Generali Asset Management SPA SGR Acquires Shares of 36,438 Best Buy Co., Inc. (NYSE:BBY)

Generali Asset Management SPA SGR bought a new position in Best Buy Co., Inc. (NYSE:BBY) during the 4th quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund bought 36,438 shares of the technology retailer’s stock, valued at approximately $3,126,000.

A number of other hedge funds also recently made changes to their positions in BBY. Rakuten Securities Inc. increased its stake in Best Buy by 971.9% in the 4th quarter. Rakuten Securities Inc. now owns 343 shares of the technology retailer’s stock worth $29,000 after acquiring an additional 311 shares during the last quarter. Golden State Wealth Management LLC purchased a new stake in Best Buy during the fourth quarter valued at $32,000. OFI Invest Asset Management purchased a new stake in Best Buy during the fourth quarter valued at $34,000. Trust Co. of Vermont raised its stake 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 purchasing an additional 384 shares in the last quarter. Finally, LRI Investments LLC raised its stake 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 purchasing an additional 335 shares in the last quarter. 80.96% of the stock is currently owned by hedge funds and other institutional investors.

Best Buy Price Performance

Shares of BBY stock opened at $73.86 on Thursday. Best Buy Co., Inc. has a twelve month low of $69.29 and a twelve month high of $103.71. The stock has a market capitalization of $15.79 billion, a price-to-earnings ratio of 12.63, a P/E/G ratio of 2.10 and a beta of 1.43. The stock has a fifty day simple moving average of $83.75 and a two-hundred day simple moving average of $89.47. The company has a current ratio of 1.00, a quick ratio of 0.22 and a debt-to-equity ratio of 0.37.

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

Best Buy Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, April 15th. Stockholders of record on Tuesday, March 25th will be issued a $0.95 dividend. The ex-dividend date is Tuesday, March 25th. This is an increase from Best Buy’s previous quarterly dividend of $0.94. This represents a $3.80 dividend on an annualized basis and a dividend yield of 5.14%. Best Buy’s dividend payout ratio (DPR) is currently 88.99%.

Insider Activity

In other Best Buy news, CEO Corie S. Barry acquired 13,500 shares of the firm’s stock in a transaction dated Wednesday, March 12th. The stock was purchased at an average price of $72.92 per share, for a total transaction of $984,420.00. Following the acquisition, the chief executive officer now owns 378,780 shares in the company, valued at approximately $27,620,637.60. This trade represents a 3.70 % increase in their position. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CAO Mathew Watson sold 3,182 shares of the stock in a transaction on Friday, March 14th. The shares were sold at an average price of $71.29, for a total value of $226,844.78. Following the sale, the chief accounting officer now owns 19,218 shares of the company’s stock, valued at approximately $1,370,051.22. This represents a 14.21 % decrease in their position. The disclosure for this sale can be found here. Company insiders own 0.59% of the company’s stock.

Analyst Ratings Changes

A number of equities research analysts recently issued reports on BBY shares. Piper Sandler decreased their price target on shares of Best Buy from $102.00 to $92.00 and set an “overweight” rating on the stock in a research note on Wednesday, March 5th. JPMorgan Chase & Co. dropped their price objective on shares of Best Buy from $115.00 to $110.00 and set an “overweight” rating for the company in a research note on Wednesday, March 5th. Telsey Advisory Group dropped their price objective on shares of Best Buy from $110.00 to $100.00 and set an “outperform” rating for the company in a research note on Wednesday, March 5th. Wells Fargo & Company dropped their price objective on shares of Best Buy from $89.00 to $85.00 and set an “equal weight” rating for the company in a research note on Wednesday, March 5th. Finally, Morgan Stanley dropped their price objective on shares of Best Buy from $100.00 to $85.00 and set an “equal weight” rating for the company in a research note on Wednesday, March 5th. Two research analysts have rated the stock with a sell rating, nine have assigned a hold rating, nine have issued a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, the company currently has a consensus rating of “Hold” and a consensus price target of $93.50.

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.