Avanza Fonder AB Invests $1.85 Million in Best Buy Co., Inc. (NYSE:BBY)

Avanza Fonder AB acquired a new stake in shares of Best Buy Co., Inc. (NYSE:BBY) during the fourth quarter, HoldingsChannel reports. The fund acquired 21,537 shares of the technology retailer’s stock, valued at approximately $1,848,000.

A number of other large investors have also added to or reduced their stakes in BBY. Charles Schwab Investment Management Inc. boosted its stake in shares of Best Buy by 4.1% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 6,164,953 shares of the technology retailer’s stock worth $636,840,000 after buying an additional 241,988 shares during the last quarter. Geode Capital Management LLC lifted its stake in shares of Best Buy by 2.5% in the 3rd quarter. Geode Capital Management LLC now owns 4,852,980 shares of the technology retailer’s stock worth $499,954,000 after purchasing an additional 120,185 shares during the period. Raymond James & Associates boosted its holdings in shares of Best Buy by 1.8% in the third quarter. Raymond James & Associates now owns 3,440,215 shares of the technology retailer’s stock worth $355,374,000 after buying an additional 62,452 shares during the last quarter. Eagle Asset Management Inc. grew its position in Best Buy by 3.3% during the third quarter. Eagle Asset Management Inc. now owns 1,388,151 shares of the technology retailer’s stock valued at $143,396,000 after buying an additional 44,693 shares during the period. Finally, AQR Capital Management LLC increased its holdings in Best Buy by 55.4% during the second quarter. AQR Capital Management LLC now owns 1,379,195 shares of the technology retailer’s stock valued at $116,252,000 after buying an additional 491,781 shares during the last quarter. Institutional investors own 80.96% of the company’s stock.

Analyst Ratings Changes

BBY has been the topic of several analyst reports. Wells Fargo & Company dropped their price target on shares of Best Buy from $95.00 to $89.00 and set an “equal weight” rating on the stock in a research note on Wednesday, November 27th. DA Davidson restated a “buy” rating and issued a $117.00 price target on shares of Best Buy in a research report on Tuesday, October 15th. Citigroup decreased their price objective on Best Buy from $109.00 to $101.00 and set a “buy” rating on the stock in a research note on Wednesday, November 27th. Melius Research initiated coverage on Best Buy in a research note on Monday, September 23rd. They set a “hold” rating and a $100.00 price objective for the company. Finally, Truist Financial decreased their target price on shares of Best Buy from $107.00 to $95.00 and set a “hold” rating on the stock in a research note on Wednesday, November 27th. One research analyst has rated the stock with a sell rating, eight have given a hold rating, ten have given a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $100.72.

Best Buy Trading Down 0.4 %

Shares of Best Buy stock opened at $81.91 on Friday. The company has a quick ratio of 0.22, a current ratio of 1.00 and a debt-to-equity ratio of 0.37. The firm has a market cap of $17.51 billion, a price-to-earnings ratio of 14.00, a PEG ratio of 2.09 and a beta of 1.43. Best Buy Co., Inc. has a twelve month low of $69.29 and a twelve month high of $103.71. The business has a 50-day moving average price of $87.17 and a 200-day moving average price of $90.10.

Best Buy (NYSE:BBY) last released its quarterly earnings data on Tuesday, November 26th. The technology retailer reported $1.26 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.30 by ($0.04). Best Buy had a return on equity of 45.93% and a net margin of 3.01%. The firm had revenue of $9.45 billion during the quarter, compared to the consensus estimate of $9.63 billion. During the same period in the previous year, the firm earned $1.29 EPS. The business’s revenue was down 3.2% compared to the same quarter last year. Equities research analysts anticipate that Best Buy Co., Inc. will post 6.18 EPS for the current fiscal year.

Best Buy Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Tuesday, January 7th. Stockholders of record on Tuesday, December 17th were issued a $0.94 dividend. The ex-dividend date of this dividend was Tuesday, December 17th. This represents a $3.76 dividend on an annualized basis and a dividend yield of 4.59%. Best Buy’s dividend payout ratio (DPR) is presently 64.27%.

Insider Activity

In other Best Buy news, CFO Matthew M. Bilunas sold 69,166 shares of the business’s stock in a transaction that occurred on Wednesday, December 11th. The stock was sold at an average price of $87.46, for a total transaction of $6,049,258.36. Following the sale, the chief financial officer now directly owns 92,070 shares of the company’s stock, valued at $8,052,442.20. The trade was a 42.90 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. 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.