Best Buy Co., Inc. (NYSE:BBY) Shares Sold by Sterling Capital Management LLC

Sterling Capital Management LLC lessened its stake in shares of Best Buy Co., Inc. (NYSE:BBY - Free Report) by 31.8% in the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 12,877 shares of the technology retailer's stock after selling 5,992 shares during the quarter. Sterling Capital Management LLC's holdings in Best Buy were worth $1,105,000 at the end of the most recent quarter.

Other hedge funds have also recently modified their holdings of the company. MML Investors Services LLC raised its holdings in Best Buy by 8.8% during the third quarter. MML Investors Services LLC now owns 14,769 shares of the technology retailer's stock worth $1,526,000 after purchasing an additional 1,193 shares in the last quarter. World Investment Advisors LLC purchased a new stake in shares of Best Buy in the third quarter valued at approximately $5,234,000. Wilmington Savings Fund Society FSB purchased a new position in Best Buy in the third quarter worth $247,000. Tidal Investments LLC grew its stake in shares of Best Buy by 24.5% during the 3rd quarter. Tidal Investments LLC now owns 22,210 shares of the technology retailer's stock worth $2,294,000 after purchasing an additional 4,370 shares during the period. Finally, Franklin Resources Inc. increased its holdings in shares of Best Buy by 36.5% in the 3rd quarter. Franklin Resources Inc. now owns 753,471 shares of the technology retailer's stock valued at $73,016,000 after purchasing an additional 201,562 shares in the last quarter. 80.96% of the stock is owned by institutional investors and hedge funds.

Best Buy Trading Down 2.0 %

BBY traded down $1.23 on Monday, reaching $60.74. 425,365 shares of the company's stock were exchanged, compared to its average volume of 3,263,381. The company has a market cap of $12.84 billion, a price-to-earnings ratio of 10.39, a PEG ratio of 2.10 and a beta of 1.42. 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 twelve month low of $54.99 and a twelve month high of $103.71. The company's 50 day moving average is $74.93 and its 200-day moving average is $83.96.

Best Buy (NYSE:BBY - Get Free Report) last announced its quarterly 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. The firm had revenue of $13.95 billion during the quarter, compared to analysts' expectations of $13.69 billion. Best Buy had a net margin of 3.01% and a return on equity of 45.93%. During the same period in the prior year, the company earned $2.72 EPS. Equities analysts predict that Best Buy Co., Inc. will post 6.18 earnings per share for the current year.

Best Buy Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Tuesday, April 15th. Investors of record on Tuesday, March 25th were paid a $0.95 dividend. This represents a $3.80 dividend on an annualized basis and a yield of 6.26%. This is an increase from Best Buy's previous quarterly dividend of $0.94. The ex-dividend date was Tuesday, March 25th. Best Buy's dividend payout ratio (DPR) is 88.99%.

Analyst Upgrades and Downgrades

BBY has been the topic of several recent analyst reports. DA Davidson restated a "buy" rating and set a $110.00 target price on shares of Best Buy in a research report on Monday, April 14th. Bank of America reduced their price objective on Best Buy from $80.00 to $75.00 and set an "underperform" rating for the company in a report on Wednesday, March 5th. Wedbush reissued a "neutral" rating and issued a $90.00 target price on shares of Best Buy in a report on Monday, March 3rd. Piper Sandler cut their price target on Best Buy from $102.00 to $92.00 and set an "overweight" rating for the company in a research note on Wednesday, March 5th. Finally, Wells Fargo & Company lowered their price objective on shares of Best Buy from $89.00 to $85.00 and set an "equal weight" rating on the stock in a research note on Wednesday, March 5th. Two research analysts have rated the stock with a sell rating, ten have assigned a hold rating, eight have given a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat, Best Buy has an average rating of "Hold" and a consensus target price of $91.28.

Insider Activity at Best Buy

In related news, insider Todd G. Hartman sold 4,893 shares of the company's stock in a transaction 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 transaction, the insider now directly owns 32,320 shares in the company, valued at $2,348,048. This represents a 13.15 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO Corie S. Barry bought 13,500 shares of the business's stock in a transaction on Wednesday, March 12th. The stock was bought at an average price of $72.92 per share, for a total transaction of $984,420.00. Following the completion of the purchase, the chief executive officer now directly owns 378,780 shares of the company's stock, valued at $27,620,637.60. The trade was a 3.70 % increase in their position. The disclosure for this purchase can be found here. In the last ninety days, insiders have sold 78,355 shares of company stock valued at $5,767,213. Corporate insiders own 0.59% of the company's stock.

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.