BI Asset Management Fondsmaeglerselskab A S Purchases Shares of 30,817 Best Buy Co., Inc. (NYSE:BBY)

BI Asset Management Fondsmaeglerselskab A S bought a new position in shares of Best Buy Co., Inc. (NYSE:BBY - Free Report) during the 4th quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor bought 30,817 shares of the technology retailer's stock, valued at approximately $2,644,000.

Several other large investors have also recently bought and sold shares of the stock. Vanguard Group Inc. grew its stake in shares of Best Buy by 0.8% in the fourth quarter. Vanguard Group Inc. now owns 22,982,608 shares of the technology retailer's stock valued at $1,971,908,000 after buying an additional 191,161 shares in the last quarter. Charles Schwab Investment Management Inc. increased its stake in shares of Best Buy by 6.4% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 6,560,368 shares of the technology retailer's stock worth $562,880,000 after purchasing an additional 395,415 shares during the last quarter. Raymond James Financial Inc. acquired a new position in shares of Best Buy during the 4th quarter worth about $514,483,000. Geode Capital Management LLC lifted its stake in Best Buy by 4.9% in the 4th quarter. Geode Capital Management LLC now owns 5,092,820 shares of the technology retailer's stock valued at $436,210,000 after purchasing an additional 239,840 shares during the last quarter. Finally, Bank of New York Mellon Corp grew its holdings in Best Buy by 13.7% during 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 purchasing an additional 459,353 shares during the period. 80.96% of the stock is owned by institutional investors and hedge funds.

Best Buy Price Performance

Shares of NYSE BBY traded up $1.71 during trading hours on Friday, hitting $67.71. 5,171,526 shares of the stock were exchanged, compared to its average volume of 3,306,583. Best Buy Co., Inc. has a 1-year low of $54.99 and a 1-year high of $103.71. The company has a market cap of $14.31 billion, a PE ratio of 11.57, a price-to-earnings-growth ratio of 2.10 and a beta of 1.42. 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 company's fifty day simple moving average is $72.39 and its two-hundred day simple moving average is $82.99.

Best Buy (NYSE:BBY - Get Free Report) last issued its earnings results 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. Best Buy had a return on equity of 45.93% and a net margin of 3.01%. The firm had revenue of $13.95 billion for the quarter, compared to the consensus estimate of $13.69 billion. During the same quarter 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 firm also recently announced a quarterly dividend, which was paid on Tuesday, April 15th. Shareholders of record on Tuesday, March 25th were paid 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 annualized dividend and a yield of 5.61%. Best Buy's payout ratio is presently 88.99%.

Insider Transactions at Best Buy

In other news, CFO Matthew M. Bilunas sold 51,000 shares of the firm'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 completion of the transaction, the chief financial officer now owns 55,856 shares of the company's stock, valued at approximately $4,144,515.20. This trade represents a 47.73 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Todd G. Hartman sold 4,893 shares of the business'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 sale, the insider now directly owns 32,320 shares in the company, valued at approximately $2,348,048. This represents a 13.15 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 78,355 shares of company stock valued at $5,767,213. 0.59% of the stock is currently owned by insiders.

Wall Street Analysts Forecast Growth

BBY has been the topic of a number of research analyst reports. JPMorgan Chase & Co. dropped their price target on Best Buy from $115.00 to $110.00 and set an "overweight" rating on the stock in a research note on Wednesday, March 5th. Wedbush reissued a "neutral" rating and issued a $90.00 price target on shares of Best Buy in a report on Monday, March 3rd. Piper Sandler reduced their price objective on Best Buy from $102.00 to $92.00 and set an "overweight" rating for the company in a report on Wednesday, March 5th. Telsey Advisory Group dropped their price target on Best Buy from $110.00 to $100.00 and set an "outperform" rating for the company in a report on Wednesday, March 5th. Finally, KeyCorp restated a "sector weight" rating on shares of Best Buy in a research note 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 stock. According to data from MarketBeat.com, Best Buy currently has a consensus rating of "Hold" and a consensus target price of $91.28.

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.