Twin Capital Management Inc. Sells 26,682 Shares of Best Buy Co., Inc. (NYSE:BBY)

Twin Capital Management Inc. lowered its position in Best Buy Co., Inc. (NYSE:BBY – Get Rating) by 74.0% in the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 9,388 shares of the technology retailer’s stock after selling 26,682 shares during the period. Twin Capital Management Inc.’s holdings in Best Buy were worth $853,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors and hedge funds have also recently modified their holdings of the stock. GHE LLC raised its stake in shares of Best Buy by 4.1% during the first quarter. GHE LLC now owns 15,040 shares of the technology retailer’s stock valued at $1,367,000 after acquiring an additional 593 shares in the last quarter. Soltis Investment Advisors LLC bought a new stake in shares of Best Buy during the first quarter valued at approximately $1,129,000. Quadrant Capital Group LLC raised its stake in shares of Best Buy by 11.8% during the first quarter. Quadrant Capital Group LLC now owns 1,483 shares of the technology retailer’s stock valued at $134,000 after acquiring an additional 156 shares in the last quarter. AIA Group Ltd raised its stake in shares of Best Buy by 53.8% during the first quarter. AIA Group Ltd now owns 4,473 shares of the technology retailer’s stock valued at $407,000 after acquiring an additional 1,565 shares in the last quarter. Finally, Independent Advisor Alliance bought a new stake in shares of Best Buy during the first quarter valued at approximately $275,000. Institutional investors own 80.79% of the company’s stock.

Wall Street Analyst Weigh In

BBY has been the subject of several research analyst reports. Bank of America downgraded shares of Best Buy from a “buy” rating to a “neutral” rating in a research note on Tuesday, June 14th. Guggenheim cut their price objective on shares of Best Buy from $100.00 to $85.00 and set a “buy” rating on the stock in a report on Monday. Telsey Advisory Group cut their price objective on shares of Best Buy from $88.00 to $82.00 and set an “outperform” rating on the stock in a report on Thursday, July 28th. Piper Sandler cut their price objective on shares of Best Buy to $91.00 in a report on Wednesday, May 25th. Finally, Wells Fargo & Company cut their price objective on shares of Best Buy from $82.00 to $70.00 and set an “equal weight” rating on the stock in a report on Thursday, July 28th. One research analyst has rated the stock with a sell rating, eight have assigned a hold rating and eight have assigned a buy rating to the company’s stock. According to MarketBeat.com, the stock has an average rating of “Hold” and an average price target of $87.69.

Insider Activity at Best Buy

In related news, EVP Kathleen Scarlett sold 6,237 shares of the business’s stock in a transaction on Wednesday, June 1st. The shares were sold at an average price of $80.68, for a total transaction of $503,201.16. Following the completion of the transaction, the executive vice president now directly owns 69,538 shares in the company, valued at $5,610,325.84. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. In other Best Buy news, CEO Corie S. Barry sold 4,388 shares of the company’s stock in a transaction dated Tuesday, June 14th. The shares were sold at an average price of $70.00, for a total value of $307,160.00. Following the completion of the transaction, the chief executive officer now owns 315,313 shares in the company, valued at $22,071,910. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, EVP Kathleen Scarlett sold 6,237 shares of the company’s stock in a transaction dated Wednesday, June 1st. The stock was sold at an average price of $80.68, for a total transaction of $503,201.16. Following the completion of the transaction, the executive vice president now owns 69,538 shares of the company’s stock, valued at approximately $5,610,325.84. The disclosure for this sale can be found here. Insiders sold 63,011 shares of company stock worth $5,036,334 over the last three months. Company insiders own 0.44% of the company’s stock.

Best Buy Trading Up 0.8 %

NYSE:BBY opened at $76.29 on Friday. Best Buy Co., Inc. has a 12 month low of $64.29 and a 12 month high of $141.97. The firm has a fifty day simple moving average of $73.75 and a 200-day simple moving average of $87.25. The company has a current ratio of 0.96, a quick ratio of 0.24 and a debt-to-equity ratio of 0.42. The company has a market capitalization of $17.18 billion, a P/E ratio of 8.47, a PEG ratio of 0.62 and a beta of 1.50.

Best Buy (NYSE:BBY – Get Rating) last posted its quarterly earnings data on Tuesday, May 24th. The technology retailer reported $1.57 EPS for the quarter, missing the consensus estimate of $1.59 by ($0.02). The company had revenue of $10.65 billion for the quarter, compared to analyst estimates of $10.43 billion. Best Buy had a return on equity of 63.39% and a net margin of 4.33%. The company’s quarterly revenue was down 8.5% on a year-over-year basis. During the same quarter in the previous year, the firm posted $2.23 earnings per share. On average, equities research analysts anticipate that Best Buy Co., Inc. will post 6.9 earnings per share for the current year.

Best Buy Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Tuesday, July 5th. Investors of record on Tuesday, June 14th were given a dividend of $0.88 per share. The ex-dividend date of this dividend was Monday, June 13th. This represents a $3.52 dividend on an annualized basis and a yield of 4.61%. Best Buy’s dividend payout ratio is presently 39.07%.

Best Buy Company Profile

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Best Buy Co, Inc retails technology products in the United States and Canada. The company operates in two segments, Domestic and International. Its stores provide computing 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, home theater, portable audio comprising headphones and portable speakers, and smart home products.