iA Global Asset Management Inc. Raises Holdings in Best Buy Co., Inc. (NYSE:BBY)

iA Global Asset Management Inc. lifted its holdings in shares of Best Buy Co., Inc. (NYSE:BBY) by 539.3% in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 23,379 shares of the technology retailer’s stock after buying an additional 19,722 shares during the period. iA Global Asset Management Inc.’s holdings in Best Buy were worth $2,006,000 at the end of the most recent reporting period.

A number of other large investors have also modified their holdings of the business. IFP Advisors Inc raised its stake in shares of Best Buy by 5.2% during the 4th quarter. IFP Advisors Inc now owns 2,538 shares of the technology retailer’s stock worth $218,000 after buying an additional 125 shares in the last quarter. Rothschild Investment LLC raised its stake in shares of Best Buy by 19.7% during the 4th quarter. Rothschild Investment LLC now owns 861 shares of the technology retailer’s stock worth $74,000 after buying an additional 142 shares in the last quarter. Independent Advisor Alliance raised its stake in shares of Best Buy by 5.0% during the 4th quarter. Independent Advisor Alliance now owns 3,002 shares of the technology retailer’s stock worth $258,000 after buying an additional 142 shares in the last quarter. Yousif Capital Management LLC raised its stake in shares of Best Buy by 0.5% during the 4th quarter. Yousif Capital Management LLC now owns 29,904 shares of the technology retailer’s stock worth $2,566,000 after buying an additional 145 shares in the last quarter. Finally, Claro Advisors LLC raised its stake in shares of Best Buy by 5.7% during the 4th quarter. Claro Advisors LLC now owns 2,861 shares of the technology retailer’s stock worth $246,000 after buying an additional 154 shares in the last quarter. 80.96% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several research firms recently weighed in on BBY. DA Davidson dropped their price objective on Best Buy from $117.00 to $110.00 and set a “buy” rating for the company in a research note on Wednesday, March 5th. Bank of America dropped their price objective on Best Buy from $80.00 to $75.00 and set an “underperform” rating for the company in a research note on Wednesday, March 5th. Jefferies Financial Group dropped their price objective on Best Buy from $106.00 to $92.00 and set a “buy” rating for the company in a research note on Tuesday, March 4th. JPMorgan Chase & Co. dropped their price objective on Best Buy from $115.00 to $110.00 and set an “overweight” rating for the company in a research note on Wednesday, March 5th. Finally, UBS Group set a $105.00 price objective on Best Buy in a research note on Wednesday, March 5th. Two investment analysts have rated the stock with a sell rating, nine have issued a hold rating, nine have given a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, Best Buy has a consensus rating of “Hold” and an average price target of $93.50.

Insider Activity at Best Buy

In other news, CEO Corie S. Barry bought 13,500 shares of Best Buy stock in a transaction that occurred on Wednesday, March 12th. The shares were purchased at an average price of $72.92 per share, for a total transaction of $984,420.00. Following the completion of the acquisition, the chief executive officer now owns 378,780 shares of the company’s stock, valued at $27,620,637.60. The trade was a 3.70 % increase in their ownership of the stock. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CAO Mathew Watson sold 3,182 shares of Best Buy 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 completion of the transaction, the chief accounting officer now owns 19,218 shares in the company, valued at $1,370,051.22. The trade was a 14.21 % decrease in their position. The disclosure for this sale can be found here. 0.59% of the stock is owned by insiders.

Best Buy Price Performance

BBY stock opened at $73.63 on Friday. Best Buy Co., Inc. has a 52-week low of $69.29 and a 52-week high of $103.71. The stock’s fifty day simple moving average is $83.34 and its 200-day simple moving average is $89.17. The company has a quick ratio of 0.22, a current ratio of 1.00 and a debt-to-equity ratio of 0.37. The stock has a market capitalization of $15.74 billion, a price-to-earnings ratio of 12.59, a price-to-earnings-growth ratio of 2.10 and a beta of 1.43.

Best Buy (NYSE:BBY) last posted its quarterly earnings data on Tuesday, March 4th. The technology retailer reported $2.58 earnings per share (EPS) 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 for the quarter, compared to analysts’ expectations of $13.69 billion. During the same quarter last year, the firm earned $2.72 earnings per share. Equities research analysts expect that Best Buy Co., Inc. will post 6.18 EPS for the current year.

Best Buy Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, April 15th. Investors of record on Tuesday, March 25th will be issued a $0.95 dividend. The ex-dividend date of this dividend is Tuesday, March 25th. This represents a $3.80 dividend on an annualized basis and a yield of 5.16%. This is a boost from Best Buy’s previous quarterly dividend of $0.94. Best Buy’s dividend payout ratio (DPR) is presently 88.99%.

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.