O Shaughnessy Asset Management LLC Sells 102,023 Shares of Best Buy Co., Inc. (NYSE:BBY)

O Shaughnessy Asset Management LLC lowered its position in shares of Best Buy Co., Inc. (NYSE:BBY) by 31.6% in the fourth quarter, according to its most recent disclosure with the SEC. The institutional investor owned 221,121 shares of the technology retailer’s stock after selling 102,023 shares during the quarter. O Shaughnessy Asset Management LLC owned about 0.10% of Best Buy worth $18,972,000 as of its most recent SEC filing.

Other institutional investors also recently modified their holdings of the company. Brandywine Global Investment Management LLC grew its position in shares of Best Buy by 35.6% during the 4th quarter. Brandywine Global Investment Management LLC now owns 191,662 shares of the technology retailer’s stock worth $16,445,000 after purchasing an additional 50,353 shares in the last quarter. CIBC Private Wealth Group LLC boosted its stake in shares of Best Buy by 5.2% in the fourth quarter. CIBC Private Wealth Group LLC now owns 3,395 shares of the technology retailer’s stock valued at $286,000 after buying an additional 167 shares during the period. Summit Securities Group LLC grew its position in Best Buy by 365.0% during the fourth quarter. Summit Securities Group LLC now owns 930 shares of the technology retailer’s stock worth $80,000 after buying an additional 730 shares in the last quarter. Arrowstreet Capital Limited Partnership increased its stake 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 acquiring an additional 561,413 shares during the period. Finally, Cambridge Financial Group Inc. acquired a new position in Best Buy in the 4th quarter valued at $6,504,000. Institutional investors own 80.96% of the company’s stock.

Analyst Ratings Changes

A number of research analysts recently commented on the company. Telsey Advisory Group decreased their price target on Best Buy from $110.00 to $100.00 and set an “outperform” rating on the stock in a research report on Wednesday, March 5th. Guggenheim decreased their target price on shares of Best Buy from $105.00 to $90.00 and set a “buy” rating on the stock in a report on Wednesday, March 5th. Evercore ISI cut their price target on shares of Best Buy from $95.00 to $80.00 and set an “in-line” rating for the company in a report on Wednesday, March 5th. Piper Sandler decreased their price target on Best Buy from $102.00 to $92.00 and set an “overweight” rating on the stock in a research note on Wednesday, March 5th. Finally, Bank of America reduced their price objective on Best Buy from $80.00 to $75.00 and set an “underperform” rating on the stock in a research note on Wednesday, March 5th. Two analysts have rated the stock with a sell rating, nine have given a hold rating, nine have given a buy rating and one has given a strong buy rating to the company. According to MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus target price of $93.50.

Best Buy Price Performance

Shares of NYSE:BBY opened at $72.28 on Monday. Best Buy Co., Inc. has a twelve month low of $69.29 and a twelve month high of $103.71. The stock’s 50 day moving average is $82.51 and its 200-day moving average is $88.18. The company has a quick ratio of 0.22, a current ratio of 1.00 and a debt-to-equity ratio of 0.37. The firm has a market capitalization of $15.28 billion, a price-to-earnings ratio of 12.36, a PEG ratio of 2.10 and a beta of 1.43.

Best Buy (NYSE:BBY) last released its quarterly earnings data on Tuesday, March 4th. The technology retailer reported $2.58 earnings per share for the quarter, beating analysts’ consensus estimates of $2.40 by $0.18. The firm had revenue of $13.95 billion for the quarter, compared to analyst estimates of $13.69 billion. Best Buy had a net margin of 3.01% and a return on equity of 45.93%. During the same period last year, the firm earned $2.72 earnings per share. Sell-side analysts forecast that Best Buy Co., Inc. will post 6.18 EPS 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. Stockholders of record on Tuesday, March 25th will be paid a $0.95 dividend. 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. This represents a $3.80 annualized dividend and a dividend yield of 5.26%. Best Buy’s dividend payout ratio is 88.99%.

Insider Activity

In other news, CEO Corie S. Barry purchased 13,500 shares of the company’s stock in a transaction that occurred on Wednesday, March 12th. The shares were bought at an average cost of $72.92 per share, with a total value of $984,420.00. Following the completion of the transaction, the chief executive officer now directly owns 378,780 shares of the company’s stock, valued at approximately $27,620,637.60. This trade represents a 3.70 % increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CFO Matthew M. Bilunas sold 51,000 shares of the business’s stock in a transaction dated Monday, March 24th. The stock was sold at an average price of $74.20, for a total transaction of $3,784,200.00. Following the transaction, the chief financial officer now owns 55,856 shares in the company, valued at approximately $4,144,515.20. This trade represents a 47.73 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 78,355 shares of company stock worth $5,767,213 over the last 90 days. 0.59% of the stock is currently owned by corporate 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.