Forsta AP Fonden Purchases 14,700 Shares of Best Buy Co., Inc. (NYSE:BBY)

Forsta AP Fonden raised its position in shares of Best Buy Co., Inc. (NYSE:BBY) by 28.4% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 66,400 shares of the technology retailer’s stock after acquiring an additional 14,700 shares during the quarter. Forsta AP Fonden’s holdings in Best Buy were worth $5,697,000 as of its most recent SEC filing.

A number of other large investors have also recently bought and sold shares of BBY. Trust Co. of Vermont boosted its position in shares of Best Buy by 1,200.0% during the 4th quarter. Trust Co. of Vermont now owns 416 shares of the technology retailer’s stock valued at $36,000 after purchasing an additional 384 shares in the last quarter. Harbor Capital Advisors Inc. bought a new position in shares of Best Buy during the 3rd quarter worth approximately $40,000. LRI Investments LLC grew its position in shares of Best Buy by 632.1% during the 3rd quarter. LRI Investments LLC now owns 388 shares of the technology retailer’s stock worth $40,000 after buying an additional 335 shares during the period. Brooklyn Investment Group bought a new stake in shares of Best Buy in the 3rd quarter valued at $44,000. Finally, Abich Financial Wealth Management LLC lifted its position in shares of Best Buy by 959.6% during the 3rd quarter. Abich Financial Wealth Management LLC now owns 551 shares of the technology retailer’s stock valued at $57,000 after acquiring an additional 499 shares during the period. 80.96% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity

In related news, CFO Matthew M. Bilunas sold 69,166 shares of the business’s stock in a transaction dated 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 directly owns 92,070 shares in the company, valued at approximately $8,052,442.20. The trade was a 42.90 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Insiders own 0.59% of the company’s stock.

Best Buy Trading Down 1.3 %

NYSE BBY opened at $85.73 on Friday. The business’s fifty day moving average is $86.38 and its 200-day moving average is $90.13. 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 $18.33 billion, a price-to-earnings ratio of 14.65, a PEG ratio of 2.14 and a beta of 1.43. Best Buy Co., Inc. has a one year low of $69.29 and a one year high of $103.71.

Best Buy (NYSE:BBY) last announced its quarterly earnings data 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 company had revenue of $9.45 billion during the quarter, compared to the consensus estimate of $9.63 billion. During the same period in the prior year, the firm posted $1.29 EPS. The business’s revenue was down 3.2% on a year-over-year basis. Equities research analysts predict that Best Buy Co., Inc. will post 6.18 EPS for the current year.

Best Buy Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Tuesday, January 7th. Shareholders of record on Tuesday, December 17th were paid a $0.94 dividend. The ex-dividend date was Tuesday, December 17th. This represents a $3.76 annualized dividend and a dividend yield of 4.39%. Best Buy’s payout ratio is presently 64.27%.

Analyst Upgrades and Downgrades

A number of equities research analysts have commented on the stock. UBS Group reduced their price target on shares of Best Buy from $123.00 to $115.00 and set a “buy” rating for the company in a report on Wednesday, November 27th. StockNews.com lowered Best Buy from a “buy” rating to a “hold” rating in a research report on Friday, November 15th. Barclays cut their price target on Best Buy from $95.00 to $89.00 and set an “equal weight” rating on the stock in a report on Thursday, January 9th. DA Davidson restated a “buy” rating and set a $117.00 price objective on shares of Best Buy in a report on Tuesday, October 15th. Finally, Truist Financial cut their target price on Best Buy from $107.00 to $95.00 and set a “hold” rating on the stock in a report on Wednesday, November 27th. One research analyst has rated the stock with a sell rating, eight have assigned a hold rating, ten have given a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target of $101.72.

Best Buy Company 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.