Alberta Investment Management Corp Increases Stake in Best Buy Co., Inc. (NYSE:BBY)

Alberta Investment Management Corp grew its stake in shares of Best Buy Co., Inc. (NYSE:BBY) by 424.0% in the fourth quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 26,200 shares of the technology retailer’s stock after purchasing an additional 21,200 shares during the quarter. Alberta Investment Management Corp’s holdings in Best Buy were worth $2,248,000 at the end of the most recent quarter.

Other institutional investors have also recently made changes to their positions in the company. Golden State Wealth Management LLC bought a new stake in Best Buy during the 4th quarter valued at $32,000. Trust Co. of Vermont increased its position in shares of Best Buy by 1,200.0% in the fourth 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 during the period. Harbor Capital Advisors Inc. bought a new position in shares of Best Buy during the third quarter valued at about $40,000. LRI Investments LLC boosted its holdings in shares of Best Buy by 632.1% during the third quarter. LRI Investments LLC now owns 388 shares of the technology retailer’s stock worth $40,000 after purchasing an additional 335 shares during the period. Finally, Brooklyn Investment Group bought a new stake in shares of Best Buy in the third quarter worth about $44,000. Hedge funds and other institutional investors own 80.96% of the company’s stock.

Best Buy Stock Performance

Best Buy stock opened at $90.98 on Friday. Best Buy Co., Inc. has a twelve month low of $69.29 and a twelve month high of $103.71. 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 company has a market capitalization of $19.45 billion, a P/E ratio of 15.55, a PEG ratio of 2.13 and a beta of 1.43. The stock’s 50 day moving average is $86.00 and its 200 day moving average is $90.23.

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

Best Buy Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, January 7th. Shareholders of record on Tuesday, December 17th were paid a dividend of $0.94 per share. The ex-dividend date was Tuesday, December 17th. This represents a $3.76 dividend on an annualized basis and a yield of 4.13%. Best Buy’s dividend payout ratio is currently 64.27%.

Insiders Place Their Bets

In related news, CFO Matthew M. Bilunas sold 69,166 shares of the firm’s stock in a transaction that occurred on Wednesday, December 11th. The shares were 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 owns 92,070 shares of the company’s stock, valued at $8,052,442.20. This trade represents a 42.90 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Corporate insiders own 0.59% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research analysts have commented on BBY shares. Truist Financial lowered their price target on Best Buy from $107.00 to $95.00 and set a “hold” rating for the company in a research report on Wednesday, November 27th. Guggenheim decreased their target price on Best Buy from $110.00 to $105.00 and set a “buy” rating for the company in a report on Friday, November 29th. Loop Capital reaffirmed a “buy” rating and issued a $100.00 price target on shares of Best Buy in a research note on Wednesday, December 18th. JPMorgan Chase & Co. boosted their price objective on shares of Best Buy from $111.00 to $117.00 and gave the company an “overweight” rating in a research report on Friday, November 22nd. Finally, Barclays dropped their target price on shares of Best Buy from $95.00 to $89.00 and set an “equal weight” rating for the company in a research report on Thursday, January 9th. One equities research analyst has rated the stock with a sell rating, eight have assigned a hold rating, ten have assigned a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, the company currently has an average 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.