Northern Trust Corp Raises Stock Position in Best Buy Co., Inc. (NYSE:BBY)

Northern Trust Corp increased its stake in Best Buy Co., Inc. (NYSE:BBY - Free Report) by 31.3% during the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 2,942,832 shares of the technology retailer's stock after purchasing an additional 701,287 shares during the period. Northern Trust Corp owned approximately 1.38% of Best Buy worth $252,495,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also bought and sold shares of BBY. Vanguard Group Inc. raised its position in shares of Best Buy by 0.8% during the 4th 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. raised its position in Best Buy by 6.4% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 6,560,368 shares of the technology retailer's stock valued at $562,880,000 after purchasing an additional 395,415 shares in the last quarter. Raymond James Financial Inc. bought a new stake in Best Buy during the fourth quarter worth about $514,483,000. Geode Capital Management LLC boosted its holdings in shares of 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 worth $436,210,000 after purchasing an additional 239,840 shares in the last quarter. Finally, Bank of New York Mellon Corp increased its position in shares of Best Buy by 13.7% during the 4th quarter. Bank of New York Mellon Corp now owns 3,824,425 shares of the technology retailer's stock valued at $328,136,000 after purchasing an additional 459,353 shares during the last quarter. 80.96% of the stock is owned by hedge funds and other institutional investors.

Insider Transactions at Best Buy

In related news, insider Todd G. Hartman sold 4,893 shares of the firm's stock in a transaction on Friday, March 21st. The shares were sold at an average price of $72.65, for a total transaction of $355,476.45. Following the completion of the transaction, the insider now directly owns 32,320 shares of the company's stock, valued at approximately $2,348,048. This trade represents a 13.15 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CAO Mathew Watson sold 3,182 shares of the firm's stock in a transaction dated Friday, March 14th. The shares were sold at an average price of $71.29, for a total value of $226,844.78. Following the transaction, the chief accounting officer now owns 19,218 shares of the company's stock, valued at approximately $1,370,051.22. The trade was a 14.21 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 78,355 shares of company stock worth $5,767,213 in the last quarter. Company insiders own 0.59% of the company's stock.

Best Buy Stock Performance

Shares of NYSE:BBY traded down $0.32 during midday trading on Monday, reaching $67.75. 1,179,989 shares of the company's stock traded hands, compared to its average volume of 3,319,062. The company has a debt-to-equity ratio of 0.37, a quick ratio of 0.22 and a current ratio of 1.00. Best Buy Co., Inc. has a one year low of $54.99 and a one year high of $103.71. The company has a market cap of $14.32 billion, a price-to-earnings ratio of 11.58, a P/E/G ratio of 2.10 and a beta of 1.27. The stock has a 50 day moving average of $70.11 and a 200 day moving average of $81.73.

Best Buy (NYSE:BBY - Get Free Report) last issued its quarterly earnings data 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 net margin of 3.01% and a return on equity of 45.93%. The company had revenue of $13.95 billion for the quarter, compared to the consensus estimate of $13.69 billion. During the same quarter in the prior year, the firm earned $2.72 earnings per share. As a group, equities research analysts anticipate that Best Buy Co., Inc. will post 6.18 EPS 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 dividend of $0.95 per share. The ex-dividend date of this dividend was Tuesday, March 25th. This represents a $3.80 annualized dividend and a dividend yield of 5.61%. This is a positive change from Best Buy's previous quarterly dividend of $0.94. Best Buy's dividend payout ratio is presently 88.99%.

Analyst Upgrades and Downgrades

BBY has been the subject of a number of recent research reports. Wedbush restated a "neutral" rating and issued a $90.00 target price on shares of Best Buy in a research report on Monday, March 3rd. Barclays cut their price objective on shares of Best Buy from $95.00 to $89.00 and set an "equal weight" rating for the company in a research note on Thursday, January 9th. Truist Financial decreased their target price on shares of Best Buy from $81.00 to $64.00 and set a "hold" rating on the stock in a research report on Tuesday, April 8th. Telsey Advisory Group cut their price target on shares of Best Buy from $110.00 to $100.00 and set an "outperform" rating for the company in a research report on Wednesday, March 5th. Finally, Citigroup reiterated a "neutral" rating and issued a $70.00 price objective (down previously from $93.00) on shares of Best Buy in a report on Thursday, April 3rd. Two equities research 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. Based on data from MarketBeat, the company presently has an average rating of "Hold" and a consensus target price of $91.28.

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.