Janney Capital Management LLC Sells 8,318 Shares of Best Buy Co., Inc. (NYSE:BBY)

Janney Capital Management LLC decreased its stake in Best Buy Co., Inc. (NYSE:BBY) by 4.7% in the 1st quarter, Holdings Channel.com reports. The firm owned 167,523 shares of the technology retailer’s stock after selling 8,318 shares during the quarter. Janney Capital Management LLC’s holdings in Best Buy were worth $12,331,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also added to or reduced their stakes in the company. Rakuten Securities Inc. lifted its stake in Best Buy by 971.9% in the 4th quarter. Rakuten Securities Inc. now owns 343 shares of the technology retailer’s stock valued at $29,000 after purchasing an additional 311 shares during the last quarter. Vermillion Wealth Management Inc. bought a new position in Best Buy in the 4th quarter valued at approximately $31,000. Atlas Capital Advisors Inc. increased its position in Best Buy by 186.9% in the 4th quarter. Atlas Capital Advisors Inc. now owns 373 shares of the technology retailer’s stock valued at $32,000 after acquiring an additional 243 shares during the period. Ancora Advisors LLC increased its position in Best Buy by 18,700.0% in the 4th quarter. Ancora Advisors LLC now owns 376 shares of the technology retailer’s stock valued at $32,000 after acquiring an additional 374 shares during the period. Finally, Grove Bank & Trust increased its position in Best Buy by 67.1% in the 1st quarter. Grove Bank & Trust now owns 431 shares of the technology retailer’s stock valued at $32,000 after acquiring an additional 173 shares during the period. Institutional investors own 80.96% of the company’s stock.

Insider Buying and Selling

In other Best Buy news, CFO Matthew M. Bilunas sold 9,482 shares of the firm’s stock in a transaction on Friday, March 21st. The shares were sold at an average price of $72.65, for a total value of $688,867.30. Following the transaction, the chief financial officer now directly owns 106,856 shares of the company’s stock, valued at approximately $7,763,088.40. This trade represents a 8.15% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, EVP Kathleen Scarlett sold 6,847 shares of the firm’s stock in a transaction on Friday, March 21st. The shares were sold at an average price of $72.65, for a total transaction of $497,434.55. Following the completion of the transaction, the executive vice president now directly owns 87,389 shares in the company, valued at $6,348,810.85. This trade represents a 7.27% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 804,374 shares of company stock valued at $58,735,581 over the last ninety days. 0.47% of the stock is owned by corporate insiders.

Analysts Set New Price Targets

BBY has been the subject of several recent research reports. Barclays decreased their price target on shares of Best Buy from $89.00 to $74.00 and set an “equal weight” rating for the company in a research report on Friday, May 30th. KeyCorp restated a “sector weight” rating on shares of Best Buy in a research report on Wednesday, March 5th. Citigroup restated a “neutral” rating and issued a $70.00 price target (down from $93.00) on shares of Best Buy in a research report on Thursday, April 3rd. Bank of America decreased their price target on shares of Best Buy from $80.00 to $75.00 and set an “underperform” rating for the company in a research report on Wednesday, March 5th. Finally, Morgan Stanley decreased their price target on shares of Best Buy from $100.00 to $85.00 and set an “equal weight” rating for the company in a research report on Wednesday, March 5th. One analyst has rated the stock with a sell rating, eleven have issued a hold rating and nine have issued a buy rating to the company. Based on data from MarketBeat, Best Buy currently has a consensus rating of “Hold” and a consensus price target of $86.11.

Best Buy Stock Down 2.4%

Shares of NYSE BBY opened at $67.76 on Thursday. The firm has a market cap of $14.32 billion, a PE ratio of 16.57, a P/E/G ratio of 1.83 and a beta of 1.25. Best Buy Co., Inc. has a 12-month low of $54.99 and a 12-month high of $103.71. The company’s fifty day simple moving average is $68.31 and its 200 day simple moving average is $77.27. The company has a quick ratio of 0.32, a current ratio of 1.02 and a debt-to-equity ratio of 0.42.

Best Buy (NYSE:BBY) last issued its earnings results on Thursday, May 29th. The technology retailer reported $1.15 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.09 by $0.06. The business had revenue of $8.77 billion for the quarter, compared to analyst estimates of $8.77 billion. Best Buy had a net margin of 2.13% and a return on equity of 46.40%. Best Buy’s revenue was down .9% on a year-over-year basis. During the same period in the prior year, the firm earned $1.20 earnings per share. As a group, sell-side analysts forecast that Best Buy Co., Inc. will post 6.18 earnings per share for the current fiscal year.

Best Buy Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Thursday, July 10th. Investors of record on Thursday, June 19th will be paid a dividend of $0.95 per share. This represents a $3.80 annualized dividend and a yield of 5.61%. The ex-dividend date of this dividend is Wednesday, June 18th. Best Buy’s dividend payout ratio is presently 92.91%.

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.