Cornercap Investment Counsel Inc. Sells 335 Shares of Best Buy Co., Inc. (NYSE:BBY)

Cornercap Investment Counsel Inc. lessened its stake in shares of Best Buy Co., Inc. (NYSE:BBY) by 4.0% in the 4th quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 8,101 shares of the technology retailer’s stock after selling 335 shares during the period. Cornercap Investment Counsel Inc.’s holdings in Best Buy were worth $695,000 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 the company. Transamerica Financial Advisors Inc. boosted its stake in Best Buy by 11.8% during the fourth quarter. Transamerica Financial Advisors Inc. now owns 9,163 shares of the technology retailer’s stock valued at $787,000 after buying an additional 967 shares during the last quarter. Allstate Corp bought a new stake in Best Buy in the 4th quarter worth approximately $507,000. Maridea Wealth Management LLC bought a new position in shares of Best Buy during the 4th quarter valued at approximately $651,000. DnB Asset Management AS boosted its position in shares of Best Buy by 0.6% during the 4th quarter. DnB Asset Management AS now owns 36,564 shares of the technology retailer’s stock valued at $3,137,000 after acquiring an additional 231 shares during the last quarter. Finally, Alerus Financial NA grew its holdings in shares of Best Buy by 0.7% in the fourth quarter. Alerus Financial NA now owns 92,276 shares of the technology retailer’s stock valued at $7,917,000 after purchasing an additional 655 shares in the last quarter. Hedge funds and other institutional investors own 80.96% of the company’s stock.

Best Buy Price Performance

Shares of BBY stock opened at $72.28 on Friday. Best Buy Co., Inc. has a one year low of $69.29 and a one year high of $103.71. The company has a market capitalization of $15.28 billion, a P/E ratio of 12.36, a P/E/G ratio of 2.10 and a beta of 1.43. The company’s 50-day simple moving average is $82.51 and its two-hundred day simple moving average is $88.25. The company has a debt-to-equity ratio of 0.37, a current ratio of 1.00 and a quick ratio of 0.22.

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

Best Buy Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, April 15th. Shareholders of record on Tuesday, March 25th will be issued a $0.95 dividend. This represents a $3.80 annualized dividend and a yield of 5.26%. The ex-dividend date is Tuesday, March 25th. This is an increase from Best Buy’s previous quarterly dividend of $0.94. Best Buy’s dividend payout ratio (DPR) is currently 88.99%.

Wall Street Analyst Weigh In

Several equities analysts have commented on BBY shares. UBS Group set a $105.00 price objective on shares of Best Buy in a research report on Wednesday, March 5th. Truist Financial lowered their price target on shares of Best Buy from $95.00 to $81.00 and set a “hold” rating for the company in a report on Wednesday, March 5th. Jefferies Financial Group dropped their price target on Best Buy from $106.00 to $92.00 and set a “buy” rating for the company in a research report on Tuesday, March 4th. JPMorgan Chase & Co. decreased their price objective on Best Buy from $115.00 to $110.00 and set an “overweight” rating on the stock in a research report on Wednesday, March 5th. Finally, Bank of America dropped their target price on Best Buy from $80.00 to $75.00 and set an “underperform” rating for the company in a report on Wednesday, March 5th. Two investment analysts have rated the stock with a sell rating, nine have assigned a hold rating, nine have given a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat, the company presently has a consensus rating of “Hold” and a consensus target price of $93.50.

Insider Activity at Best Buy

In other Best Buy news, CAO Mathew Watson sold 3,182 shares of the firm’s 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 of the company’s stock, valued at approximately $1,370,051.22. This trade represents a 14.21 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, CEO Corie S. Barry acquired 13,500 shares of the stock in a transaction dated Wednesday, March 12th. The shares were bought at an average price of $72.92 per share, with a total value of $984,420.00. Following the completion of the purchase, the chief executive officer now directly 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 position. The disclosure for this purchase can be found here. Insiders sold 78,355 shares of company stock valued at $5,767,213 in the last three months. 0.59% of the stock is owned by 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.