Intech Investment Management LLC Takes $1.48 Million Position in Best Buy Co., Inc. (NYSE:BBY)

Intech Investment Management LLC purchased a new stake in Best Buy Co., Inc. (NYSE:BBY) in the 4th quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor purchased 17,231 shares of the technology retailer’s stock, valued at approximately $1,478,000.

Other institutional investors and hedge funds also recently made changes to their positions in the company. IFP Advisors Inc raised its stake in shares of Best Buy by 5.2% in the 4th quarter. IFP Advisors Inc now owns 2,538 shares of the technology retailer’s stock valued at $218,000 after purchasing an additional 125 shares during the period. Rothschild Investment LLC raised its stake in shares of Best Buy by 19.7% in the 4th quarter. Rothschild Investment LLC now owns 861 shares of the technology retailer’s stock valued at $74,000 after purchasing an additional 142 shares during the period. Independent Advisor Alliance raised its stake in shares of Best Buy by 5.0% in the 4th quarter. Independent Advisor Alliance now owns 3,002 shares of the technology retailer’s stock valued at $258,000 after purchasing an additional 142 shares during the period. Yousif Capital Management LLC raised its stake in shares of Best Buy by 0.5% in the 4th quarter. Yousif Capital Management LLC now owns 29,904 shares of the technology retailer’s stock valued at $2,566,000 after purchasing an additional 145 shares during the period. Finally, Claro Advisors LLC raised its stake in shares of Best Buy by 5.7% in the 4th quarter. Claro Advisors LLC now owns 2,861 shares of the technology retailer’s stock valued at $246,000 after purchasing an additional 154 shares during the period. Institutional investors and hedge funds own 80.96% of the company’s stock.

Best Buy Trading Up 0.2 %

Best Buy 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 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 $15.74 billion, a P/E ratio of 12.59, a PEG ratio of 2.10 and a beta of 1.43. The stock has a 50-day simple moving average of $83.34 and a 200 day simple moving average of $89.17.

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

Best Buy Increases Dividend

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

Analyst Upgrades and Downgrades

Several research firms have issued reports on BBY. JPMorgan Chase & Co. dropped their price target on Best Buy from $115.00 to $110.00 and set an “overweight” rating on the stock in a research note on Wednesday, March 5th. Morgan Stanley dropped their price target on Best Buy from $100.00 to $85.00 and set an “equal weight” rating on the stock in a research note on Wednesday, March 5th. Truist Financial dropped their price target on Best Buy from $95.00 to $81.00 and set a “hold” rating on the stock in a research note on Wednesday, March 5th. 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 report on Wednesday, March 5th. Finally, Telsey Advisory Group lowered their target price on Best Buy from $110.00 to $100.00 and set an “outperform” rating on the stock in a research report on Wednesday, March 5th. Two research analysts have rated the stock with a sell rating, nine have issued a hold rating, nine have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average target price of $93.50.

Insider Transactions at Best Buy

In other news, CAO Mathew Watson sold 3,182 shares of the business’s stock in a transaction that occurred on Friday, March 14th. The stock was sold at an average price of $71.29, for a total transaction of $226,844.78. Following the completion of the sale, 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 ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, CEO Corie S. Barry acquired 13,500 shares of Best Buy stock in a transaction dated Wednesday, March 12th. The shares were purchased at an average price of $72.92 per share, with a total value of $984,420.00. Following the acquisition, the chief executive officer now owns 378,780 shares of the company’s stock, valued at approximately $27,620,637.60. This trade represents a 3.70 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Corporate insiders own 0.59% of the company’s stock.

Best Buy 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.