Redpoint Investment Management Pty Ltd cut its holdings in shares of Best Buy Co Inc (NYSE:BBY) by 1.3% in the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 82,907 shares of the technology retailer’s stock after selling 1,058 shares during the period. Redpoint Investment Management Pty Ltd’s holdings in Best Buy were worth $4,391,000 as of its most recent SEC filing.

Several other institutional investors have also made changes to their positions in BBY. Wealth Enhancement Advisory Services LLC acquired a new position in Best Buy in the fourth quarter worth about $1,119,000. Newport Trust Co grew its stake in Best Buy by 2.9% in the fourth quarter. Newport Trust Co now owns 1,525,624 shares of the technology retailer’s stock worth $80,797,000 after purchasing an additional 43,715 shares in the last quarter. Financial Gravity Companies Inc. acquired a new position in Best Buy in the fourth quarter worth about $312,000. M&T Bank Corp grew its stake in Best Buy by 3.8% in the fourth quarter. M&T Bank Corp now owns 45,155 shares of the technology retailer’s stock worth $2,393,000 after purchasing an additional 1,647 shares in the last quarter. Finally, Wright Investors Service Inc. grew its stake in Best Buy by 17.9% in the fourth quarter. Wright Investors Service Inc. now owns 29,448 shares of the technology retailer’s stock worth $1,560,000 after purchasing an additional 4,479 shares in the last quarter. Institutional investors own 86.73% of the company’s stock.

Best Buy stock opened at $58.95 on Monday. The company has a current ratio of 1.10, a quick ratio of 0.28 and a debt-to-equity ratio of 0.42. The company has a market capitalization of $15.86 billion, a price-to-earnings ratio of 13.34, a price-to-earnings-growth ratio of 0.98 and a beta of 0.94. Best Buy Co Inc has a 1 year low of $47.72 and a 1 year high of $84.37.

Best Buy (NYSE:BBY) last posted its quarterly earnings data on Tuesday, November 20th. The technology retailer reported $0.93 earnings per share for the quarter, topping the consensus estimate of $0.85 by $0.08. Best Buy had a net margin of 2.52% and a return on equity of 44.41%. The firm had revenue of $9.59 billion for the quarter, compared to analysts’ expectations of $9.56 billion. During the same period in the previous year, the company posted $0.78 EPS. The company’s quarterly revenue was up 2.9% compared to the same quarter last year. Sell-side analysts predict that Best Buy Co Inc will post 5.18 earnings per share for the current year.

A number of research firms recently commented on BBY. Zacks Investment Research downgraded Best Buy from a “hold” rating to a “sell” rating in a research note on Wednesday, January 23rd. Deutsche Bank reiterated a “buy” rating on shares of Best Buy in a research note on Friday, January 11th. Moffett Nathanson raised shares of Best Buy from a “sell” rating to a “neutral” rating in a report on Wednesday, December 19th. Bank of America cut shares of Best Buy from a “neutral” rating to an “underperform” rating and cut their target price for the stock from $70.00 to $50.00 in a report on Monday, December 17th. Finally, Loop Capital reissued a “buy” rating on shares of Best Buy in a report on Tuesday, November 27th. Two investment analysts have rated the stock with a sell rating, eleven have given a hold rating and five have assigned a buy rating to the company. The company presently has a consensus rating of “Hold” and a consensus price target of $75.81.

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About Best Buy

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

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

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