Best Buy Co., Inc. (NYSE:BBY) Shares Bought by Central Pacific Bank Trust Division

Central Pacific Bank Trust Division grew its position in Best Buy Co., Inc. (NYSE:BBY) by 10.8% during the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 4,379 shares of the technology retailer’s stock after acquiring an additional 426 shares during the period. Central Pacific Bank Trust Division’s holdings in Best Buy were worth $376,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also made changes to their positions in BBY. Charles Schwab Investment Management Inc. lifted its position in Best Buy by 4.1% in the third quarter. Charles Schwab Investment Management Inc. now owns 6,164,953 shares of the technology retailer’s stock valued at $636,840,000 after purchasing an additional 241,988 shares during the period. Geode Capital Management LLC lifted its holdings in shares of Best Buy by 2.5% in the 3rd quarter. Geode Capital Management LLC now owns 4,852,980 shares of the technology retailer’s stock valued at $499,954,000 after buying an additional 120,185 shares during the period. Raymond James & Associates boosted its stake in shares of Best Buy by 1.8% in the third quarter. Raymond James & Associates now owns 3,440,215 shares of the technology retailer’s stock valued at $355,374,000 after buying an additional 62,452 shares in the last quarter. Dimensional Fund Advisors LP grew its holdings in Best Buy by 8.3% during the second quarter. Dimensional Fund Advisors LP now owns 3,055,743 shares of the technology retailer’s stock worth $257,569,000 after acquiring an additional 235,478 shares during the period. Finally, Eagle Asset Management Inc. raised its position in Best Buy by 3.3% in the third quarter. Eagle Asset Management Inc. now owns 1,388,151 shares of the technology retailer’s stock worth $143,396,000 after acquiring an additional 44,693 shares in the last quarter. Hedge funds and other institutional investors own 80.96% of the company’s stock.

Best Buy Price Performance

BBY stock opened at $83.62 on Friday. The stock has a market capitalization of $17.88 billion, a price-to-earnings ratio of 14.29, a price-to-earnings-growth ratio of 2.19 and a beta of 1.44. 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 stock’s fifty day simple moving average is $88.80 and its 200-day simple moving average is $90.47.

Best Buy (NYSE:BBY) last issued its quarterly earnings results on Tuesday, November 26th. The technology retailer reported $1.26 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.30 by ($0.04). Best Buy had a return on equity of 45.93% and a net margin of 3.01%. The business had revenue of $9.45 billion during the quarter, compared to analyst estimates of $9.63 billion. During the same period in the previous year, the business posted $1.29 earnings per share. The firm’s quarterly revenue was down 3.2% on a year-over-year basis. Equities research analysts expect that Best Buy Co., Inc. will post 6.18 EPS for the current year.

Best Buy Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, January 7th. Stockholders of record on Tuesday, December 17th will be issued a dividend of $0.94 per share. The ex-dividend date is Tuesday, December 17th. This represents a $3.76 dividend on an annualized basis and a dividend yield of 4.50%. Best Buy’s payout ratio is 64.27%.

Insider Buying and Selling

In other Best Buy news, CFO Matthew M. Bilunas sold 69,166 shares of the company’s stock in a transaction dated Wednesday, December 11th. The stock was sold at an average price of $87.46, for a total transaction of $6,049,258.36. Following the completion of the sale, the chief financial officer now directly owns 92,070 shares in the company, valued at $8,052,442.20. This represents a 42.90 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Corporate insiders own 0.59% of the company’s stock.

Analyst Upgrades and Downgrades

Several equities research analysts have commented on BBY shares. Citigroup decreased their target price on shares of Best Buy from $109.00 to $101.00 and set a “buy” rating on the stock in a research report on Wednesday, November 27th. UBS Group decreased their price objective on shares of Best Buy from $123.00 to $115.00 and set a “buy” rating on the stock in a report on Wednesday, November 27th. Guggenheim dropped their target price on shares of Best Buy from $110.00 to $105.00 and set a “buy” rating for the company in a report on Friday, November 29th. Loop Capital reissued a “buy” rating and set a $100.00 price target on shares of Best Buy in a research note on Wednesday, December 18th. Finally, Melius Research initiated coverage on Best Buy in a research note on Monday, September 23rd. They issued a “hold” rating and a $100.00 price objective for the company. One research analyst has rated the stock with a sell rating, eight have assigned a hold rating, ten have assigned a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $101.06.

Best Buy Company 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.