LLC now owns 26,238 shares of the technology retailer’s stock valued at $2,666,000 after buying an additional 6,874 shares during the last quarter. 80.79% of the stock is owned by hedge funds and other institutional investors.

In related news, insider Todd G. Hartman sold 2,000 shares of the business’s stock in a transaction dated Wednesday, March 9th. The stock was sold at an average price of $101.73, for a total value of $203,460.00. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, CAO Mathew Watson sold 2,331 shares of the business’s stock in a transaction dated Tuesday, March 22nd. The shares were sold at an average price of $99.06, for a total value of $230,908.86. The disclosure for this sale can be found here. Insiders sold a total of 36,955 shares of company stock worth $3,662,097 over the last three months. 0.36% of the stock is owned by company insiders.

A number of research firms have recently issued reports on BBY. DA Davidson raised their price objective on Best Buy from $107.00 to $110.00 and gave the company a “buy” rating in a research report on Wednesday. Jefferies Financial Group lifted their price target on Best Buy from $137.00 to $140.00 and gave the stock a “buy” rating in a report on Friday, March 4th. Raymond James cut Best Buy from an “outperform” rating to a “market perform” rating in a report on Friday, March 4th. Morgan Stanley dropped their price target on Best Buy from $110.00 to $100.00 and set an “equal weight” rating for the company in a report on Wednesday. Finally, JPMorgan Chase & Co. lowered their price objective on Best Buy from $134.00 to $107.00 and set a “buy” rating on the stock in a research note on Monday, February 28th. One investment analyst has rated the stock with a sell rating, five have issued a hold rating and eleven have assigned a buy rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of “Buy” and a consensus target price of $96.47.

BBY traded up $6.59 during midday trading on Wednesday, hitting $80.06. 10,131,221 shares of the company were exchanged, compared to its average volume of 3,312,192. The firm has a market capitalization of $18.01 billion, a P/E ratio of 8.14, a P/E/G ratio of 0.86 and a beta of 1.42. Best Buy Co., Inc. has a 1-year low of $69.07 and a 1-year high of $141.97. The firm’s 50 day moving average price is $91.49 and its 200-day moving average price is $100.24. The company has a quick ratio of 0.43, a current ratio of 0.99 and a debt-to-equity ratio of 0.40.

Best Buy (NYSE:BBY – Get Rating) last announced its earnings results on Tuesday, May 24th. The technology retailer reported $1.57 EPS for the quarter, missing the consensus estimate of $1.61 by ($0.04). The company had revenue of $10.65 billion for the quarter, compared to analyst estimates of $10.43 billion. Best Buy had a return on equity of 63.23% and a net margin of 4.74%. The firm’s quarterly revenue was down 8.5% compared to the same quarter last year. During the same period in the previous year, the firm posted $2.23 earnings per share. On average, sell-side analysts predict that Best Buy Co., Inc. will post 8.94 earnings per share for the current fiscal year.

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, July 5th. Stockholders of record on Tuesday, June 14th will be paid a $0.88 dividend. This represents a $3.52 dividend on an annualized basis and a dividend yield of 4.40%. The ex-dividend date of this dividend is Monday, June 13th. Best Buy’s dividend payout ratio is 35.77%.

About Best Buy (Get Rating)

Best Buy Co, Inc retails technology products in the United States and Canada. The company operates in two segments, Domestic and International. Its stores provide computing 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, home theater, portable audio comprising headphones and portable speakers, and smart home products.

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