Best Buy Co., Inc. (NYSE:BBY) Shares Acquired by CX Institutional

CX Institutional lifted its stake in shares of Best Buy Co., Inc. (NYSE:BBY) by 1.0% in the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 20,524 shares of the technology retailer’s stock after buying an additional 213 shares during the period. CX Institutional’s holdings in Best Buy were worth $1,761,000 at the end of the most recent quarter.

Other large investors have also recently made changes to their positions in the company. Sei Investments Co. grew its stake in Best Buy by 2.2% during the 2nd quarter. Sei Investments Co. now owns 37,917 shares of the technology retailer’s stock valued at $3,196,000 after purchasing an additional 818 shares during the last quarter. ProShare Advisors LLC boosted its position in Best Buy by 5.8% in the second quarter. ProShare Advisors LLC now owns 39,595 shares of the technology retailer’s stock valued at $3,337,000 after buying an additional 2,184 shares during the last quarter. Public Sector Pension Investment Board increased its holdings in Best Buy by 67.3% in the 2nd quarter. Public Sector Pension Investment Board now owns 7,120 shares of the technology retailer’s stock worth $600,000 after buying an additional 2,865 shares during the period. Bank of Montreal Can raised its position in Best Buy by 3.9% during the 2nd quarter. Bank of Montreal Can now owns 191,851 shares of the technology retailer’s stock worth $16,603,000 after buying an additional 7,123 shares during the last quarter. Finally, BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp lifted its stake in Best Buy by 59.8% during the 2nd quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp now owns 37,127 shares of the technology retailer’s stock valued at $3,129,000 after acquiring an additional 13,900 shares during the period. 80.96% of the stock is owned by hedge funds and other institutional investors.

Best Buy Stock Performance

Shares of NYSE:BBY opened at $84.80 on Friday. The company has a debt-to-equity ratio of 0.37, a current ratio of 1.00 and a quick ratio of 0.22. Best Buy Co., Inc. has a 1 year low of $69.29 and a 1 year high of $103.71. The firm has a market capitalization of $18.13 billion, a PE ratio of 14.50, a P/E/G ratio of 2.11 and a beta of 1.43. The business’s 50 day moving average price is $86.65 and its 200-day moving average price is $90.14.

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

Best Buy Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Tuesday, January 7th. Shareholders of record on Tuesday, December 17th were paid a $0.94 dividend. This represents a $3.76 dividend on an annualized basis and a yield of 4.43%. The ex-dividend date was Tuesday, December 17th. Best Buy’s dividend payout ratio (DPR) is 64.27%.

Wall Street Analyst Weigh In

Several brokerages recently issued reports on BBY. Barclays reduced their target price on shares of Best Buy from $95.00 to $89.00 and set an “equal weight” rating for the company in a report on Thursday, January 9th. Citigroup reduced their price objective on Best Buy from $109.00 to $101.00 and set a “buy” rating for the company in a research note on Wednesday, November 27th. JPMorgan Chase & Co. upped their target price on Best Buy from $111.00 to $117.00 and gave the stock an “overweight” rating in a research note on Friday, November 22nd. Truist Financial reduced their price target on Best Buy from $107.00 to $95.00 and set a “hold” rating for the company in a research report on Wednesday, November 27th. Finally, Morgan Stanley lowered their price objective on Best Buy from $105.00 to $100.00 and set an “equal weight” rating on the stock in a research report on Tuesday. One analyst has rated the stock with a sell rating, eight have given a hold rating, ten have given a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $101.72.

Insider Transactions at Best Buy

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

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.