Best Buy Co., Inc. (NYSE:BBY) Position Increased by DnB Asset Management AS

DnB Asset Management AS grew its stake in shares of Best Buy Co., Inc. (NYSE:BBY) by 0.6% in the fourth quarter, Holdings Channel.com reports. The fund owned 36,564 shares of the technology retailer’s stock after buying an additional 231 shares during the quarter. DnB Asset Management AS’s holdings in Best Buy were worth $3,137,000 at the end of the most recent reporting period.

Several other large investors have also modified their holdings of the stock. Raymond James Financial Inc. purchased a new stake in shares of Best Buy during the fourth quarter valued at $514,483,000. Norges Bank acquired a new stake in Best Buy during the 4th quarter worth about $178,015,000. Nordea Investment Management AB boosted its holdings in shares of Best Buy by 563.8% in the fourth quarter. Nordea Investment Management AB now owns 592,460 shares of the technology retailer’s stock worth $50,643,000 after buying an additional 503,204 shares during the period. National Bank of Canada FI boosted its holdings in shares of Best Buy by 817.4% in the third quarter. National Bank of Canada FI now owns 537,886 shares of the technology retailer’s stock worth $55,564,000 after buying an additional 479,256 shares during the period. Finally, Bank of New York Mellon Corp increased its position in shares of Best Buy by 13.7% in the fourth quarter. Bank of New York Mellon Corp now owns 3,824,425 shares of the technology retailer’s stock worth $328,136,000 after acquiring an additional 459,353 shares in the last quarter. 80.96% of the stock is owned by institutional investors.

Best Buy Price Performance

NYSE BBY opened at $73.73 on Tuesday. The company has a market cap of $15.58 billion, a P/E ratio of 12.60, a P/E/G ratio of 2.10 and a beta of 1.43. The company has a fifty day simple moving average of $82.34 and a 200 day simple moving average of $88.01. The company has a current ratio of 1.00, a quick ratio of 0.22 and a debt-to-equity ratio of 0.37. Best Buy Co., Inc. has a 1 year low of $69.29 and a 1 year high of $103.71.

Best Buy (NYSE:BBY) last posted its quarterly earnings results on Tuesday, March 4th. The technology retailer reported $2.58 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.40 by $0.18. The company had revenue of $13.95 billion for 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 period last year, the business posted $2.72 EPS. On average, sell-side analysts predict that Best Buy Co., Inc. will post 6.18 EPS for the current year.

Best Buy Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, April 15th. Shareholders of record on Tuesday, March 25th will be given a $0.95 dividend. This represents a $3.80 dividend on an annualized basis and a yield of 5.15%. 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. Best Buy’s dividend payout ratio is 88.99%.

Wall Street Analyst Weigh In

A number of equities analysts recently commented on BBY shares. Telsey Advisory Group decreased their price objective on shares of Best Buy from $110.00 to $100.00 and set an “outperform” rating for the company in a research note on Wednesday, March 5th. UBS Group set a $105.00 target price on Best Buy in a research report on Wednesday, March 5th. Piper Sandler lowered their price target on Best Buy from $102.00 to $92.00 and set an “overweight” rating on the stock in a report on Wednesday, March 5th. Bank of America reduced their price objective on Best Buy from $80.00 to $75.00 and set an “underperform” rating for the company in a research note on Wednesday, March 5th. Finally, JPMorgan Chase & Co. dropped their target price on Best Buy from $115.00 to $110.00 and set an “overweight” rating on the stock in a report on Wednesday, March 5th. Two investment 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. According to MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus price target of $93.50.

Insider Activity

In other news, CEO Corie S. Barry purchased 13,500 shares of the business’s stock in a transaction that occurred on Wednesday, March 12th. The stock was purchased at an average cost of $72.92 per share, with a total value of $984,420.00. Following the acquisition, 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 transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, CAO Mathew Watson sold 3,182 shares of the company’s stock in a transaction dated Friday, March 14th. The stock was sold at an average price of $71.29, for a total transaction of $226,844.78. Following the sale, the chief accounting officer now directly owns 19,218 shares in the company, valued at $1,370,051.22. This represents a 14.21 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders have sold 78,355 shares of company stock worth $5,767,213. 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.