Bowman & Co S.C. Boosts Stock Holdings in Best Buy Co., Inc. (NYSE:BBY)

Bowman & Co S.C. grew its stake in shares of Best Buy Co., Inc. (NYSE:BBY) by 3.2% in the 4th quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 13,300 shares of the technology retailer’s stock after buying an additional 412 shares during the period. Bowman & Co S.C.’s holdings in Best Buy were worth $1,141,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also made changes to their positions in the company. Thrivent Financial for Lutherans grew its position in Best Buy by 4,337.6% during the second quarter. Thrivent Financial for Lutherans now owns 1,099,495 shares of the technology retailer’s stock valued at $92,677,000 after acquiring an additional 1,074,718 shares during the period. Nordea Investment Management AB grew its holdings in shares of 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. AQR Capital Management LLC increased its position in Best Buy by 55.4% during the 2nd quarter. AQR Capital Management LLC now owns 1,379,195 shares of the technology retailer’s stock worth $116,252,000 after purchasing an additional 491,781 shares in the last quarter. National Bank of Canada FI increased 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 worth $55,564,000 after purchasing an additional 479,256 shares in the last quarter. Finally, Healthcare of Ontario Pension Plan Trust Fund purchased a new position in Best Buy in the second quarter valued at approximately $25,287,000. 80.96% of the stock is currently owned by institutional investors and hedge funds.

Best Buy Stock Down 0.4 %

NYSE:BBY opened at $81.91 on Friday. The stock has a 50-day simple moving average of $87.17 and a 200 day simple moving average of $90.10. Best Buy Co., Inc. has a one year low of $69.29 and a one year high of $103.71. The company has a market capitalization of $17.51 billion, a price-to-earnings ratio of 14.00, a price-to-earnings-growth ratio of 2.09 and a beta of 1.43. The company has a debt-to-equity ratio of 0.37, a quick ratio of 0.22 and a current ratio of 1.00.

Best Buy (NYSE:BBY) last issued 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 firm had revenue of $9.45 billion during the quarter, compared to analyst estimates of $9.63 billion. During the same quarter in the previous year, the business posted $1.29 EPS. Best Buy’s revenue was down 3.2% compared to the same quarter last year. Sell-side analysts predict that Best Buy Co., Inc. will post 6.18 EPS for the current fiscal year.

Best Buy Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Tuesday, January 7th. Stockholders of record on Tuesday, December 17th were given a $0.94 dividend. The ex-dividend date was Tuesday, December 17th. This represents a $3.76 dividend on an annualized basis and a dividend yield of 4.59%. Best Buy’s payout ratio is currently 64.27%.

Analyst Upgrades and Downgrades

Several equities research analysts have issued reports on BBY shares. StockNews.com downgraded shares of Best Buy from a “buy” rating to a “hold” rating in a research note on Friday, November 15th. 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 report on Wednesday, November 27th. Citigroup reduced their price objective on Best Buy from $109.00 to $101.00 and set a “buy” rating on the stock in a research note on Wednesday, November 27th. Wells Fargo & Company decreased their target price on Best Buy from $95.00 to $89.00 and set an “equal weight” rating for the company in a research report on Wednesday, November 27th. Finally, Telsey Advisory Group dropped their target price on Best Buy from $115.00 to $110.00 and set an “outperform” rating on the stock in a report on Tuesday, November 26th. One analyst has rated the stock with a sell rating, eight have given a hold rating, ten have issued a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $100.72.

Insider Activity

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 stock was sold at an average price of $87.46, for a total value of $6,049,258.36. Following the sale, the chief financial officer now owns 92,070 shares of the company’s stock, valued at approximately $8,052,442.20. This trade represents a 42.90 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Company insiders own 0.59% of the company’s stock.

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.