Alberta Investment Management Corp Raises Stock Holdings in Best Buy Co., Inc. (NYSE:BBY)

Alberta Investment Management Corp grew its stake in shares of Best Buy Co., Inc. (NYSE:BBY) by 424.0% during the fourth quarter, HoldingsChannel.com reports. The fund owned 26,200 shares of the technology retailer’s stock after buying an additional 21,200 shares during the quarter. Alberta Investment Management Corp’s holdings in Best Buy were worth $2,248,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors have also recently made changes to their positions in BBY. Foundations Investment Advisors LLC boosted its holdings in Best Buy by 3.6% in the third quarter. Foundations Investment Advisors LLC now owns 6,758 shares of the technology retailer’s stock worth $698,000 after purchasing an additional 237 shares during the last quarter. Sequoia Financial Advisors LLC purchased a new stake in Best Buy during the 3rd quarter valued at $278,000. Signaturefd LLC lifted its holdings in shares of Best Buy by 14.4% during the 3rd quarter. Signaturefd LLC now owns 2,411 shares of the technology retailer’s stock valued at $249,000 after buying an additional 303 shares during the period. Private Advisor Group LLC boosted its stake in shares of Best Buy by 9.1% in the 3rd quarter. Private Advisor Group LLC now owns 6,359 shares of the technology retailer’s stock worth $657,000 after buying an additional 530 shares during the last quarter. Finally, Greenleaf Trust grew its holdings in shares of Best Buy by 1.2% in the third quarter. Greenleaf Trust now owns 9,454 shares of the technology retailer’s stock worth $977,000 after acquiring an additional 108 shares during the period. Hedge funds and other institutional investors own 80.96% of the company’s stock.

Best Buy Price Performance

Shares of Best Buy stock opened at $90.98 on Friday. The company has a market capitalization of $19.45 billion, a price-to-earnings ratio of 15.55, a PEG ratio of 2.13 and a beta of 1.43. 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’s 50-day simple moving average is $86.00 and its 200-day simple moving average is $90.23. Best Buy Co., Inc. has a 52 week low of $69.29 and a 52 week high of $103.71.

Best Buy (NYSE:BBY) last posted its quarterly earnings results on Tuesday, November 26th. The technology retailer reported $1.26 EPS for the quarter, missing analysts’ consensus estimates of $1.30 by ($0.04). Best Buy had a return on equity of 45.93% and a net margin of 3.01%. The business had revenue of $9.45 billion during the quarter, compared to analysts’ expectations of $9.63 billion. During the same period in the prior year, the firm posted $1.29 earnings per share. The firm’s revenue for the quarter was down 3.2% on a year-over-year basis. As a group, analysts expect that Best Buy Co., Inc. will post 6.18 earnings per share for the current fiscal year.

Best Buy Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Tuesday, January 7th. Investors of record on Tuesday, December 17th were paid a dividend of $0.94 per share. The ex-dividend date was Tuesday, December 17th. This represents a $3.76 annualized dividend and a yield of 4.13%. Best Buy’s payout ratio is 64.27%.

Analyst Ratings Changes

BBY has been the topic of a number of recent research reports. Wells Fargo & Company lowered their target price on Best Buy from $95.00 to $89.00 and set an “equal weight” rating on the stock in a report on Wednesday, November 27th. Truist Financial lowered their price objective on shares of Best Buy from $107.00 to $95.00 and set a “hold” rating on the stock in a research note on Wednesday, November 27th. UBS Group dropped their price objective on shares of Best Buy from $123.00 to $115.00 and set a “buy” rating on the stock in a report on Wednesday, November 27th. Barclays reduced their target price on shares of Best Buy from $95.00 to $89.00 and set an “equal weight” rating for the company in a report on Thursday, January 9th. Finally, Loop Capital reiterated a “buy” rating and set a $100.00 price target on shares of Best Buy in a research note on Wednesday, December 18th. One investment analyst has rated the stock with a sell rating, eight have issued a hold rating, ten have issued a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $101.72.

Insider Buying and Selling at Best Buy

In other Best Buy news, CFO Matthew M. Bilunas sold 69,166 shares of the 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 completion of the transaction, the chief financial officer now owns 92,070 shares of the company’s stock, valued at $8,052,442.20. This represents a 42.90 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. 0.59% of the stock is currently owned by insiders.

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.