Hancock Whitney Corp Lowers Holdings in Best Buy Co Inc (BBY)

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Hancock Whitney Corp decreased its holdings in shares of Best Buy Co Inc (NYSE:BBY) by 66.2% during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 91,065 shares of the technology retailer’s stock after selling 178,263 shares during the period. Hancock Whitney Corp’s holdings in Best Buy were worth $4,824,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also added to or reduced their stakes in the company. Signet Investment Advisory Group Inc. bought a new stake in shares of Best Buy in the 4th quarter worth $31,000. Larson Financial Group LLC bought a new stake in shares of Best Buy in the 4th quarter worth $33,000. Semmax Financial Advisors Inc. bought a new stake in shares of Best Buy in the 4th quarter worth $33,000. PRW Wealth Management LLC bought a new stake in shares of Best Buy in the 4th quarter worth $33,000. Finally, Pearl River Capital LLC bought a new stake in shares of Best Buy in the 4th quarter worth $34,000. Hedge funds and other institutional investors own 82.47% of the company’s stock.

In other Best Buy news, major shareholder Richard M. Schulze sold 492,000 shares of the company’s stock in a transaction dated Friday, March 1st. The shares were sold at an average price of $68.50, for a total transaction of $33,702,000.00. Following the sale, the insider now directly owns 1,732,500 shares of the company’s stock, valued at $118,676,250. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, major shareholder Richard M. Schulze sold 25,443 shares of the company’s stock in a transaction dated Monday, March 4th. The shares were sold at an average price of $68.22, for a total transaction of $1,735,721.46. Following the sale, the insider now directly owns 1,732,500 shares in the company, valued at $118,191,150. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 1,239,284 shares of company stock worth $85,077,082. Insiders own 0.75% of the company’s stock.

Several analysts have recently issued reports on the stock. Oppenheimer upgraded shares of Best Buy from a “market perform” rating to an “outperform” rating and set a $86.00 target price for the company in a research note on Friday. Evercore ISI assumed coverage on shares of Best Buy in a research note on Wednesday. They issued an “in-line” rating and a $75.00 target price for the company. ValuEngine upgraded shares of Best Buy from a “sell” rating to a “hold” rating in a research note on Monday, March 11th. Wolfe Research upgraded shares of Best Buy from a “market perform” rating to a “buy” rating in a research note on Wednesday, March 6th. Finally, Citigroup upped their target price on shares of Best Buy from $72.00 to $77.00 and gave the stock a “neutral” rating in a research note on Friday, March 1st. One equities research analyst has rated the stock with a sell rating, ten have assigned a hold rating and nine have given a buy rating to the company’s stock. Best Buy has a consensus rating of “Hold” and a consensus target price of $76.82.

BBY opened at $70.11 on Friday. The stock has a market cap of $18.87 billion, a P/E ratio of 13.03, a P/E/G ratio of 1.13 and a beta of 0.94. Best Buy Co Inc has a fifty-two week low of $47.72 and a fifty-two week high of $84.37. The company has a debt-to-equity ratio of 0.40, a current ratio of 1.18 and a quick ratio of 0.46.

Best Buy (NYSE:BBY) last released its quarterly earnings data on Wednesday, February 27th. The technology retailer reported $2.72 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $2.57 by $0.15. The business had revenue of $14.80 billion for the quarter, compared to the consensus estimate of $14.69 billion. Best Buy had a net margin of 3.41% and a return on equity of 46.33%. The company’s revenue was down 3.7% compared to the same quarter last year. During the same period in the prior year, the firm earned $2.42 earnings per share. Analysts predict that Best Buy Co Inc will post 5.62 earnings per share for the current year.

Best Buy announced that its Board of Directors has initiated a share repurchase program on Wednesday, February 27th that permits the company to repurchase $3.00 billion in outstanding shares. This repurchase authorization permits the technology retailer to purchase up to 18.5% of its shares through open market purchases. Shares repurchase programs are usually an indication that the company’s management believes its stock is undervalued.

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, April 10th. Shareholders of record on Wednesday, March 20th will be issued a dividend of $0.50 per share. The ex-dividend date of this dividend is Tuesday, March 19th. This is an increase from Best Buy’s previous quarterly dividend of $0.45. This represents a $2.00 annualized dividend and a yield of 2.85%. Best Buy’s dividend payout ratio is 37.59%.

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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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