Ameriprise Financial Inc. Buys 42,159 Shares of Best Buy Co., Inc. (NYSE:BBY)

Ameriprise Financial Inc. lifted its stake in shares of Best Buy Co., Inc. (NYSE:BBY - Free Report) by 6.2% in the fourth quarter, according to the company in its most recent filing with the SEC. The fund owned 723,133 shares of the technology retailer's stock after buying an additional 42,159 shares during the quarter. Ameriprise Financial Inc. owned about 0.34% of Best Buy worth $62,074,000 as of its most recent SEC filing.

A number of other hedge funds also recently modified their holdings of BBY. 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 worth $29,000 after purchasing an additional 311 shares in the last quarter. Golden State Wealth Management LLC acquired a new stake in Best Buy in the 4th quarter worth about $32,000. Atlas Capital Advisors Inc. raised its stake in Best Buy by 186.9% in the 4th quarter. Atlas Capital Advisors Inc. now owns 373 shares of the technology retailer's stock worth $32,000 after purchasing an additional 243 shares in the last quarter. Ancora Advisors LLC raised its stake in Best Buy by 18,700.0% in the 4th quarter. Ancora Advisors LLC now owns 376 shares of the technology retailer's stock worth $32,000 after purchasing an additional 374 shares in the last quarter. Finally, OFI Invest Asset Management acquired a new stake in Best Buy in the 4th quarter worth about $34,000. Institutional investors and hedge funds own 80.96% of the company's stock.

Insider Buying and Selling at Best Buy

In other Best Buy news, CEO Corie S. Barry purchased 13,500 shares of the firm's stock in a transaction on Wednesday, March 12th. The stock was acquired at an average price of $72.92 per share, for a total transaction of $984,420.00. Following the purchase, the chief executive officer now owns 378,780 shares of the company's stock, valued at $27,620,637.60. This trade represents a 3.70% increase in their position. The purchase was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, CFO Matthew M. Bilunas sold 51,000 shares of the business's stock in a transaction on Monday, March 24th. The shares were sold at an average price of $74.20, for a total transaction of $3,784,200.00. Following the sale, the chief financial officer now owns 55,856 shares of the company's stock, valued at $4,144,515.20. This trade represents a 47.73% decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 78,355 shares of company stock worth $5,767,213. 0.47% of the stock is owned by corporate insiders.

Best Buy Trading Down 0.5%

BBY traded down $0.35 during trading on Thursday, reaching $73.04. 716,270 shares of the company's stock were exchanged, compared to its average volume of 3,611,530. Best Buy Co., Inc. has a one year low of $54.99 and a one year high of $103.71. The company has a current ratio of 1.00, a quick ratio of 0.22 and a debt-to-equity ratio of 0.37. The stock has a market capitalization of $15.46 billion, a PE ratio of 12.49, a price-to-earnings-growth ratio of 2.10 and a beta of 1.27. The firm has a fifty day moving average price of $68.04 and a two-hundred day moving average price of $80.59.

Best Buy (NYSE:BBY - Get Free Report) last issued its quarterly earnings results on Tuesday, March 4th. The technology retailer reported $2.58 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $2.40 by $0.18. The firm had revenue of $13.95 billion for the quarter, compared to the consensus estimate 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 company earned $2.72 EPS. As a group, equities research analysts forecast that Best Buy Co., Inc. will post 6.18 earnings per share for the current fiscal year.

Best Buy Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Tuesday, April 15th. Investors of record on Tuesday, March 25th were given a dividend of $0.95 per share. This represents a $3.80 dividend on an annualized basis and a dividend yield of 5.20%. The ex-dividend date of this dividend was Tuesday, March 25th. This is an increase from Best Buy's previous quarterly dividend of $0.94. Best Buy's payout ratio is presently 88.99%.

Wall Street Analysts Forecast Growth

Several analysts have weighed in on the stock. JPMorgan Chase & Co. dropped their price objective on shares of Best Buy from $115.00 to $110.00 and set an "overweight" rating for the company in a research note on Wednesday, March 5th. Jefferies Financial Group dropped their price objective on shares of Best Buy from $106.00 to $92.00 and set a "buy" rating for the company in a research note on Tuesday, March 4th. Loop Capital reiterated a "negative" rating on shares of Best Buy in a research note on Wednesday, March 5th. Guggenheim dropped their price objective on shares of Best Buy from $105.00 to $90.00 and set a "buy" rating for the company in a research note on Wednesday, March 5th. Finally, Piper Sandler decreased their target price 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 issued a hold rating, eight have assigned a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, Best Buy has an average rating of "Hold" and a consensus price target of $91.28.

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.