Best Buy Co., Inc. (NYSE:BBY) Position Increased by CIBC Private Wealth Group LLC

CIBC Private Wealth Group LLC raised its position in Best Buy Co., Inc. (NYSE:BBY) by 5.2% during the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 3,395 shares of the technology retailer’s stock after purchasing an additional 167 shares during the quarter. CIBC Private Wealth Group LLC’s holdings in Best Buy were worth $286,000 at the end of the most recent quarter.

Other hedge funds also recently bought and sold shares of the company. Public Sector Pension Investment Board raised its position in 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. Centiva Capital LP acquired a new position in shares of Best Buy during the 3rd quarter worth $292,000. Investment Management Corp of Ontario lifted its stake in shares of Best Buy by 58.0% in the 3rd quarter. Investment Management Corp of Ontario now owns 6,809 shares of the technology retailer’s stock valued at $703,000 after purchasing an additional 2,500 shares during the last quarter. Integrated Wealth Concepts LLC boosted its holdings in Best Buy by 491.2% in the third quarter. Integrated Wealth Concepts LLC now owns 14,549 shares of the technology retailer’s stock worth $1,503,000 after purchasing an additional 12,088 shares in the last quarter. Finally, IHT Wealth Management LLC acquired a new position in Best Buy during the third quarter worth $757,000. 80.96% of the stock is owned by institutional investors and hedge funds.

Best Buy Trading Down 3.1 %

Shares of BBY stock opened at $60.28 on Friday. The firm has a fifty day moving average of $81.02 and a 200-day moving average of $87.23. The stock has a market cap of $12.74 billion, a price-to-earnings ratio of 10.30, a P/E/G ratio of 2.10 and a beta of 1.42. Best Buy Co., Inc. has a 52-week low of $57.34 and a 52-week high of $103.71. 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 announced its quarterly earnings results on Tuesday, March 4th. The technology retailer reported $2.58 EPS for the quarter, topping analysts’ consensus estimates of $2.40 by $0.18. Best Buy had a net margin of 3.01% and a return on equity of 45.93%. The firm had revenue of $13.95 billion during the quarter, compared to analysts’ expectations of $13.69 billion. During the same quarter last year, the company earned $2.72 earnings per share. On average, equities research analysts forecast that Best Buy Co., Inc. will post 6.18 earnings per share for the current fiscal year.

Best Buy Increases Dividend

The business also recently disclosed 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 is a positive change from Best Buy’s previous quarterly dividend of $0.94. This represents a $3.80 annualized dividend and a yield of 6.30%. The ex-dividend date of this dividend is Tuesday, March 25th. Best Buy’s dividend payout ratio is currently 88.99%.

Wall Street Analyst Weigh In

Several analysts have recently issued reports on BBY shares. Bank of America decreased their price target on Best Buy from $80.00 to $75.00 and set an “underperform” rating for the company in a research note on Wednesday, March 5th. Piper Sandler lowered their price target on Best Buy from $102.00 to $92.00 and set an “overweight” rating on the stock in a report on Wednesday, March 5th. Wedbush restated a “neutral” rating and issued a $90.00 price objective on shares of Best Buy in a research note on Monday, March 3rd. JPMorgan Chase & Co. lowered their target price on shares of Best Buy from $115.00 to $110.00 and set an “overweight” rating on the stock in a research note on Wednesday, March 5th. Finally, KeyCorp reissued a “sector weight” rating on shares of Best Buy in a research report on Wednesday, March 5th. Two analysts have rated the stock with a sell rating, ten have assigned a hold rating, eight have assigned a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, the company has a consensus rating of “Hold” and an average price target of $92.22.

Insider Buying and Selling at Best Buy

In related news, CAO Mathew Watson sold 3,182 shares of Best Buy stock in a transaction dated Friday, March 14th. The shares were 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 $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 is available at this hyperlink. Also, insider Todd G. Hartman sold 4,893 shares of the company’s stock in a transaction dated Friday, March 21st. The stock was sold at an average price of $72.65, for a total transaction of $355,476.45. Following the sale, the insider now directly owns 32,320 shares in the company, valued at $2,348,048. This represents a 13.15 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders sold 78,355 shares of company stock valued at $5,767,213. 0.59% of the stock is currently owned by company insiders.

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.