Mackenzie Financial Corp Has $4.66 Million Stock Position in Best Buy Co., Inc. (NYSE:BBY)

Mackenzie Financial Corp grew its position in Best Buy Co., Inc. (NYSE:BBY - Free Report) by 26.8% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 54,274 shares of the technology retailer's stock after purchasing an additional 11,467 shares during the quarter. Mackenzie Financial Corp's holdings in Best Buy were worth $4,657,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also modified their holdings of the company. Toronto Dominion Bank boosted its holdings in shares of Best Buy by 3.3% in the fourth quarter. Toronto Dominion Bank now owns 105,713 shares of the technology retailer's stock valued at $9,070,000 after acquiring an additional 3,421 shares in the last quarter. Vise Technologies Inc. acquired a new position in Best Buy during the fourth quarter worth about $254,000. MidWestOne Financial Group Inc. acquired a new position in Best Buy during the fourth quarter worth about $226,000. White Knight Strategic Wealth Advisors LLC raised its position in Best Buy by 101.7% during the fourth quarter. White Knight Strategic Wealth Advisors LLC now owns 4,286 shares of the technology retailer's stock worth $368,000 after acquiring an additional 2,161 shares during the last quarter. Finally, Principal Street Partners LLC raised its position in shares of Best Buy by 0.8% in the fourth quarter. Principal Street Partners LLC now owns 64,853 shares of the technology retailer's stock valued at $5,564,000 after buying an additional 540 shares during the last quarter. 80.96% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity

In related news, CEO Corie S. Barry acquired 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, with a total value of $984,420.00. Following the acquisition, the chief executive officer now owns 378,780 shares in the company, valued at $27,620,637.60. This represents a 3.70% increase in their position. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CAO Mathew Watson sold 3,182 shares of the firm's stock in a transaction on Friday, March 14th. The shares were sold at an average price of $71.29, for a total value of $226,844.78. Following the sale, the chief accounting officer now directly owns 19,218 shares of the company's stock, valued at $1,370,051.22. This represents a 14.21% 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 worth $5,767,213. Corporate insiders own 0.47% of the company's stock.

Analyst Upgrades and Downgrades

A number of research firms recently issued reports on BBY. Bank of America lowered their target price on shares of Best Buy from $80.00 to $75.00 and set an "underperform" rating for the company in a report on Wednesday, March 5th. Piper Sandler reduced their target price on shares of Best Buy from $92.00 to $82.00 and set an "overweight" rating on the stock in a research report on Friday. Citigroup reaffirmed a "neutral" rating and issued a $70.00 price target (down from $93.00) on shares of Best Buy in a report on Thursday, April 3rd. KeyCorp reissued a "sector weight" rating on shares of Best Buy in a report on Wednesday, March 5th. Finally, UBS Group lowered their price target 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. One equities research analyst has rated the stock with a sell rating, ten have given a hold rating, nine have issued a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, the company has a consensus rating of "Hold" and an average target price of $86.11.

Best Buy Stock Performance

Shares of NYSE:BBY traded down $0.07 during trading on Friday, reaching $66.25. The stock had a trading volume of 6,438,698 shares, compared to its average volume of 3,372,093. Best Buy Co., Inc. has a 52 week low of $54.99 and a 52 week high of $103.71. The firm has a market capitalization of $14.02 billion, a price-to-earnings ratio of 11.32, a P/E/G ratio of 2.10 and a beta of 1.27. The company has a quick ratio of 0.22, a current ratio of 1.00 and a debt-to-equity ratio of 0.37. The stock has a fifty day simple moving average of $67.25 and a two-hundred day simple moving average of $78.93.

Best Buy (NYSE:BBY - Get Free Report) last announced its earnings results on Thursday, May 29th. The technology retailer reported $1.15 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $1.09 by $0.06. Best Buy had a net margin of 3.01% and a return on equity of 45.93%. The business had revenue of $8.77 billion for the quarter, compared to analyst estimates of $8.77 billion. During the same quarter in the previous year, the firm posted $1.20 earnings per share. Best Buy's revenue was down .9% compared to the same quarter last year. As a group, analysts anticipate that Best Buy Co., Inc. will post 6.18 earnings per share for the current fiscal year.

Best Buy Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Thursday, July 10th. Stockholders of record on Thursday, June 19th will be paid a $0.95 dividend. The ex-dividend date of this dividend is Wednesday, June 18th. This represents a $3.80 annualized dividend and a dividend yield of 5.74%. Best Buy's dividend payout ratio is presently 88.99%.

Best Buy 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.