Arjuna Capital Grows Stock Holdings in Best Buy Co., Inc. (NYSE:BBY)

Arjuna Capital lifted its holdings in Best Buy Co., Inc. (NYSE:BBYFree Report) by 233.1% in the 3rd quarter, Holdings Channel.com reports. The firm owned 44,009 shares of the technology retailer’s stock after acquiring an additional 30,799 shares during the quarter. Best Buy makes up about 1.1% of Arjuna Capital’s holdings, making the stock its 28th largest holding. Arjuna Capital’s holdings in Best Buy were worth $3,057,000 as of its most recent SEC filing.

Several other hedge funds have also recently modified their holdings of the business. BlackRock Inc. lifted its position in shares of Best Buy by 4.0% in the 2nd quarter. BlackRock Inc. now owns 20,391,369 shares of the technology retailer’s stock worth $1,671,073,000 after purchasing an additional 778,412 shares during the period. State Street Corp lifted its position in shares of Best Buy by 1.2% in the 1st quarter. State Street Corp now owns 10,152,129 shares of the technology retailer’s stock worth $803,778,000 after purchasing an additional 123,256 shares during the period. Price T Rowe Associates Inc. MD lifted its position in Best Buy by 32.2% during the first quarter. Price T Rowe Associates Inc. MD now owns 9,885,308 shares of the technology retailer’s stock valued at $773,724,000 after acquiring an additional 2,409,006 shares during the last quarter. Charles Schwab Investment Management Inc. lifted its position in Best Buy by 1.5% during the third quarter. Charles Schwab Investment Management Inc. now owns 4,478,759 shares of the technology retailer’s stock valued at $311,139,000 after acquiring an additional 66,770 shares during the last quarter. Finally, Geode Capital Management LLC lifted its position in Best Buy by 0.9% during the second quarter. Geode Capital Management LLC now owns 4,258,309 shares of the technology retailer’s stock valued at $348,308,000 after acquiring an additional 39,341 shares during the last quarter. Hedge funds and other institutional investors own 76.10% of the company’s stock.

Insider Activity at Best Buy

In other news, Chairman Richard M. Schulze sold 48,401 shares of Best Buy stock in a transaction dated Monday, December 11th. The shares were sold at an average price of $75.07, for a total value of $3,633,463.07. Following the sale, the chairman now owns 253,370 shares in the company, valued at $19,020,485.90. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. In related news, Chairman Richard M. Schulze sold 48,401 shares of the business’s stock in a transaction dated Monday, December 11th. The shares were sold at an average price of $75.07, for a total transaction of $3,633,463.07. Following the transaction, the chairman now directly owns 253,370 shares in the company, valued at $19,020,485.90. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Chairman Richard M. Schulze sold 213,693 shares of the business’s stock in a transaction dated Wednesday, December 6th. The stock was sold at an average price of $75.10, for a total transaction of $16,048,344.30. Following the transaction, the chairman now owns 288,393 shares in the company, valued at $21,658,314.30. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 686,796 shares of company stock worth $52,374,450. 0.56% of the stock is owned by company insiders.

Best Buy Stock Performance

BBY stock traded up $0.49 during midday trading on Monday, hitting $76.09. 292,811 shares of the stock traded hands, compared to its average volume of 2,569,193. The firm has a market cap of $16.39 billion, a P/E ratio of 13.03, a PEG ratio of 1.98 and a beta of 1.49. The company has a debt-to-equity ratio of 0.40, a current ratio of 0.99 and a quick ratio of 0.23. The stock’s fifty day simple moving average is $74.99 and its 200-day simple moving average is $72.95. Best Buy Co., Inc. has a 1-year low of $62.30 and a 1-year high of $89.23.

Best Buy (NYSE:BBYGet Free Report) last released its quarterly earnings results on Tuesday, November 21st. The technology retailer reported $1.29 EPS for the quarter, beating the consensus estimate of $1.19 by $0.10. The company had revenue of $9.76 billion for the quarter, compared to analyst estimates of $9.90 billion. Best Buy had a net margin of 2.93% and a return on equity of 49.13%. The firm’s revenue was down 7.8% on a year-over-year basis. During the same quarter last year, the business earned $1.38 earnings per share. On average, analysts expect that Best Buy Co., Inc. will post 6.16 earnings per share for the current year.

Best Buy Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Tuesday, January 2nd. Investors of record on Tuesday, December 12th were given a dividend of $0.92 per share. The ex-dividend date was Monday, December 11th. This represents a $3.68 annualized dividend and a yield of 4.84%. Best Buy’s dividend payout ratio is presently 63.45%.

Analyst Upgrades and Downgrades

A number of equities research analysts recently commented on BBY shares. Truist Financial decreased their target price on shares of Best Buy from $74.00 to $68.00 and set a “hold” rating for the company in a research report on Wednesday, November 22nd. TheStreet cut shares of Best Buy from a “b-” rating to a “c” rating in a research report on Monday, November 20th. UBS Group decreased their price target on shares of Best Buy from $85.00 to $76.00 and set a “neutral” rating for the company in a report on Monday, November 13th. Evercore ISI decreased their price target on shares of Best Buy from $75.00 to $70.00 and set an “in-line” rating for the company in a report on Wednesday, November 22nd. Finally, Wells Fargo & Company decreased their price target on shares of Best Buy from $80.00 to $65.00 and set an “equal weight” rating for the company in a report on Monday, November 13th. Eight research analysts have rated the stock with a hold rating and seven have issued a buy rating to the company’s stock. Based on data from MarketBeat, the stock has a consensus rating of “Hold” and a consensus price target of $77.43.

Read Our Latest Research Report on Best Buy

Best Buy Company Profile

(Free Report)

Best Buy Co, Inc engages in the retail of technology products in the United States and Canada. The company operates in two segments, Domestic 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, home theater, portable audio comprising headphones and portable speakers, and smart home products.

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Institutional Ownership by Quarter for Best Buy (NYSE:BBY)

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