iA Global Asset Management Inc. Has $706,000 Position in Best Buy Co., Inc. (NYSE:BBY)

Key Points

• iA Global Asset Management Inc. has significantly reduced its stake in Best Buy Co., Inc. by 59.0%, retaining 9,592 shares worth $706,000 as of its latest SEC filing.
• A number of institutional investors have increased their holdings in Best Buy, with Pacer Advisors Inc. boosting its stake by an astonishing 3,890.0% to own over 1 million shares.
• Best Buy recently announced a quarterly dividend of $0.95 per share, yielding approximately 5.6%, with a payout ratio of 92.91%.

iA Global Asset Management Inc. lowered its stake in shares of Best Buy Co., Inc. (NYSE:BBY - Free Report) by 59.0% in the first quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 9,592 shares of the technology retailer's stock after selling 13,787 shares during the period. iA Global Asset Management Inc.'s holdings in Best Buy were worth $706,000 as of its most recent SEC filing.

A number of other institutional investors also recently modified their holdings of the stock. Pacer Advisors Inc. lifted its stake in shares of Best Buy by 3,890.0% in the 1st quarter. Pacer Advisors Inc. now owns 1,023,677 shares of the technology retailer's stock valued at $75,353,000 after purchasing an additional 998,021 shares during the last quarter. Northern Trust Corp lifted 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 valued at $252,495,000 after purchasing an additional 701,287 shares during the last quarter. Invesco Ltd. lifted its stake 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 valued at $316,784,000 after purchasing an additional 629,180 shares during the last quarter. Canada Pension Plan Investment Board lifted its stake in shares of Best Buy by 461.2% in the 4th quarter. Canada Pension Plan Investment Board now owns 621,994 shares of the technology retailer's stock valued at $53,367,000 after purchasing an additional 511,161 shares during the last quarter. Finally, Universal Beteiligungs und Servicegesellschaft mbH acquired a new stake in shares of Best Buy in the 4th quarter valued at $29,090,000. Institutional investors and hedge funds own 80.96% of the company's stock.

Insider Transactions at Best Buy

In related news, Chairman Richard M. Schulze sold 729,201 shares of the stock in a transaction dated Monday, June 9th. The shares were sold at an average price of $72.95, for a total value of $53,195,212.95. Following the completion of the transaction, the chairman owned 196,100 shares of the company's stock, valued at $14,305,495. This represents a 78.81% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. 0.47% of the stock is owned by company insiders.

Best Buy Stock Up 0.2%

Shares of BBY opened at $67.56 on Friday. The company has a 50-day simple moving average of $69.09 and a 200-day simple moving average of $72.91. The firm has a market capitalization of $14.28 billion, a P/E ratio of 16.52, a P/E/G ratio of 1.78 and a beta of 1.21. The company has a debt-to-equity ratio of 0.42, a quick ratio of 0.32 and a current ratio of 1.02. Best Buy Co., Inc. has a 52 week low of $54.99 and a 52 week high of $103.71.

Best Buy (NYSE:BBY - Get Free Report) last announced its quarterly earnings data on Thursday, May 29th. The technology retailer reported $1.15 EPS for the quarter, beating analysts' consensus estimates of $1.09 by $0.06. The business had revenue of $8.77 billion during the quarter, compared to analyst estimates of $8.77 billion. Best Buy had a net margin of 2.13% and a return on equity of 46.40%. The firm's revenue for the quarter was down .9% on a year-over-year basis. During the same quarter in the prior year, the business earned $1.20 earnings per share. On average, equities research analysts expect that Best Buy Co., Inc. will post 6.18 earnings per share for the current year.

Best Buy Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Thursday, July 10th. Investors of record on Thursday, June 19th were given a $0.95 dividend. This represents a $3.80 annualized dividend and a yield of 5.6%. The ex-dividend date of this dividend was Wednesday, June 18th. Best Buy's dividend payout ratio is 92.91%.

Analyst Upgrades and Downgrades

Several equities research analysts recently issued reports on the stock. Barclays reduced their price objective on shares of Best Buy from $89.00 to $74.00 and set an "equal weight" rating for the company in a research note on Friday, May 30th. Loop Capital cut their target price on shares of Best Buy from $90.00 to $80.00 and set a "buy" rating for the company in a research report on Friday, May 30th. Wedbush cut their target price on shares of Best Buy from $75.00 to $70.00 and set a "neutral" rating for the company in a research report on Friday, May 30th. Truist Financial boosted their target price on shares of Best Buy from $64.00 to $69.00 and gave the stock a "hold" rating in a research report on Friday, May 30th. Finally, UBS Group cut their target price on shares of Best Buy from $95.00 to $90.00 and set a "buy" rating for the company in a research report on Friday, May 30th. One research analyst has rated the stock with a sell rating, twelve have assigned a hold rating and eight have assigned a buy rating to the company's stock. According to data from MarketBeat.com, the stock has a consensus rating of "Hold" and an average target price of $85.72.

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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