DnB Asset Management AS Increases Stock Holdings in Best Buy Co., Inc. (NYSE:BBY)

DnB Asset Management AS boosted its stake in Best Buy Co., Inc. (NYSE:BBY) by 0.6% in the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 36,564 shares of the technology retailer’s stock after acquiring an additional 231 shares during the quarter. DnB Asset Management AS’s holdings in Best Buy were worth $3,137,000 at the end of the most recent reporting period.

Several other large investors also recently bought and sold shares of the company. The Manufacturers Life Insurance Company grew its holdings in Best Buy by 5.1% during the 3rd quarter. The Manufacturers Life Insurance Company now owns 152,985 shares of the technology retailer’s stock valued at $15,803,000 after purchasing an additional 7,430 shares in the last quarter. Public Sector Pension Investment Board grew its stake in shares of Best Buy by 4.2% during the third quarter. Public Sector Pension Investment Board now owns 7,420 shares of the technology retailer’s stock valued at $766,000 after acquiring an additional 300 shares in the last quarter. Captrust Financial Advisors increased its position in shares of Best Buy by 7.1% during the third quarter. Captrust Financial Advisors now owns 25,735 shares of the technology retailer’s stock worth $2,658,000 after acquiring an additional 1,698 shares during the last quarter. Erste Asset Management GmbH acquired a new position in shares of Best Buy in the third quarter worth about $7,537,000. Finally, Benjamin Edwards Inc. boosted its holdings in Best Buy by 15,481.3% in the third quarter. Benjamin Edwards Inc. now owns 76,816 shares of the technology retailer’s stock valued at $7,935,000 after purchasing an additional 76,323 shares during the last quarter. Institutional investors and hedge funds own 80.96% of the company’s stock.

Best Buy Price Performance

NYSE BBY opened at $73.73 on Tuesday. The company has a 50-day moving average price of $82.34 and a two-hundred day moving average price of $88.01. The stock has a market cap of $15.58 billion, a price-to-earnings ratio of 12.60, a price-to-earnings-growth ratio of 2.10 and a beta of 1.43. The company has a current ratio of 1.00, a quick ratio of 0.22 and a debt-to-equity ratio of 0.37. Best Buy Co., Inc. has a 52 week low of $69.29 and a 52 week high of $103.71.

Best Buy (NYSE:BBY) last posted its earnings results on Tuesday, March 4th. The technology retailer reported $2.58 EPS for the quarter, beating the consensus estimate of $2.40 by $0.18. Best Buy had a return on equity of 45.93% and a net margin of 3.01%. The firm had revenue of $13.95 billion for the quarter, compared to analysts’ expectations of $13.69 billion. During the same period last year, the firm earned $2.72 EPS. Analysts forecast that Best Buy Co., Inc. will post 6.18 EPS for the current year.

Best Buy Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Tuesday, April 15th. Investors of record on Tuesday, March 25th will be given a $0.95 dividend. This represents a $3.80 dividend on an annualized basis and a yield of 5.15%. The ex-dividend date of this dividend is Tuesday, March 25th. This is a positive change from Best Buy’s previous quarterly dividend of $0.94. Best Buy’s dividend payout ratio is currently 88.99%.

Insider Buying and Selling at Best Buy

In other Best Buy news, CAO Mathew Watson sold 3,182 shares of the stock in a transaction on Friday, March 14th. The stock was sold at an average price of $71.29, for a total transaction of $226,844.78. Following the completion of the transaction, the chief accounting officer now directly owns 19,218 shares of the company’s stock, valued at approximately $1,370,051.22. This trade represents a 14.21 % decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CFO Matthew M. Bilunas sold 51,000 shares of the business’s stock in a transaction on Monday, March 24th. The stock was sold at an average price of $74.20, for a total value of $3,784,200.00. Following the completion of the sale, the chief financial officer now directly owns 55,856 shares in the company, valued at $4,144,515.20. This represents a 47.73 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 78,355 shares of company stock valued at $5,767,213. Company insiders own 0.59% of the company’s stock.

Analyst Ratings Changes

Several equities research analysts have issued reports on BBY shares. Wedbush restated a “neutral” rating and set a $90.00 price objective on shares of Best Buy in a report on Monday, March 3rd. Morgan Stanley cut their price target on shares of Best Buy from $100.00 to $85.00 and set an “equal weight” rating on the stock in a report on Wednesday, March 5th. Barclays decreased their price objective on shares of Best Buy from $95.00 to $89.00 and set an “equal weight” rating for the company in a report on Thursday, January 9th. Telsey Advisory Group reduced their price target on shares of Best Buy from $110.00 to $100.00 and set an “outperform” rating on the stock in a research report on Wednesday, March 5th. Finally, 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. Two research analysts have rated the stock with a sell rating, nine have given a hold rating, nine have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus target price 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.