Norges Bank Purchases New Position in Best Buy Co., Inc. (NYSE:BBY)

Norges Bank purchased a new position in Best Buy Co., Inc. (NYSE:BBY) in the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm purchased 2,074,767 shares of the technology retailer’s stock, valued at approximately $178,015,000. Norges Bank owned approximately 0.97% of Best Buy at the end of the most recent quarter.

Several other large investors also recently added to or reduced their stakes in BBY. Vanguard Group Inc. boosted its holdings in shares of Best Buy by 0.8% in the 4th quarter. Vanguard Group Inc. now owns 22,982,608 shares of the technology retailer’s stock worth $1,971,908,000 after purchasing an additional 191,161 shares during the period. Charles Schwab Investment Management Inc. boosted its stake in Best Buy by 6.4% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 6,560,368 shares of the technology retailer’s stock worth $562,880,000 after buying an additional 395,415 shares during the period. Raymond James Financial Inc. bought a new position in Best Buy during the fourth quarter valued at $514,483,000. Geode Capital Management LLC raised its stake in shares of Best Buy by 2.5% in the third quarter. Geode Capital Management LLC now owns 4,852,980 shares of the technology retailer’s stock valued at $499,954,000 after acquiring an additional 120,185 shares during the period. Finally, Bank of New York Mellon Corp lifted its holdings in shares of Best Buy by 13.7% in the 4th quarter. Bank of New York Mellon Corp now owns 3,824,425 shares of the technology retailer’s stock worth $328,136,000 after acquiring an additional 459,353 shares during the last quarter. 80.96% of the stock is owned by institutional investors.

Insider Transactions at Best Buy

In related news, CEO Corie S. Barry acquired 13,500 shares of the business’s stock in a transaction dated Wednesday, March 12th. The shares were purchased at an average price of $72.92 per share, for a total transaction of $984,420.00. Following the completion of the acquisition, the chief executive officer now directly owns 378,780 shares in the company, valued at $27,620,637.60. The trade was a 3.70 % increase in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CFO Matthew M. Bilunas sold 51,000 shares of Best Buy stock in a transaction that occurred on Monday, March 24th. The stock was sold at an average price of $74.20, for a total transaction of $3,784,200.00. Following the completion of the sale, the chief financial officer now owns 55,856 shares of the company’s stock, valued at $4,144,515.20. This trade represents a 47.73 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 78,355 shares of company stock valued at $5,767,213 in the last quarter. 0.59% of the stock is currently owned by corporate insiders.

Best Buy Trading Down 3.5 %

Shares of NYSE BBY opened at $72.28 on Monday. The business has a fifty day moving average price of $82.51 and a 200 day moving average price of $88.18. 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. The stock has a market capitalization of $15.28 billion, a P/E ratio of 12.36, a price-to-earnings-growth ratio of 2.10 and a beta of 1.43.

Best Buy (NYSE:BBY) last released its quarterly earnings results on Tuesday, March 4th. The technology retailer reported $2.58 earnings per share for the quarter, beating analysts’ consensus estimates of $2.40 by $0.18. The business had revenue of $13.95 billion for 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 last year, the business earned $2.72 EPS. Equities research analysts expect that Best Buy Co., Inc. will post 6.18 EPS for the current fiscal year.

Best Buy Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, April 15th. Stockholders of record on Tuesday, March 25th will be given a dividend of $0.95 per share. The ex-dividend date is Tuesday, March 25th. This is an increase from Best Buy’s previous quarterly dividend of $0.94. This represents a $3.80 dividend on an annualized basis and a dividend yield of 5.26%. Best Buy’s dividend payout ratio is presently 88.99%.

Wall Street Analyst Weigh In

Several equities analysts recently commented on the stock. Loop Capital reiterated a “negative” rating on shares of Best Buy in a report on Wednesday, March 5th. KeyCorp reaffirmed a “sector weight” rating on shares of Best Buy in a research note on Wednesday, March 5th. Piper Sandler decreased 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. DA Davidson cut their price objective on Best Buy from $117.00 to $110.00 and set a “buy” rating on the stock in a research report on Wednesday, March 5th. Finally, JPMorgan Chase & Co. decreased their target price on Best Buy from $115.00 to $110.00 and set an “overweight” rating for the company in a research report on Wednesday, March 5th. Two investment analysts have rated the stock with a sell rating, nine have given a hold rating, nine have given a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat.com, Best Buy currently has a consensus rating of “Hold” and an average price target of $93.50.

Best Buy 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.