OFI Invest Asset Management Purchases New Stake in Best Buy Co., Inc. (NYSE:BBY)

OFI Invest Asset Management purchased a new stake in Best Buy Co., Inc. (NYSE:BBY) during the 4th quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm purchased 412 shares of the technology retailer’s stock, valued at approximately $34,000.

Other large investors also recently bought and sold shares of the company. Pinnacle Financial Partners Inc acquired a new stake in Best Buy in the fourth quarter valued at approximately $3,293,000. Klein Pavlis & Peasley Financial Inc. grew its position in Best Buy by 48.6% in the fourth quarter. Klein Pavlis & Peasley Financial Inc. now owns 26,400 shares of the technology retailer’s stock valued at $2,265,000 after acquiring an additional 8,640 shares in the last quarter. Alberta Investment Management Corp grew its position in Best Buy by 424.0% in the fourth quarter. Alberta Investment Management Corp now owns 26,200 shares of the technology retailer’s stock valued at $2,248,000 after acquiring an additional 21,200 shares in the last quarter. Merit Financial Group LLC acquired a new stake in Best Buy in the fourth quarter valued at approximately $453,000. Finally, TCW Group Inc. grew its position in Best Buy by 26.7% in the fourth quarter. TCW Group Inc. now owns 401,098 shares of the technology retailer’s stock valued at $34,414,000 after acquiring an additional 84,505 shares in the last quarter. Institutional investors and hedge funds own 80.96% of the company’s stock.

Insider Buying and Selling at Best Buy

In related news, CFO Matthew M. Bilunas sold 69,166 shares of Best Buy stock in a transaction dated Wednesday, December 11th. The shares were 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 directly owns 92,070 shares in the company, valued at $8,052,442.20. The trade was a 42.90 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. 0.59% of the stock is currently owned by company insiders.

Best Buy Stock Performance

BBY stock opened at $78.90 on Tuesday. 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 stock has a market capitalization of $16.87 billion, a price-to-earnings ratio of 13.49, a PEG ratio of 2.10 and a beta of 1.43. Best Buy Co., Inc. has a 1 year low of $69.29 and a 1 year high of $103.71. The stock’s fifty day moving average is $85.44 and its two-hundred day moving average is $90.41.

Best Buy (NYSE:BBY) last posted its 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 company had revenue of $13.95 billion for the quarter, compared to analysts’ expectations of $13.69 billion. Best Buy had a return on equity of 45.93% and a net margin of 3.01%. During the same period last year, the business posted $2.72 earnings per share. On average, research analysts predict that Best Buy Co., Inc. will post 6.18 EPS for the current year.

Best Buy Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Tuesday, April 15th. Shareholders of record on Tuesday, March 25th will be paid a $0.95 dividend. This represents a $3.80 dividend on an annualized basis and a yield of 4.82%. This is a boost from Best Buy’s previous quarterly dividend of $0.94. The ex-dividend date of this dividend is Tuesday, March 25th. Best Buy’s dividend payout ratio (DPR) is presently 88.99%.

Wall Street Analysts Forecast Growth

BBY has been the subject of several recent research reports. Piper Sandler lowered their price objective on shares of Best Buy from $102.00 to $92.00 and set an “overweight” rating for the company in a research report on Wednesday, March 5th. UBS Group set a $105.00 price target on shares of Best Buy in a research report on Wednesday, March 5th. Telsey Advisory Group decreased their price target on shares of Best Buy from $110.00 to $100.00 and set an “outperform” rating for the company in a research report on Wednesday, March 5th. Citigroup decreased their price target on shares of Best Buy from $105.00 to $93.00 and set a “buy” rating for the company in a research report on Wednesday, March 5th. Finally, Wells Fargo & Company decreased their price target on shares of Best Buy from $89.00 to $85.00 and set an “equal weight” rating for the company in a research report on Wednesday, March 5th. Two investment analysts have rated the stock with a sell rating, nine have given a hold rating, nine have issued a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus target price 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.