Best Buy Co., Inc. (NYSE:BBY) Shares Sold by abrdn plc

abrdn plc lessened its stake in Best Buy Co., Inc. (NYSE:BBY) by 3.7% in the 4th quarter, according to its most recent filing with the SEC. The fund owned 842,995 shares of the technology retailer’s stock after selling 32,542 shares during the period. abrdn plc owned about 0.39% of Best Buy worth $72,009,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in BBY. Harbor Capital Advisors Inc. acquired a new stake in shares of Best Buy in the third quarter valued at $40,000. LRI Investments LLC grew its position in Best Buy by 632.1% in the 3rd quarter. LRI Investments LLC now owns 388 shares of the technology retailer’s stock valued at $40,000 after acquiring an additional 335 shares in the last quarter. Trust Co. of Vermont grew its position in Best Buy by 1,200.0% in the 4th quarter. Trust Co. of Vermont now owns 416 shares of the technology retailer’s stock valued at $36,000 after acquiring an additional 384 shares in the last quarter. Brooklyn Investment Group purchased a new stake in Best Buy during the third quarter worth about $44,000. Finally, Richardson Financial Services Inc. lifted its position in shares of Best Buy by 71.9% during the fourth quarter. Richardson Financial Services Inc. now owns 550 shares of the technology retailer’s stock worth $47,000 after purchasing an additional 230 shares in the last quarter. Hedge funds and other institutional investors own 80.96% of the company’s stock.

Insider Buying and Selling

In other Best Buy news, CFO Matthew M. Bilunas sold 69,166 shares of the company’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 completion of the sale, the chief financial officer now directly owns 92,070 shares of the company’s stock, valued at $8,052,442.20. This represents a 42.90 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. 0.59% of the stock is owned by company insiders.

Best Buy Stock Performance

NYSE BBY opened at $85.08 on Wednesday. The company has a fifty day moving average of $86.12 and a two-hundred day moving average of $90.13. The company has a market capitalization of $18.19 billion, a PE ratio of 14.54, a P/E/G ratio of 2.16 and a beta of 1.43. Best Buy Co., Inc. has a 1 year low of $69.29 and a 1 year high of $103.71. The company has a debt-to-equity ratio of 0.37, a current ratio of 1.00 and a quick ratio of 0.22.

Best Buy (NYSE:BBY) last announced its earnings results 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). The firm had revenue of $9.45 billion during the quarter, compared to analyst estimates of $9.63 billion. Best Buy had a net margin of 3.01% and a return on equity of 45.93%. The firm’s revenue for the quarter was down 3.2% compared to the same quarter last year. During the same period last year, the company earned $1.29 earnings per share. As a group, analysts expect that Best Buy Co., Inc. will post 6.18 earnings per share for the current year.

Best Buy Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Tuesday, January 7th. Investors of record on Tuesday, December 17th were given a $0.94 dividend. The ex-dividend date of this dividend was Tuesday, December 17th. This represents a $3.76 annualized dividend and a yield of 4.42%. Best Buy’s dividend payout ratio (DPR) is 64.27%.

Wall Street Analysts Forecast Growth

BBY has been the topic of several recent research reports. Morgan Stanley cut their target price on shares of Best Buy from $105.00 to $100.00 and set an “equal weight” rating on the stock in a research note on Tuesday, January 21st. Telsey Advisory Group cut their price objective on Best Buy from $115.00 to $110.00 and set an “outperform” rating on the stock in a research report on Tuesday, November 26th. UBS Group decreased their target price on Best Buy from $123.00 to $115.00 and set a “buy” rating for the company in a report on Wednesday, November 27th. DA Davidson restated a “buy” rating and set a $117.00 price target on shares of Best Buy in a report on Tuesday, October 15th. Finally, StockNews.com cut Best Buy from a “buy” rating to a “hold” rating in a research note on Friday, November 15th. One equities research analyst has rated the stock with a sell rating, eight have assigned a hold rating, ten have issued a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $101.72.

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.