BI Asset Management Fondsmaeglerselskab A S Boosts Holdings in Best Buy Co., Inc. (NYSE:BBY)

BI Asset Management Fondsmaeglerselskab A S boosted its stake in shares of Best Buy Co., Inc. (NYSE:BBY - Free Report) by 275.9% in the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 18,153 shares of the technology retailer's stock after acquiring an additional 13,324 shares during the quarter. BI Asset Management Fondsmaeglerselskab A S's holdings in Best Buy were worth $1,421,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors also recently bought and sold shares of BBY. Charles Schwab Investment Management Inc. raised its position in Best Buy by 1.5% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 4,478,759 shares of the technology retailer's stock valued at $311,139,000 after purchasing an additional 66,770 shares during the last quarter. Invesco Ltd. raised its position in shares of Best Buy by 8.7% in the 3rd quarter. Invesco Ltd. now owns 3,450,910 shares of the technology retailer's stock worth $239,735,000 after acquiring an additional 276,366 shares in the last quarter. Dimensional Fund Advisors LP raised its position in shares of Best Buy by 4.0% in the 4th quarter. Dimensional Fund Advisors LP now owns 2,791,561 shares of the technology retailer's stock worth $218,527,000 after acquiring an additional 107,926 shares in the last quarter. Northern Trust Corp raised its position in shares of Best Buy by 7.7% in the 3rd quarter. Northern Trust Corp now owns 2,787,163 shares of the technology retailer's stock worth $193,624,000 after acquiring an additional 199,749 shares in the last quarter. Finally, Federated Hermes Inc. raised its position in shares of Best Buy by 6.4% in the 4th quarter. Federated Hermes Inc. now owns 2,752,920 shares of the technology retailer's stock worth $215,499,000 after acquiring an additional 166,478 shares in the last quarter. 80.96% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling at Best Buy

In other Best Buy news, insider Todd G. Hartman sold 3,973 shares of the firm's stock in a transaction dated Friday, March 22nd. The stock was sold at an average price of $81.80, for a total transaction of $324,991.40. Following the sale, the insider now directly owns 25,912 shares of the company's stock, valued at $2,119,601.60. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. In other news, CAO Mathew Watson sold 3,520 shares of Best Buy stock in a transaction dated Tuesday, April 9th. The stock was sold at an average price of $82.43, for a total value of $290,153.60. Following the sale, the chief accounting officer now directly owns 22,118 shares of the company's stock, valued at $1,823,186.74. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Todd G. Hartman sold 3,973 shares of Best Buy stock in a transaction dated Friday, March 22nd. The stock was sold at an average price of $81.80, for a total value of $324,991.40. Following the completion of the sale, the insider now directly owns 25,912 shares in the company, valued at $2,119,601.60. 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 over the last ninety days. 0.59% of the stock is currently owned by company insiders.

Best Buy Stock Performance

Best Buy stock traded down $2.17 during trading on Wednesday, reaching $70.50. The company had a trading volume of 4,398,723 shares, compared to its average volume of 2,846,747. Best Buy Co., Inc. has a 52 week low of $62.30 and a 52 week high of $86.11. The firm's 50-day simple moving average is $76.72 and its 200 day simple moving average is $74.82. The firm has a market capitalization of $15.25 billion, a price-to-earnings ratio of 12.39, a price-to-earnings-growth ratio of 1.93 and a beta of 1.50. The company has a current ratio of 1.00, a quick ratio of 0.37 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 analysts' consensus estimates of $2.51 by $0.21. Best Buy had a return on equity of 48.45% and a net margin of 2.86%. 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 EPS. Best Buy's revenue for the quarter was down .6% compared to the same quarter last year. Sell-side analysts forecast that Best Buy Co., Inc. will post 6.03 earnings per share for the current fiscal year.

Best Buy Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Thursday, April 11th. Investors of record on Thursday, March 21st were issued a $0.94 dividend. This is a boost from Best Buy's previous quarterly dividend of $0.92. This represents a $3.76 dividend on an annualized basis and a yield of 5.33%. The ex-dividend date was Wednesday, March 20th. Best Buy's dividend payout ratio (DPR) is currently 66.08%.

Analyst Ratings Changes

Several research analysts have recently issued reports on BBY shares. Barclays increased their target price on Best Buy from $69.00 to $88.00 and gave the stock an "equal weight" rating in a research report on Friday, March 1st. Wedbush upped their price target on Best Buy from $75.00 to $85.00 and gave the stock a "neutral" rating in a research note on Friday, March 1st. UBS Group upped their price target on Best Buy from $82.00 to $85.00 and gave the stock a "neutral" rating in a research note on Friday, March 1st. JPMorgan Chase & Co. upgraded Best Buy from a "neutral" rating to an "overweight" rating and increased their target price for the company from $89.00 to $101.00 in a research note on Friday, March 22nd. Finally, Jefferies Financial Group cut their target price on Best Buy from $95.00 to $94.00 and set a "buy" rating on the stock in a research note on Monday, April 8th. One equities research analyst has rated the stock with a sell rating, eight have issued a hold rating and seven have issued a buy rating to the stock. Based on data from MarketBeat, the company presently has an average rating of "Hold" and a consensus target price of $84.00.

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.