Mackay Shields LLC Buys Shares of 213,609 Best Buy Co Inc (BBY)

Mackay Shields LLC bought a new stake in Best Buy Co Inc (NYSE:BBY) in the fourth quarter, according to its most recent Form 13F filing with the SEC. The institutional investor bought 213,609 shares of the technology retailer’s stock, valued at approximately $11,313,000. Mackay Shields LLC owned 0.08% of Best Buy as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently made changes to their positions in the company. Signet Investment Advisory Group Inc. acquired a new stake in Best Buy during the 4th quarter worth approximately $31,000. PRW Wealth Management LLC acquired a new stake in Best Buy during the 4th quarter worth approximately $33,000. Larson Financial Group LLC acquired a new stake in Best Buy during the 4th quarter worth approximately $33,000. Semmax Financial Advisors Inc. acquired a new stake in Best Buy during the 4th quarter worth approximately $33,000. Finally, Pearl River Capital LLC acquired a new stake in Best Buy during the 4th quarter worth approximately $34,000. 82.76% of the stock is owned by hedge funds and other institutional investors.

In related news, major shareholder Richard M. Schulze sold 25,443 shares of the firm’s stock in a transaction that occurred on Monday, March 4th. The stock was sold at an average price of $68.22, for a total value of $1,735,721.46. Following the completion of the transaction, the insider now directly owns 1,732,500 shares of the company’s stock, valued at approximately $118,191,150. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, major shareholder Richard M. Schulze sold 492,000 shares of the firm’s stock in a transaction that occurred on Friday, March 1st. The shares were sold at an average price of $68.50, for a total value of $33,702,000.00. Following the completion of the transaction, the insider now directly owns 1,732,500 shares of the company’s stock, valued at $118,676,250. The disclosure for this sale can be found here. Over the last three months, insiders have sold 1,001,380 shares of company stock valued at $68,772,378. Company insiders own 0.75% of the company’s stock.

A number of analysts have weighed in on the company. Wedbush reaffirmed a “neutral” rating and set a $65.00 price objective on shares of Best Buy in a research report on Friday, February 22nd. Bank of America raised Best Buy from an “underperform” rating to a “neutral” rating and set a $50.00 price objective for the company in a research report on Wednesday, February 27th. Telsey Advisory Group reaffirmed a “hold” rating on shares of Best Buy in a research report on Wednesday, November 21st. Zacks Investment Research cut Best Buy from a “hold” rating to a “sell” rating in a research report on Wednesday, January 23rd. Finally, Citigroup increased their price objective on Best Buy from $72.00 to $77.00 and gave the stock a “neutral” rating in a research report on Friday, March 1st. One equities research analyst has rated the stock with a sell rating, nine have given a hold rating and eight have issued a buy rating to the company’s stock. The company currently has a consensus rating of “Hold” and a consensus price target of $76.33.

Shares of BBY stock opened at $69.63 on Friday. The company has a market cap of $18.74 billion, a PE ratio of 13.09, a price-to-earnings-growth ratio of 1.11 and a beta of 0.94. Best Buy Co Inc has a 12-month low of $47.72 and a 12-month high of $84.37. The company has a quick ratio of 0.46, a current ratio of 1.18 and a debt-to-equity ratio of 0.40.

Best Buy (NYSE:BBY) last issued its earnings results on Wednesday, February 27th. The technology retailer reported $2.72 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.57 by $0.15. The business had revenue of $14.80 billion during the quarter, compared to the consensus estimate of $14.69 billion. Best Buy had a return on equity of 46.33% and a net margin of 3.41%. The company’s revenue for the quarter was down 3.7% on a year-over-year basis. During the same period in the prior year, the business posted $2.42 EPS. On average, equities research analysts expect that Best Buy Co Inc will post 5.62 earnings per share for the current year.

Best Buy declared that its board has authorized a stock repurchase plan on Wednesday, February 27th that permits the company to repurchase $3.00 billion in shares. This repurchase authorization permits the technology retailer to purchase up to 18.5% of its shares through open market purchases. Shares repurchase plans are often a sign that the company’s board of directors believes its stock is undervalued.

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, April 10th. Stockholders of record on Wednesday, March 20th will be paid a dividend of $0.50 per share. This represents a $2.00 dividend on an annualized basis and a dividend yield of 2.87%. This is an increase from Best Buy’s previous quarterly dividend of $0.45. The ex-dividend date is Tuesday, March 19th. Best Buy’s dividend payout ratio is 33.83%.

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Best Buy Profile

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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