Handelsbanken Fonder AB Boosts Stake in Best Buy Co., Inc. (NYSE:BBY)

Handelsbanken Fonder AB raised its stake in Best Buy Co., Inc. (NYSE:BBY - Free Report) by 20.8% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 84,529 shares of the technology retailer's stock after buying an additional 14,537 shares during the period. Handelsbanken Fonder AB's holdings in Best Buy were worth $6,617,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently made changes to their positions in the company. Cerity Partners LLC lifted its position in Best Buy by 8.4% in the 4th quarter. Cerity Partners LLC now owns 103,459 shares of the technology retailer's stock worth $8,100,000 after buying an additional 8,042 shares during the last quarter. Kingswood Wealth Advisors LLC purchased a new position in Best Buy in the 4th quarter worth $317,000. Mirabella Financial Services LLP bought a new stake in Best Buy in the third quarter worth $831,000. Van ECK Associates Corp boosted its position in Best Buy by 35.6% during the third quarter. Van ECK Associates Corp now owns 94,282 shares of the technology retailer's stock valued at $6,550,000 after buying an additional 24,763 shares during the period. Finally, abrdn plc grew its stake in shares of Best Buy by 12.5% during the fourth quarter. abrdn plc now owns 770,020 shares of the technology retailer's stock valued at $60,277,000 after buying an additional 85,286 shares during the last quarter. Hedge funds and other institutional investors own 80.96% of the company's stock.

Best Buy Stock Down 0.3 %

Shares of NYSE BBY traded down $0.20 during mid-day trading on Friday, hitting $75.04. 2,125,216 shares of the stock traded hands, compared to its average volume of 2,975,439. The company has a market cap of $16.16 billion, a price-to-earnings ratio of 13.19, a PEG ratio of 1.94 and a beta of 1.49. The stock has a fifty day moving average price of $78.02 and a 200-day moving average price of $74.12. Best Buy Co., Inc. has a 52 week low of $62.30 and a 52 week high of $86.11. The company has a debt-to-equity ratio of 0.38, a quick ratio of 0.37 and a current ratio of 1.00.

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, beating analysts' consensus estimates of $2.51 by $0.21. The firm had revenue of $14.65 billion for the quarter, compared to analysts' expectations of $14.58 billion. Best Buy had a net margin of 2.86% and a return on equity of 48.45%. The company's quarterly revenue was down .6% on a year-over-year basis. During the same quarter in the previous year, the business posted $2.61 EPS. Research analysts anticipate 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. This represents a $3.76 annualized dividend and a dividend yield of 5.01%. This is a positive change from Best Buy's previous quarterly dividend of $0.92. The ex-dividend date was Wednesday, March 20th. Best Buy's dividend payout ratio (DPR) is presently 66.08%.

Insider Transactions at Best Buy

In other news, CEO Corie S. Barry sold 28,042 shares of the stock in a transaction on Friday, March 22nd. The stock was sold at an average price of $81.80, for a total value of $2,293,835.60. Following the sale, the chief executive officer now directly owns 429,159 shares of the company's stock, valued at $35,105,206.20. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. In other news, CEO Corie S. Barry sold 28,042 shares of the company's 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 $2,293,835.60. Following the transaction, the chief executive officer now owns 429,159 shares in the company, valued at $35,105,206.20. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, CEO Corie S. Barry sold 366 shares of the firm's stock in a transaction that occurred on Wednesday, April 17th. The shares were sold at an average price of $75.76, for a total transaction of $27,728.16. Following the sale, the chief executive officer now directly owns 431,231 shares of the company's stock, valued at approximately $32,670,060.56. The disclosure for this sale can be found here. Insiders have sold a total of 52,023 shares of company stock valued at $4,253,900 in the last ninety days. 0.56% of the stock is currently owned by corporate insiders.

Analyst Ratings Changes

A number of research firms have recently weighed in on BBY. Morgan Stanley boosted their target price on Best Buy from $80.00 to $82.00 and gave the company an "equal weight" rating in a research note on Friday, March 1st. UBS Group increased their price objective on Best Buy from $82.00 to $85.00 and gave the company a "neutral" rating in a research note on Friday, March 1st. Wedbush lifted their target price on shares of Best Buy from $75.00 to $85.00 and gave the stock a "neutral" rating in a research note on Friday, March 1st. Telsey Advisory Group raised shares of Best Buy from a "market perform" rating to an "outperform" rating and increased their price target for the company from $85.00 to $95.00 in a research report on Wednesday, March 20th. Finally, Citigroup boosted their price objective on shares of Best Buy from $67.00 to $76.00 and gave the company a "sell" rating in a research report on Friday, March 1st. One research analyst has rated the stock with a sell rating, eight have issued a hold rating and seven have given a buy rating to the company's stock. According to MarketBeat, Best Buy presently has an average rating of "Hold" and an average target price of $84.60.

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.