Federated Hermes Inc. Sells 172,531 Shares of Best Buy Co., Inc. (NYSE:BBY)

Federated Hermes Inc. lessened its stake in Best Buy Co., Inc. (NYSE:BBY) by 9.7% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 1,612,678 shares of the technology retailer’s stock after selling 172,531 shares during the period. Federated Hermes Inc. owned 0.75% of Best Buy worth $138,368,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the stock. Raymond James Financial Inc. purchased a new position in shares of Best Buy during the fourth quarter worth approximately $514,483,000. Norges Bank bought a new position in Best Buy in the fourth quarter worth approximately $178,015,000. Arrowstreet Capital Limited Partnership increased its holdings in Best Buy by 101.4% during the 4th quarter. Arrowstreet Capital Limited Partnership now owns 1,114,928 shares of the technology retailer’s stock worth $95,661,000 after purchasing an additional 561,413 shares during the period. Nordea Investment Management AB increased its holdings in Best Buy by 563.8% during the 4th quarter. Nordea Investment Management AB now owns 592,460 shares of the technology retailer’s stock worth $50,643,000 after purchasing an additional 503,204 shares during the period. Finally, National Bank of Canada FI raised its position in Best Buy by 817.4% during the 3rd quarter. National Bank of Canada FI now owns 537,886 shares of the technology retailer’s stock valued at $55,564,000 after purchasing an additional 479,256 shares in the last quarter. Institutional investors own 80.96% of the company’s stock.

Insider Activity

In other news, CFO Matthew M. Bilunas sold 51,000 shares of the company’s stock in a transaction on Monday, March 24th. The shares were sold at an average price of $74.20, for a total value of $3,784,200.00. Following the sale, the chief financial officer now directly owns 55,856 shares of the company’s stock, valued at $4,144,515.20. This represents a 47.73 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, 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 sale, the chief accounting officer now owns 19,218 shares in the company, valued at $1,370,051.22. The trade was a 14.21 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 78,355 shares of company stock valued at $5,767,213. Company insiders own 0.59% of the company’s stock.

Best Buy Stock Performance

Shares of Best Buy stock opened at $60.28 on Friday. The company has a 50 day moving average price of $81.02 and a 200 day moving average price of $87.23. The firm has a market capitalization of $12.74 billion, a P/E ratio of 10.30, a PEG ratio of 2.10 and a beta of 1.42. The company has a quick ratio of 0.22, a current ratio of 1.00 and a debt-to-equity ratio of 0.37. Best Buy Co., Inc. has a 52 week low of $57.34 and a 52 week high of $103.71.

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

Best Buy Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Tuesday, April 15th. Shareholders of record on Tuesday, March 25th will be paid a dividend of $0.95 per share. This represents a $3.80 annualized dividend and a yield of 6.30%. The ex-dividend date of this dividend is Tuesday, March 25th. This is an increase from Best Buy’s previous quarterly dividend of $0.94. Best Buy’s payout ratio is presently 88.99%.

Wall Street Analyst Weigh In

BBY has been the topic of several research reports. KeyCorp restated a “sector weight” rating on shares of Best Buy in a research note on Wednesday, March 5th. Morgan Stanley cut their target price on shares of Best Buy from $100.00 to $85.00 and set an “equal weight” rating on the stock in a research report on Wednesday, March 5th. DA Davidson reduced their price target on shares of Best Buy from $117.00 to $110.00 and set a “buy” rating for the company in a report on Wednesday, March 5th. Loop Capital reiterated a “negative” rating on shares of Best Buy in a research note on Wednesday, March 5th. Finally, Evercore ISI reduced their price objective on shares of Best Buy from $95.00 to $80.00 and set an “in-line” rating for the company in a research note on Wednesday, March 5th. Two analysts have rated the stock with a sell rating, ten have issued a hold rating, eight have assigned a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat, Best Buy has an average rating of “Hold” and a consensus target price of $92.22.

About Best Buy

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.