Telemus Capital LLC Cuts Stock Holdings in Best Buy Co., Inc. (NYSE:BBY)

Telemus Capital LLC decreased its position in shares of Best Buy Co., Inc. (NYSE:BBY – Get Rating) by 1.3% during the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 50,443 shares of the technology retailer’s stock after selling 676 shares during the quarter. Telemus Capital LLC’s holdings in Best Buy were worth $4,189,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors have also recently made changes to their positions in the company. Exos TFP Holdings LLC bought a new position in Best Buy during the third quarter valued at approximately $29,000. Riverview Trust Co bought a new position in Best Buy during the third quarter valued at approximately $40,000. Global Retirement Partners LLC lifted its position in Best Buy by 45.6% during the third quarter. Global Retirement Partners LLC now owns 613 shares of the technology retailer’s stock valued at $42,000 after purchasing an additional 192 shares during the period. Clearstead Advisors LLC lifted its position in Best Buy by 30.5% during the third quarter. Clearstead Advisors LLC now owns 724 shares of the technology retailer’s stock valued at $46,000 after purchasing an additional 169 shares during the period. Finally, MV Capital Management Inc. lifted its position in Best Buy by 128.9% during the third quarter. MV Capital Management Inc. now owns 737 shares of the technology retailer’s stock valued at $47,000 after purchasing an additional 415 shares during the period. Hedge funds and other institutional investors own 78.48% of the company’s stock.

Insider Buying and Selling

In related news, EVP Damien Harmon sold 2,500 shares of Best Buy stock in a transaction dated Friday, December 23rd. The shares were sold at an average price of $79.99, for a total transaction of $199,975.00. Following the completion of the transaction, the executive vice president now directly owns 42,805 shares of the company’s stock, valued at approximately $3,423,971.95. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. 0.44% of the stock is owned by corporate insiders.

Best Buy Stock Performance

Shares of NYSE:BBY opened at $76.73 on Friday. Best Buy Co., Inc. has a 52 week low of $60.78 and a 52 week high of $103.23. The stock has a market capitalization of $16.98 billion, a P/E ratio of 12.20, a PEG ratio of 1.53 and a beta of 1.51. The firm has a fifty day simple moving average of $83.94 and a two-hundred day simple moving average of $77.17. The company has a quick ratio of 0.41, a current ratio of 0.98 and a debt-to-equity ratio of 0.42.

Best Buy (NYSE:BBY – Get Rating) last released its quarterly earnings results on Thursday, March 2nd. The technology retailer reported $2.61 EPS for the quarter, topping analysts’ consensus estimates of $2.09 by $0.52. Best Buy had a net margin of 3.06% and a return on equity of 55.81%. The firm had revenue of $14.74 billion during the quarter, compared to analysts’ expectations of $14.80 billion. During the same period in the previous year, the company earned $2.73 EPS. The firm’s revenue for the quarter was down 10.0% compared to the same quarter last year. On average, analysts expect that Best Buy Co., Inc. will post 6.25 earnings per share for the current fiscal year.

Best Buy Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Thursday, April 13th. Investors of record on Thursday, March 23rd will be paid a dividend of $0.92 per share. The ex-dividend date is Wednesday, March 22nd. This is a boost from Best Buy’s previous quarterly dividend of $0.88. This represents a $3.68 dividend on an annualized basis and a dividend yield of 4.80%. Best Buy’s payout ratio is currently 55.96%.

Analyst Upgrades and Downgrades

BBY has been the topic of a number of research analyst reports. Citigroup increased their price objective on shares of Best Buy from $61.00 to $72.00 and gave the company a “buy” rating in a research report on Wednesday, November 23rd. Bank of America downgraded shares of Best Buy from a “neutral” rating to an “underperform” rating and lowered their price objective for the company from $80.00 to $69.00 in a research report on Wednesday, December 14th. Wedbush increased their price target on shares of Best Buy from $80.00 to $85.00 and gave the stock a “buy” rating in a research report on Wednesday, November 23rd. Barclays decreased their price target on shares of Best Buy from $88.00 to $80.00 and set a “buy” rating on the stock in a research report on Friday, March 3rd. Finally, Telsey Advisory Group downgraded shares of Best Buy from an “outperform” rating to a “market perform” rating and decreased their price target for the stock from $88.00 to $83.00 in a research report on Monday, February 27th. One analyst has rated the stock with a sell rating, nine have given a hold rating and eight have assigned a buy rating to the company. Based on data from MarketBeat, the stock presently has an average rating of “Hold” and an average price target of $81.44.

Best Buy Profile

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Best Buy Co, Inc engages in the provision of consumer technology products and services. It operates through two business segments: Domestic and International. The Domestic segment includes operations in all states, districts, and territories of the U.S., operating under various brand names, including Best Buy, Best Buy Mobile, Geek Squad, Magnolia Audio Video, Napster, and Pacific Sales.