abrdn plc Purchases 85,286 Shares of Best Buy Co., Inc. (NYSE:BBY)

abrdn plc grew its holdings in shares of Best Buy Co., Inc. (NYSE:BBY - Free Report) by 12.5% during the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 770,020 shares of the technology retailer's stock after buying an additional 85,286 shares during the quarter. abrdn plc owned approximately 0.36% of Best Buy worth $60,277,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Cary Street Partners Investment Advisory LLC lifted its position in Best Buy by 549.1% during the 3rd quarter. Cary Street Partners Investment Advisory LLC now owns 357 shares of the technology retailer's stock worth $25,000 after buying an additional 302 shares in the last quarter. Naples Money Management LLC bought a new stake in Best Buy during the 4th quarter worth about $27,000. Stonebridge Capital Advisors LLC lifted its position in Best Buy by 81.9% during the 3rd quarter. Stonebridge Capital Advisors LLC now owns 411 shares of the technology retailer's stock worth $29,000 after buying an additional 185 shares in the last quarter. Hartford Financial Management Inc. lifted its position in Best Buy by 56.5% during the 4th quarter. Hartford Financial Management Inc. now owns 388 shares of the technology retailer's stock worth $30,000 after buying an additional 140 shares in the last quarter. Finally, CENTRAL TRUST Co lifted its position in Best Buy by 72.5% during the 4th quarter. CENTRAL TRUST Co now owns 1,004 shares of the technology retailer's stock worth $79,000 after buying an additional 422 shares in the last quarter. 80.96% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently issued reports on BBY shares. Truist Financial upped their target price on shares of Best Buy from $68.00 to $87.00 and gave the company a "hold" rating in a report on Friday, March 1st. The Goldman Sachs Group upped their target price on shares of Best Buy from $81.00 to $90.00 and gave the company a "buy" rating in a report on Friday, March 1st. UBS Group upped their target price on shares of Best Buy from $82.00 to $85.00 and gave the company a "neutral" rating in a report on Friday, March 1st. TheStreet raised shares of Best Buy from a "c" rating to a "b-" rating in a report on Thursday, February 29th. Finally, Jefferies Financial Group dropped their target price on shares of Best Buy from $95.00 to $94.00 and set a "buy" rating on the stock in a report on Monday, April 8th. One research analyst has rated the stock with a sell rating, eight have assigned a hold rating and seven have assigned a buy rating to the company. Based on data from MarketBeat.com, Best Buy currently has a consensus rating of "Hold" and a consensus price target of $84.60.

Insider Activity at Best Buy

In related news, CAO Mathew Watson sold 2,505 shares of Best Buy stock in a transaction that occurred on Friday, March 22nd. The shares were sold at an average price of $81.80, for a total value of $204,909.00. Following the transaction, the chief accounting officer now directly owns 25,638 shares of the company's stock, valued at $2,097,188.40. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In related news, CEO Corie S. Barry sold 366 shares of Best Buy stock in a transaction that occurred on Wednesday, April 17th. The shares were sold at an average price of $75.76, for a total value of $27,728.16. Following the transaction, the chief executive officer now directly owns 431,231 shares of the company's stock, valued at $32,670,060.56. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CAO Mathew Watson sold 2,505 shares of Best Buy stock in a transaction that occurred on Friday, March 22nd. The shares were sold at an average price of $81.80, for a total transaction of $204,909.00. Following the completion of the transaction, the chief accounting officer now directly owns 25,638 shares in the company, valued at $2,097,188.40. The disclosure for this sale can be found here. Insiders have sold 52,023 shares of company stock valued at $4,253,900 over the last three months. 0.56% of the stock is owned by insiders.

Best Buy Stock Performance

Shares of BBY traded down $1.03 during mid-day trading on Monday, hitting $75.13. 2,504,436 shares of the company's stock were exchanged, compared to its average volume of 3,001,566. Best Buy Co., Inc. has a 52 week low of $62.30 and a 52 week high of $86.11. The stock's 50-day simple moving average is $77.94 and its 200-day simple moving average is $74.03. The firm has a market cap of $16.18 billion, a price-to-earnings ratio of 13.20, a price-to-earnings-growth ratio of 1.99 and a beta of 1.49. The company has a quick ratio of 0.37, a current ratio of 1.00 and a debt-to-equity ratio of 0.38.

Best Buy (NYSE:BBY - Get Free Report) last announced its earnings results on Thursday, February 29th. The technology retailer reported $2.72 EPS for the quarter, topping the consensus estimate of $2.51 by $0.21. Best Buy had a net margin of 2.86% and a return on equity of 48.45%. The company had revenue of $14.65 billion for the quarter, compared to analysts' expectations of $14.58 billion. During the same period last year, the firm earned $2.61 earnings per share. The business's revenue for the quarter was down .6% on a year-over-year basis. On average, equities research analysts expect that Best Buy Co., Inc. will post 6.03 EPS for the current year.

Best Buy Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Thursday, April 11th. Stockholders of record on Thursday, March 21st were issued a dividend of $0.94 per share. The ex-dividend date was Wednesday, March 20th. This is a boost from Best Buy's previous quarterly dividend of $0.92. This represents a $3.76 annualized dividend and a dividend yield of 5.00%. Best Buy's dividend payout ratio (DPR) is currently 66.08%.

Best Buy Company 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.