QRG Capital Management Inc. Sells 959 Shares of Best Buy Co., Inc. (NYSE:BBY)

QRG Capital Management Inc. cut its stake in Best Buy Co., Inc. (NYSE:BBYFree Report) by 1.5% during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 63,535 shares of the technology retailer’s stock after selling 959 shares during the quarter. QRG Capital Management Inc.’s holdings in Best Buy were worth $4,974,000 as of its most recent SEC filing.

A number of other hedge funds also recently modified their holdings of BBY. HS Management Partners LLC acquired a new stake in Best Buy during the fourth quarter worth approximately $103,854,000. Barclays PLC increased its position in Best Buy by 120.3% during the 3rd quarter. Barclays PLC now owns 1,336,071 shares of the technology retailer’s stock worth $92,819,000 after buying an additional 729,605 shares during the period. Federated Hermes Inc. lifted its holdings in shares of Best Buy by 36.2% during the third quarter. Federated Hermes Inc. now owns 2,586,442 shares of the technology retailer’s stock worth $179,680,000 after buying an additional 687,556 shares in the last quarter. Van Hulzen Asset Management LLC grew its stake in shares of Best Buy by 426.7% in the third quarter. Van Hulzen Asset Management LLC now owns 740,608 shares of the technology retailer’s stock valued at $51,450,000 after acquiring an additional 600,000 shares in the last quarter. Finally, Ceredex Value Advisors LLC increased its position in Best Buy by 73.1% during the fourth quarter. Ceredex Value Advisors LLC now owns 1,228,980 shares of the technology retailer’s stock worth $97,339,000 after acquiring an additional 518,920 shares during the period. Institutional investors and hedge funds own 80.96% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research firms have issued reports on BBY. The Goldman Sachs Group boosted their price objective on shares of Best Buy from $81.00 to $90.00 and gave the company a “buy” rating in a report on Friday, March 1st. Truist Financial raised their price objective on Best Buy from $68.00 to $87.00 and gave the stock a “hold” rating in a research note on Friday, March 1st. JPMorgan Chase & Co. raised Best Buy from a “neutral” rating to an “overweight” rating and increased their target price for the stock from $89.00 to $101.00 in a report on Friday, March 22nd. Jefferies Financial Group dropped their price target on Best Buy from $95.00 to $94.00 and set a “buy” rating for the company in a research note on Monday, April 8th. Finally, Barclays increased their price objective on shares of Best Buy from $69.00 to $88.00 and gave the stock an “equal weight” rating in a research note on Friday, March 1st. One equities research analyst has rated the stock with a sell rating, eight have issued a hold rating and seven have assigned a buy rating to the stock. According to data from MarketBeat.com, the stock has an average rating of “Hold” and a consensus price target of $84.00.

View Our Latest Stock Analysis on BBY

Insider Activity at Best Buy

In other Best Buy news, CEO Corie S. Barry sold 28,042 shares of the firm’s stock in a transaction that occurred on Friday, March 22nd. The shares were sold at an average price of $81.80, for a total transaction of $2,293,835.60. Following the completion of the transaction, the chief executive officer now owns 429,159 shares in the company, valued at approximately $35,105,206.20. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. In related news, insider Todd G. Hartman sold 3,973 shares of the business’s stock in a transaction dated Friday, March 22nd. The stock was sold at an average price of $81.80, for a total value of $324,991.40. Following the completion of the sale, the insider now directly owns 25,912 shares of the company’s stock, valued at approximately $2,119,601.60. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Corie S. Barry sold 28,042 shares of the company’s stock in a transaction that occurred on Friday, March 22nd. The stock was sold at an average price of $81.80, for a total value of $2,293,835.60. Following the transaction, the chief executive officer now directly owns 429,159 shares in the company, valued at $35,105,206.20. The disclosure for this sale can be found here. Insiders sold 52,023 shares of company stock worth $4,253,900 over the last three months. Company insiders own 0.59% of the company’s stock.

Best Buy Price Performance

Shares of NYSE BBY traded up $0.64 during mid-day trading on Monday, hitting $74.81. 726,764 shares of the stock traded hands, compared to its average volume of 2,853,244. Best Buy Co., Inc. has a twelve month low of $62.30 and a twelve month high of $86.11. The firm has a 50 day simple moving average of $77.42 and a two-hundred day simple moving average of $74.42. The company has a debt-to-equity ratio of 0.38, a current ratio of 1.00 and a quick ratio of 0.37. The company has a market cap of $16.19 billion, a PE ratio of 13.04, a price-to-earnings-growth ratio of 1.94 and a beta of 1.50.

Best Buy (NYSE:BBYGet Free Report) last announced its quarterly earnings results on Thursday, February 29th. The technology retailer reported $2.72 EPS for the quarter, beating analysts’ consensus estimates of $2.51 by $0.21. The firm had revenue of $14.65 billion for the quarter, compared to analyst estimates of $14.58 billion. Best Buy had a return on equity of 48.45% and a net margin of 2.86%. The business’s revenue for the quarter was down .6% on a year-over-year basis. During the same period last year, the firm posted $2.61 earnings per share. As a group, equities research analysts forecast that Best Buy Co., Inc. will post 6.03 EPS for the current fiscal year.

Best Buy Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Thursday, April 11th. Stockholders of record on Thursday, March 21st were issued a dividend of $0.94 per share. This represents a $3.76 dividend on an annualized basis and a dividend yield of 5.03%. The ex-dividend date of this dividend was Wednesday, March 20th. This is a positive change from Best Buy’s previous quarterly dividend of $0.92. Best Buy’s payout ratio is 66.08%.

About Best Buy

(Free Report)

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.

Further Reading

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Institutional Ownership by Quarter for Best Buy (NYSE:BBY)

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