Shell Asset Management Co. Sells 4,918 Shares of Best Buy Co., Inc. (NYSE:BBY)

Shell Asset Management Co. reduced its position in shares of Best Buy Co., Inc. (NYSE:BBY - Free Report) by 9.4% in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 47,362 shares of the technology retailer's stock after selling 4,918 shares during the period. Shell Asset Management Co.'s holdings in Best Buy were worth $4,064,000 as of its most recent SEC filing.

Other institutional investors also recently modified their holdings of the company. Rakuten Securities Inc. boosted its holdings in shares of Best Buy by 971.9% during the fourth quarter. Rakuten Securities Inc. now owns 343 shares of the technology retailer's stock worth $29,000 after purchasing an additional 311 shares during the period. Golden State Wealth Management LLC purchased a new stake in shares of Best Buy during the fourth quarter worth about $32,000. Atlas Capital Advisors Inc. lifted its holdings in Best Buy by 186.9% in the fourth quarter. Atlas Capital Advisors Inc. now owns 373 shares of the technology retailer's stock worth $32,000 after buying an additional 243 shares during the period. Ancora Advisors LLC lifted its holdings in Best Buy by 18,700.0% in the fourth quarter. Ancora Advisors LLC now owns 376 shares of the technology retailer's stock worth $32,000 after buying an additional 374 shares during the period. Finally, OFI Invest Asset Management purchased a new stake in Best Buy in the fourth quarter worth about $34,000. 80.96% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several analysts have commented on the stock. Bank of America lowered their price objective on shares of Best Buy from $80.00 to $75.00 and set an "underperform" rating for the company in a report on Wednesday, March 5th. Guggenheim lowered their price objective on shares of Best Buy from $105.00 to $90.00 and set a "buy" rating for the company in a report on Wednesday, March 5th. Citigroup restated a "neutral" rating and issued a $70.00 price objective (down from $93.00) on shares of Best Buy in a report on Thursday, April 3rd. Truist Financial lowered their price objective on shares of Best Buy from $81.00 to $64.00 and set a "hold" rating for the company in a report on Tuesday, April 8th. Finally, Evercore ISI lowered their target price on shares of Best Buy from $95.00 to $80.00 and set an "in-line" rating for the company 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 issued a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of "Hold" and an average target price of $90.72.

Best Buy Stock Performance

NYSE:BBY traded down $2.27 during trading hours on Monday, reaching $71.53. The company had a trading volume of 3,356,402 shares, compared to its average volume of 3,356,667. 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 52 week low of $54.99 and a 52 week high of $103.71. The firm has a market cap of $15.14 billion, a price-to-earnings ratio of 12.23, a PEG ratio of 2.10 and a beta of 1.27. The firm's 50 day moving average price is $67.90 and its 200-day moving average price is $80.21.

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

Best Buy Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, April 15th. Stockholders of record on Tuesday, March 25th were given a dividend of $0.95 per share. This is an increase from Best Buy's previous quarterly dividend of $0.94. The ex-dividend date was Tuesday, March 25th. This represents a $3.80 dividend on an annualized basis and a dividend yield of 5.31%. Best Buy's payout ratio is presently 88.99%.

Insider Activity

In related news, CAO Mathew Watson sold 2,951 shares of the company's stock in a transaction on Friday, March 21st. The shares were sold at an average price of $72.65, for a total value of $214,390.15. Following the completion of the transaction, the chief accounting officer now owns 21,371 shares of the company's stock, valued at approximately $1,552,603.15. This represents a 12.13% decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, insider Todd G. Hartman sold 4,893 shares of the company's stock in a transaction on Friday, March 21st. The stock was sold at an average price of $72.65, for a total transaction of $355,476.45. Following the completion of the transaction, the insider now directly owns 32,320 shares of the company's stock, valued at $2,348,048. This represents a 13.15% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 78,355 shares of company stock valued at $5,767,213 in the last 90 days. Company insiders own 0.47% of the company's stock.

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.