Best Buy Co., Inc. (NYSE:BBY) Shares Bought by Benjamin Edwards Inc.

Benjamin Edwards Inc. increased its position in shares of Best Buy Co., Inc. (NYSE:BBY - Free Report) by 8.6% during the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 83,441 shares of the technology retailer's stock after purchasing an additional 6,625 shares during the period. Benjamin Edwards Inc.'s holdings in Best Buy were worth $7,159,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently modified their holdings of BBY. Wilmington Savings Fund Society FSB bought a new stake in Best Buy during the third quarter valued at about $247,000. Tidal Investments LLC lifted its holdings in Best Buy by 24.5% in the 3rd quarter. Tidal Investments LLC now owns 22,210 shares of the technology retailer's stock worth $2,294,000 after purchasing an additional 4,370 shares in the last quarter. Franklin Resources Inc. boosted its stake in Best Buy by 36.5% in the 3rd quarter. Franklin Resources Inc. now owns 753,471 shares of the technology retailer's stock worth $73,016,000 after purchasing an additional 201,562 shares during the period. Retirement Systems of Alabama grew its holdings in Best Buy by 0.7% during the 3rd quarter. Retirement Systems of Alabama now owns 42,782 shares of the technology retailer's stock valued at $4,419,000 after buying an additional 306 shares in the last quarter. Finally, Principal Financial Group Inc. raised its position in shares of Best Buy by 2.0% during the third quarter. Principal Financial Group Inc. now owns 247,510 shares of the technology retailer's stock valued at $25,568,000 after buying an additional 4,958 shares during the last quarter. 80.96% of the stock is currently owned by institutional investors.

Insiders Place Their Bets

In other Best Buy news, CAO Mathew Watson sold 2,951 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 $214,390.15. Following the sale, the chief accounting officer now owns 21,371 shares of the company's stock, valued at approximately $1,552,603.15. This trade represents a 12.13 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO Corie S. Barry purchased 13,500 shares of the business's stock in a transaction dated Wednesday, March 12th. The stock was bought at an average price of $72.92 per share, for a total transaction of $984,420.00. Following the completion of the acquisition, the chief executive officer now directly owns 378,780 shares in the company, 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. In the last ninety days, insiders sold 78,355 shares of company stock worth $5,767,213. 0.47% of the stock is currently owned by company insiders.

Wall Street Analysts Forecast Growth

Several equities analysts recently weighed in on the stock. Citigroup reaffirmed a "neutral" rating and set a $70.00 target price (down from $93.00) on shares of Best Buy in a research note on Thursday, April 3rd. JPMorgan Chase & Co. cut their price objective on Best Buy from $115.00 to $110.00 and set an "overweight" rating for the company in a research report on Wednesday, March 5th. Piper Sandler reduced their target price 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 dropped their price target 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, Evercore ISI reduced their price objective on Best Buy from $95.00 to $80.00 and set an "in-line" rating on the stock in a research note on Wednesday, March 5th. Two research analysts have rated the stock with a sell rating, ten have assigned a hold rating, eight have given a buy rating and one has assigned a strong buy rating to the company's stock. According to MarketBeat, the company currently has an average rating of "Hold" and an average target price of $91.28.

Best Buy Trading Down 0.8 %

BBY stock traded down $0.57 during midday trading on Friday, reaching $68.85. The company's stock had a trading volume of 1,880,992 shares, compared to its average volume of 3,336,615. The firm has a market capitalization of $14.57 billion, a price-to-earnings ratio of 11.77, a PEG ratio of 2.10 and a beta of 1.27. Best Buy Co., Inc. has a 1 year low of $54.99 and a 1 year high of $103.71. The company has a debt-to-equity ratio of 0.37, a quick ratio of 0.22 and a current ratio of 1.00. The stock has a fifty day simple moving average of $68.31 and a two-hundred day simple moving average of $80.91.

Best Buy (NYSE:BBY - Get Free Report) last announced its quarterly earnings data on Tuesday, March 4th. The technology retailer reported $2.58 earnings per share for the quarter, beating analysts' consensus estimates of $2.40 by $0.18. The company 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 last year, the business posted $2.72 EPS. On average, equities research analysts predict that Best Buy Co., Inc. will post 6.18 EPS for the current year.

Best Buy Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Tuesday, April 15th. Shareholders of record on Tuesday, March 25th were given a dividend of $0.95 per share. The ex-dividend date was Tuesday, March 25th. This is a positive change from Best Buy's previous quarterly dividend of $0.94. This represents a $3.80 dividend on an annualized basis and a yield of 5.52%. Best Buy's payout ratio is 88.99%.

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.