Best Buy Co., Inc. (NYSE:BBY) Shares Purchased by Geode Capital Management LLC

Geode Capital Management LLC raised its stake in Best Buy Co., Inc. (NYSE:BBY) by 4.9% in the fourth quarter, HoldingsChannel.com reports. The fund owned 5,092,820 shares of the technology retailer’s stock after purchasing an additional 239,840 shares during the quarter. Geode Capital Management LLC’s holdings in Best Buy were worth $436,210,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also made changes to their positions in the company. Rakuten Securities Inc. raised 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 valued at $29,000 after purchasing an additional 311 shares during the last quarter. Golden State Wealth Management LLC acquired a new position in shares of Best Buy in the fourth quarter valued at approximately $32,000. LRI Investments LLC boosted 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 worth $40,000 after acquiring an additional 335 shares during the last quarter. OFI Invest Asset Management purchased a new stake in Best Buy in the 4th quarter worth approximately $34,000. Finally, Trust Co. of Vermont raised its holdings in Best Buy by 1,200.0% in the 4th quarter. Trust Co. of Vermont now owns 416 shares of the technology retailer’s stock valued at $36,000 after acquiring an additional 384 shares during the last quarter. 80.96% of the stock is currently owned by hedge funds and other institutional investors.

Best Buy Stock Down 3.1 %

Shares of NYSE:BBY opened at $60.28 on Friday. The company has a market capitalization of $12.74 billion, a price-to-earnings ratio of 10.30, a price-to-earnings-growth ratio of 2.10 and a beta of 1.42. The company has a 50 day moving average of $81.02 and a two-hundred day moving average of $87.32. Best Buy Co., Inc. has a 52-week low of $57.34 and a 52-week high of $103.71. The company has a quick ratio of 0.22, a current ratio of 1.00 and a debt-to-equity ratio of 0.37.

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

Best Buy Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, April 15th. Investors of record on Tuesday, March 25th will be paid a $0.95 dividend. 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. This represents a $3.80 annualized dividend and a dividend yield of 6.30%. Best Buy’s payout ratio is 88.99%.

Analyst Upgrades and Downgrades

BBY has been the topic of several analyst reports. Jefferies Financial Group decreased their price objective on Best Buy from $106.00 to $92.00 and set a “buy” rating on the stock in a report on Tuesday, March 4th. UBS Group set a $105.00 price objective on shares of Best Buy in a research note on Wednesday, March 5th. Wedbush reissued a “neutral” rating and issued a $90.00 target price on shares of Best Buy in a research report on Monday, March 3rd. Truist Financial dropped their price target 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, March 5th. Finally, 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 report on Wednesday, March 5th. Two equities research analysts have rated the stock with a sell rating, ten have given a hold rating, eight have assigned a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, Best Buy currently has an average rating of “Hold” and a consensus target price of $92.22.

Insider Buying and Selling at Best Buy

In other news, CAO Mathew Watson sold 2,951 shares of the stock in a transaction that occurred on Friday, March 21st. The stock was sold at an average price of $72.65, for a total transaction of $214,390.15. Following the completion of the transaction, the chief accounting officer now directly owns 21,371 shares in the company, valued at approximately $1,552,603.15. This represents a 12.13 % decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, insider Todd G. Hartman sold 4,893 shares of the company’s stock in a transaction on Friday, March 21st. The shares were sold at an average price of $72.65, for a total transaction of $355,476.45. Following the completion of the sale, the insider now directly owns 32,320 shares in the company, valued at $2,348,048. This represents a 13.15 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 78,355 shares of company stock worth $5,767,213 in the last 90 days. 0.59% of the stock is owned by corporate insiders.

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.