State Treasurer State of Michigan lowered its position in Best Buy Co. (NYSE:BBY) by 1.6% during the third quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 96,320 shares of the technology retailer’s stock after selling 1,600 shares during the period. State Treasurer State of Michigan’s holdings in Best Buy were worth $3,677,000 as of its most recent filing with the SEC.

A number of other institutional investors have also modified their holdings of the stock. Mizuho Asset Management Co. Ltd. boosted its stake in Best Buy by 100.4% in the second quarter. Mizuho Asset Management Co. Ltd. now owns 3,725 shares of the technology retailer’s stock valued at $114,000 after buying an additional 1,866 shares during the period. Pacer Advisors Inc. boosted its stake in Best Buy by 6.6% in the second quarter. Pacer Advisors Inc. now owns 4,063 shares of the technology retailer’s stock valued at $124,000 after buying an additional 253 shares during the period. Global X Management Co. LLC boosted its stake in Best Buy by 128.9% in the second quarter. Global X Management Co. LLC now owns 5,379 shares of the technology retailer’s stock valued at $165,000 after buying an additional 3,029 shares during the period. Loomis Sayles & Co. L P boosted its stake in Best Buy by 2,685.2% in the second quarter. Loomis Sayles & Co. L P now owns 5,821 shares of the technology retailer’s stock valued at $178,000 after buying an additional 5,612 shares during the period. Finally, Alambic Investment Management L.P. purchased a new stake in Best Buy during the second quarter valued at about $211,000. 86.45% of the stock is owned by institutional investors.

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

Best Buy Co. (NYSE:BBY) traded up 0.64% during mid-day trading on Tuesday, hitting $45.62. 3,412,187 shares of the company were exchanged. Best Buy Co. has a 12-month low of $25.31 and a 12-month high of $47.29. The company has a market cap of $14.43 billion, a price-to-earnings ratio of 13.62 and a beta of 1.51. The stock’s 50 day moving average is $40.49 and its 200-day moving average is $35.55.

Best Buy (NYSE:BBY) last released its quarterly earnings data on Thursday, November 17th. The technology retailer reported $0.62 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.47 by $0.15. Best Buy had a net margin of 2.78% and a return on equity of 24.18%. The business had revenue of $8.95 billion for the quarter, compared to analysts’ expectations of $8.85 billion. During the same quarter last year, the company earned $0.41 EPS. The company’s revenue for the quarter was up 1.4% compared to the same quarter last year. Equities research analysts predict that Best Buy Co. will post $3.27 EPS for the current year.

The business also recently announced a quarterly dividend, which will be paid on Thursday, December 29th. Shareholders of record on Thursday, December 8th will be paid a dividend of $0.28 per share. The ex-dividend date of this dividend is Tuesday, December 6th. This represents a $1.12 annualized dividend and a yield of 2.46%. Best Buy’s payout ratio is 33.73%.

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BBY has been the topic of a number of recent research reports. Zacks Investment Research lowered shares of Best Buy from a “strong-buy” rating to a “sell” rating in a research note on Tuesday, October 25th. Vetr upgraded shares of Best Buy from a “hold” rating to a “buy” rating and set a $39.59 price target on the stock in a research note on Thursday, September 8th. Barclays PLC reiterated a “buy” rating and set a $45.00 price target on shares of Best Buy in a research note on Tuesday, August 23rd. Bank of America Corp. upgraded shares of Best Buy from an “underperform” rating to a “neutral” rating in a research note on Thursday, November 17th. Finally, Wedbush reissued a “buy” rating and set a $20.50 price objective on shares of Best Buy in a report on Wednesday, August 17th. Three analysts have rated the stock with a sell rating, fourteen have assigned a hold rating and nine have issued a buy rating to the company’s stock. Best Buy has a consensus rating of “Hold” and an average price target of $37.67.

About Best Buy

Best Buy Co, Inc is a provider of technology products, services and solutions. The Company offers products and services to the customers visiting its stores, engaging with Geek Squad agents or using its Websites or mobile applications. It operates through two segments: Domestic and International. The Domestic segment consists of the operations in all states, districts and territories of the United States, under various brand names, including Best Buy, bestbuy.com, Best Buy Mobile, Best Buy Direct, Best Buy Express, Geek Squad, Magnolia Home Theater, and Pacific Kitchen and Home.

5 Day Chart for NYSE:BBY

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