Victory Capital Management Inc. Purchases 10,462 Shares of Best Buy Co., Inc. (NYSE:BBY)

Victory Capital Management Inc. increased its holdings in Best Buy Co., Inc. (NYSE:BBY) by 1.8% in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 595,481 shares of the technology retailer’s stock after acquiring an additional 10,462 shares during the period. Victory Capital Management Inc. owned about 0.28% of Best Buy worth $51,092,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently modified their holdings of the business. Golden State Wealth Management LLC purchased a new position in Best Buy in the fourth quarter worth $32,000. Harbor Capital Advisors Inc. bought a new stake in shares of Best Buy during the 3rd quarter worth $40,000. LRI Investments LLC grew its position in Best Buy by 632.1% during the third quarter. LRI Investments LLC now owns 388 shares of the technology retailer’s stock valued at $40,000 after buying an additional 335 shares during the period. Trust Co. of Vermont grew its position in Best Buy by 1,200.0% during the fourth quarter. Trust Co. of Vermont now owns 416 shares of the technology retailer’s stock valued at $36,000 after buying an additional 384 shares during the period. Finally, Brooklyn Investment Group purchased a new stake in Best Buy during the third quarter worth about $44,000. 80.96% of the stock is owned by hedge funds and other institutional investors.

Best Buy Trading Up 1.3 %

Shares of BBY stock opened at $79.66 on Friday. Best Buy Co., Inc. has a 52-week low of $69.29 and a 52-week high of $103.71. The business’s fifty day moving average is $85.58 and its 200 day moving average is $90.39. The company has a debt-to-equity ratio of 0.37, a quick ratio of 0.22 and a current ratio of 1.00. The company has a market capitalization of $17.03 billion, a PE ratio of 13.62, a price-to-earnings-growth ratio of 2.10 and a beta of 1.43.

Best Buy (NYSE:BBY) last issued its quarterly earnings results on Tuesday, March 4th. The technology retailer reported $2.58 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.40 by $0.18. The firm had revenue of $13.95 billion during the quarter, compared to the consensus estimate of $13.69 billion. Best Buy had a return on equity of 45.93% and a net margin of 3.01%. During the same quarter last year, the company posted $2.72 EPS. On average, equities research analysts anticipate that Best Buy Co., Inc. will post 6.18 EPS for the current fiscal year.

Best Buy Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, April 15th. Stockholders of record on Tuesday, March 25th will be given a dividend of $0.95 per share. The ex-dividend date of this dividend is Tuesday, March 25th. This represents a $3.80 annualized dividend and a dividend yield of 4.77%. This is a boost from Best Buy’s previous quarterly dividend of $0.94. Best Buy’s dividend payout ratio (DPR) is 88.99%.

Wall Street Analyst Weigh In

BBY has been the subject of a number of research reports. Truist Financial reduced their target price on shares of Best Buy from $95.00 to $81.00 and set a “hold” rating for the company in a research report on Wednesday. StockNews.com lowered Best Buy from a “buy” rating to a “hold” rating in a report on Friday, November 15th. Bank of America lowered their target price on Best Buy from $80.00 to $75.00 and set an “underperform” rating on the stock in a research note on Wednesday. Guggenheim cut their price target on Best Buy from $105.00 to $90.00 and set a “buy” rating for the company in a research note on Wednesday. Finally, Citigroup lowered their price objective on Best Buy from $105.00 to $93.00 and set a “buy” rating on the stock in a research note on Wednesday. One investment analyst has rated the stock with a sell rating, nine have assigned a hold rating, ten have given a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $93.50.

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 dated Wednesday, December 11th. The stock was sold at an average price of $87.46, for a total transaction of $6,049,258.36. Following the sale, the chief financial officer now owns 92,070 shares in the company, valued at $8,052,442.20. This trade represents a 42.90 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. 0.59% of the stock is currently owned by insiders.

About Best Buy

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.