Ensign Peak Advisors Inc Acquires 31,765 Shares of Best Buy Co., Inc. (NYSE:BBY)

Ensign Peak Advisors Inc grew its position in shares of Best Buy Co., Inc. (NYSE:BBY - Free Report) by 40.4% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 110,362 shares of the technology retailer's stock after purchasing an additional 31,765 shares during the period. Ensign Peak Advisors Inc owned approximately 0.05% of Best Buy worth $9,469,000 at the end of the most recent reporting period.

Other institutional investors have also added to or reduced their stakes in the company. Raymond James Financial Inc. bought a new position in shares of Best Buy during the 4th quarter valued at approximately $514,483,000. Norges Bank bought a new position in Best Buy during the fourth quarter valued at $178,015,000. Northern Trust Corp grew its stake in shares of Best Buy by 31.3% in the 4th quarter. Northern Trust Corp now owns 2,942,832 shares of the technology retailer's stock worth $252,495,000 after buying an additional 701,287 shares in the last quarter. Invesco Ltd. increased its holdings in shares of Best Buy by 20.5% in the 4th 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 last quarter. Finally, Arrowstreet Capital Limited Partnership lifted its holdings in shares of Best Buy by 101.4% in 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 acquiring an additional 561,413 shares during the last quarter. Hedge funds and other institutional investors own 80.96% of the company's stock.

Insider Activity

In other Best Buy news, 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 sale, the insider now 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 filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CFO Matthew M. Bilunas sold 9,482 shares of Best Buy stock in a transaction on Friday, March 21st. The shares were sold at an average price of $72.65, for a total value of $688,867.30. Following the completion of the transaction, the chief financial officer now owns 106,856 shares in the company, valued at $7,763,088.40. This represents a 8.15% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 78,355 shares of company stock worth $5,767,213. Corporate insiders own 0.47% of the company's stock.

Best Buy Trading Up 6.5%

Shares of NYSE BBY opened at $73.35 on Tuesday. Best Buy Co., Inc. has a twelve month low of $54.99 and a twelve month high of $103.71. The firm has a market cap of $15.53 billion, a PE ratio of 12.54, a price-to-earnings-growth ratio of 2.10 and a beta of 1.27. The business has a fifty day simple moving average of $68.27 and a two-hundred day simple moving average of $80.69. The company has a quick ratio of 0.22, a current ratio of 1.00 and a debt-to-equity ratio of 0.37.

Best Buy (NYSE:BBY - Get Free Report) last announced its quarterly earnings results on Tuesday, March 4th. The technology retailer reported $2.58 EPS for the quarter, beating the consensus estimate 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 analyst estimates of $13.69 billion. During the same quarter last year, the firm posted $2.72 earnings per share. Analysts expect that Best Buy Co., Inc. will post 6.18 earnings per share for the current fiscal year.

Best Buy Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Tuesday, April 15th. Stockholders of record on Tuesday, March 25th were given a $0.95 dividend. This represents a $3.80 annualized dividend and a dividend yield of 5.18%. The ex-dividend date of this dividend was Tuesday, March 25th. This is a boost from Best Buy's previous quarterly dividend of $0.94. Best Buy's dividend payout ratio is presently 88.99%.

Analysts Set New Price Targets

BBY has been the subject of several analyst reports. UBS Group set a $105.00 price objective on Best Buy in a research note on Wednesday, March 5th. Piper Sandler lowered their price target on Best Buy from $102.00 to $92.00 and set an "overweight" rating for the company in a research report on Wednesday, March 5th. Loop Capital reiterated a "negative" rating on shares of Best Buy in a research report on Wednesday, March 5th. Citigroup reissued a "neutral" rating and issued a $70.00 target price (down previously from $93.00) on shares of Best Buy in a research note on Thursday, April 3rd. Finally, Wells Fargo & Company dropped their price target on shares of Best Buy from $89.00 to $85.00 and set an "equal weight" rating for the company in a research note on Wednesday, March 5th. Two investment analysts have rated the stock with a sell rating, ten have given a hold rating, eight have given a buy rating and one has issued a strong buy rating to the company's stock. According to data from MarketBeat.com, the stock currently has an average rating of "Hold" and a consensus target price of $91.28.

About Best Buy

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.

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