Ontario Teachers Pension Plan Board Has $871,000 Position in Best Buy Co., Inc. (NYSE:BBY)

Ontario Teachers Pension Plan Board raised its holdings in Best Buy Co., Inc. (NYSE:BBY - Free Report) by 193.4% in the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 10,153 shares of the technology retailer's stock after buying an additional 6,692 shares during the quarter. Ontario Teachers Pension Plan Board's holdings in Best Buy were worth $871,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently modified their holdings of the stock. Raymond James Financial Inc. purchased a new stake in Best Buy during the fourth quarter worth approximately $514,483,000. Norges Bank acquired a new position in shares of Best Buy during the fourth quarter worth about $178,015,000. Invesco Ltd. boosted its position in shares of Best Buy by 20.5% in the fourth quarter. Invesco Ltd. now owns 3,692,118 shares of the technology retailer's stock worth $316,784,000 after buying an additional 629,180 shares during the period. Arrowstreet Capital Limited Partnership raised its holdings in shares of Best Buy by 101.4% during the 4th quarter. Arrowstreet Capital Limited Partnership now owns 1,114,928 shares of the technology retailer's stock valued at $95,661,000 after buying an additional 561,413 shares during the period. Finally, Nordea Investment Management AB boosted its holdings in Best Buy by 563.8% in the 4th quarter. Nordea Investment Management AB now owns 592,460 shares of the technology retailer's stock worth $50,643,000 after acquiring an additional 503,204 shares during the period. Institutional investors and hedge funds own 80.96% of the company's stock.

Best Buy Stock Performance

Shares of BBY stock traded up $1.42 during trading on Tuesday, reaching $63.53. The company had a trading volume of 615,908 shares, compared to its average volume of 3,263,638. Best Buy Co., Inc. has a one year low of $54.99 and a one year high of $103.71. The company has a market capitalization of $13.43 billion, a PE ratio of 10.86, a PEG ratio of 2.10 and a beta of 1.42. The company has a debt-to-equity ratio of 0.37, a current ratio of 1.00 and a quick ratio of 0.22. The firm's 50 day simple moving average is $74.44 and its two-hundred day simple moving average is $83.70.

Best Buy (NYSE:BBY - Get Free Report) last released its quarterly earnings results on Tuesday, March 4th. The technology retailer reported $2.58 earnings per share (EPS) for the quarter, beating 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 company had revenue of $13.95 billion during the quarter, compared to analysts' expectations of $13.69 billion. During the same period in the prior year, the company earned $2.72 earnings per share. Sell-side analysts forecast that Best Buy Co., Inc. will post 6.18 earnings per share for the current year.

Best Buy Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Tuesday, April 15th. Shareholders of record on Tuesday, March 25th were issued a $0.95 dividend. This is a boost from Best Buy's previous quarterly dividend of $0.94. The ex-dividend date was Tuesday, March 25th. This represents a $3.80 annualized dividend and a yield of 5.98%. Best Buy's dividend payout ratio is 88.99%.

Wall Street Analysts Forecast Growth

BBY has been the subject of a number of analyst reports. Guggenheim decreased 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 report on Wednesday, March 5th. Jefferies Financial Group decreased their price target on shares of Best Buy from $106.00 to $92.00 and set a "buy" rating for the company in a research report on Tuesday, March 4th. Telsey Advisory Group reduced their price objective on shares of Best Buy from $110.00 to $100.00 and set an "outperform" rating on the stock in a research note on Wednesday, March 5th. Bank of America cut their target price on shares of Best Buy from $80.00 to $75.00 and set an "underperform" rating on the stock in a research note on Wednesday, March 5th. Finally, Truist Financial reduced their target price on Best Buy from $81.00 to $64.00 and set a "hold" rating on the stock in a report on Tuesday, April 8th. Two investment analysts have rated the stock with a sell rating, ten have assigned a hold rating, eight have issued a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, the stock presently has an average rating of "Hold" and an average target price of $91.28.

Insider Transactions at Best Buy

In other Best Buy news, insider Todd G. Hartman sold 4,893 shares of the 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 in the company, valued at $2,348,048. This represents a 13.15 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CAO Mathew Watson sold 2,951 shares of the company's stock in a transaction dated Friday, March 21st. The stock was sold at an average price of $72.65, for a total transaction of $214,390.15. Following the completion of the sale, the chief accounting officer now directly owns 21,371 shares in the company, valued at approximately $1,552,603.15. The trade was a 12.13 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 78,355 shares of company stock valued at $5,767,213. 0.59% of the stock is owned by corporate 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.