5,912 Shares in Best Buy Co., Inc. (NYSE:BBY) Purchased by Allstate Corp

Allstate Corp acquired a new stake in Best Buy Co., Inc. (NYSE:BBY) during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm acquired 5,912 shares of the technology retailer’s stock, valued at approximately $507,000.

A number of other institutional investors and hedge funds have also made changes to their positions in BBY. Maridea Wealth Management LLC purchased a new position in Best Buy during the fourth quarter worth approximately $651,000. DnB Asset Management AS raised its holdings in shares of Best Buy by 0.6% during the 4th quarter. DnB Asset Management AS now owns 36,564 shares of the technology retailer’s stock worth $3,137,000 after acquiring an additional 231 shares during the period. Alerus Financial NA boosted its position in shares of Best Buy by 0.7% during the 4th quarter. Alerus Financial NA now owns 92,276 shares of the technology retailer’s stock valued at $7,917,000 after acquiring an additional 655 shares during the last quarter. Pictet Asset Management Holding SA grew its holdings in shares of Best Buy by 11.6% in the fourth quarter. Pictet Asset Management Holding SA now owns 221,034 shares of the technology retailer’s stock valued at $18,965,000 after purchasing an additional 22,961 shares during the period. Finally, Norges Bank acquired a new stake in Best Buy during the fourth quarter worth about $178,015,000. 80.96% of the stock is currently owned by hedge funds and other institutional investors.

Best Buy Price Performance

Best Buy stock opened at $74.36 on Wednesday. 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 52-week low of $69.29 and a 52-week high of $103.71. The firm has a market cap of $15.72 billion, a PE ratio of 12.71, a price-to-earnings-growth ratio of 2.10 and a beta of 1.43. The company’s 50 day moving average is $82.14 and its two-hundred day moving average is $87.84.

Best Buy (NYSE:BBY) last announced its quarterly earnings data on Tuesday, March 4th. The technology retailer reported $2.58 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.40 by $0.18. Best Buy had a return on equity of 45.93% and a net margin of 3.01%. The business had revenue of $13.95 billion for the quarter, compared to analysts’ expectations of $13.69 billion. During the same period last year, the firm earned $2.72 earnings per share. On average, research analysts expect that Best Buy Co., Inc. will post 6.18 EPS 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. Stockholders of record on Tuesday, March 25th will be given a dividend of $0.95 per share. The ex-dividend date is Tuesday, March 25th. This is an increase from Best Buy’s previous quarterly dividend of $0.94. This represents a $3.80 dividend on an annualized basis and a dividend yield of 5.11%. Best Buy’s payout ratio is currently 88.99%.

Insider Buying and Selling

In other Best Buy news, insider Todd G. Hartman sold 4,893 shares of the stock in a transaction that occurred on Friday, March 21st. The shares were sold at an average price of $72.65, for a total value of $355,476.45. Following the sale, the insider now directly owns 32,320 shares of the company’s stock, valued at approximately $2,348,048. This represents a 13.15 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this link. Also, CFO Matthew M. Bilunas sold 51,000 shares of Best Buy stock in a transaction on Monday, March 24th. The stock was sold at an average price of $74.20, for a total transaction of $3,784,200.00. Following the sale, the chief financial officer now directly owns 55,856 shares of the company’s stock, valued at approximately $4,144,515.20. This trade represents a 47.73 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 78,355 shares of company stock worth $5,767,213. Company insiders own 0.59% of the company’s stock.

Analysts Set New Price Targets

Several equities analysts have weighed in on the stock. Jefferies Financial Group decreased their target price on shares of Best Buy from $106.00 to $92.00 and set a “buy” rating on the stock in a report on Tuesday, March 4th. Bank of America lowered their price objective on Best Buy from $80.00 to $75.00 and set an “underperform” rating for the company in a research report on Wednesday, March 5th. Wedbush restated a “neutral” rating and issued a $90.00 target price on shares of Best Buy in a research report on Monday, March 3rd. KeyCorp reiterated a “sector weight” rating on shares of Best Buy in a report on Wednesday, March 5th. Finally, Citigroup reduced their price objective on shares of Best Buy from $105.00 to $93.00 and set a “buy” rating on the stock in a report on Wednesday, March 5th. Two investment analysts have rated the stock with a sell rating, nine have issued a hold rating, nine have assigned a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat.com, the stock presently has an average rating of “Hold” and an average target price of $93.50.

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.