UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC Has $223.59 Million Position in Best Buy Co., Inc. (NYSE:BBY)

UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC grew its holdings in Best Buy Co., Inc. (NYSE:BBY - Free Report) by 9.0% during the 4th quarter, according to the company in its most recent disclosure with the SEC. The fund owned 2,605,902 shares of the technology retailer's stock after purchasing an additional 215,265 shares during the quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC owned about 1.22% of Best Buy worth $223,586,000 as of its most recent filing with the SEC.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Stevens Capital Management LP lifted its stake in shares of Best Buy by 228.7% in the fourth quarter. Stevens Capital Management LP now owns 22,625 shares of the technology retailer's stock valued at $1,941,000 after buying an additional 15,741 shares during the period. Invesco Ltd. lifted its stake in shares of Best Buy by 20.5% in the fourth quarter. Invesco Ltd. now owns 3,692,118 shares of the technology retailer's stock valued at $316,784,000 after buying an additional 629,180 shares during the period. Vanguard Group Inc. lifted 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 during the period. Pinnacle Financial Partners Inc bought a new stake in shares of Best Buy in the fourth quarter valued at about $3,293,000. Finally, APG Asset Management N.V. bought a new stake in shares of Best Buy in the fourth quarter valued at about $9,073,000. 80.96% of the stock is owned by institutional investors and hedge funds.

Best Buy Price Performance

Shares of NYSE BBY opened at $70.73 on Friday. Best Buy Co., Inc. has a fifty-two week low of $54.99 and a fifty-two week high of $103.71. The stock has a market cap of $14.97 billion, a price-to-earnings ratio of 12.09, a PEG ratio of 2.10 and a beta of 1.27. 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 firm's 50-day simple moving average is $67.81 and its 200 day simple moving average is $79.79.

Best Buy (NYSE:BBY - Get Free Report) last announced its earnings results on Tuesday, March 4th. The technology retailer reported $2.58 earnings per share for the quarter, topping 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 in the previous year, the business earned $2.72 EPS. As a group, research analysts anticipate that Best Buy Co., Inc. will post 6.18 earnings per share for the current fiscal year.

Best Buy Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Tuesday, April 15th. Investors of record on Tuesday, March 25th were issued a $0.95 dividend. This represents a $3.80 dividend on an annualized basis and a dividend yield of 5.37%. 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 payout ratio is 88.99%.

Wall Street Analysts Forecast Growth

A number of research analysts have commented on the stock. JPMorgan Chase & Co. cut their price target on shares of Best Buy from $115.00 to $110.00 and set an "overweight" rating for the company in a research note on Wednesday, March 5th. Evercore ISI cut their price target on shares of Best Buy from $95.00 to $80.00 and set an "in-line" rating for the company in a research note on Wednesday, March 5th. DA Davidson restated a "buy" rating and set a $110.00 price target on shares of Best Buy in a research note on Monday, April 14th. Truist Financial cut their price target on shares of Best Buy from $81.00 to $64.00 and set a "hold" rating for the company in a research note on Tuesday, April 8th. Finally, Piper Sandler dropped their price objective on shares of Best Buy from $102.00 to $92.00 and set an "overweight" rating for the company in a report on Wednesday, March 5th. Two analysts have rated the stock with a sell rating, ten have issued a hold rating, eight have given a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, the company has an average rating of "Hold" and an average target price of $90.72.

Insider Buying and Selling

In related news, EVP Kathleen Scarlett sold 6,847 shares of Best Buy stock in a transaction that occurred on Friday, March 21st. The shares were sold at an average price of $72.65, for a total value of $497,434.55. Following the sale, the executive vice president now owns 87,389 shares of the company's stock, valued at approximately $6,348,810.85. The trade was a 7.27% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, insider Todd G. Hartman sold 4,893 shares of Best Buy stock in a transaction that occurred 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 $2,348,048. This trade represents a 13.15% 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 valued at $5,767,213. 0.47% of the stock is owned by company insiders.

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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