Best Buy Co., Inc. (NYSE:BBY) Shares Acquired by Xponance Inc.

Xponance Inc. increased its stake in Best Buy Co., Inc. (NYSE:BBY) by 35.7% in the 4th quarter, HoldingsChannel.com reports. The firm owned 40,294 shares of the technology retailer’s stock after buying an additional 10,590 shares during the quarter. Xponance Inc.’s holdings in Best Buy were worth $3,457,000 at the end of the most recent reporting period.

Other institutional investors have also bought and sold shares of the company. Rakuten Securities Inc. lifted its holdings in Best Buy by 971.9% in the fourth quarter. Rakuten Securities Inc. now owns 343 shares of the technology retailer’s stock worth $29,000 after purchasing an additional 311 shares during the period. Golden State Wealth Management LLC acquired a new stake in Best Buy in the fourth quarter worth about $32,000. OFI Invest Asset Management acquired a new stake in Best Buy in the fourth quarter worth about $34,000. Trust Co. of Vermont lifted its holdings in Best Buy by 1,200.0% in the 4th quarter. Trust Co. of Vermont now owns 416 shares of the technology retailer’s stock valued at $36,000 after acquiring an additional 384 shares during the last quarter. Finally, LRI Investments LLC lifted its holdings in Best Buy by 632.1% in the 3rd quarter. LRI Investments LLC now owns 388 shares of the technology retailer’s stock valued at $40,000 after acquiring an additional 335 shares during the last quarter. Institutional investors and hedge funds own 80.96% of the company’s stock.

Insider Buying and Selling

In other news, CEO Corie S. Barry acquired 13,500 shares of the company’s stock in a transaction that occurred on Wednesday, March 12th. The shares were purchased at an average price of $72.92 per share, for a total transaction of $984,420.00. Following the completion of the acquisition, the chief executive officer now owns 378,780 shares of the company’s stock, valued at approximately $27,620,637.60. This represents a 3.70 % increase in their position. The purchase was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CAO Mathew Watson sold 3,182 shares of the stock in a transaction that occurred on Friday, March 14th. The stock was sold at an average price of $71.29, for a total value of $226,844.78. Following the completion of the transaction, the chief accounting officer now owns 19,218 shares in the company, valued at $1,370,051.22. This represents a 14.21 % decrease in their position. The disclosure for this sale can be found here. 0.59% of the stock is currently owned by corporate insiders.

Wall Street Analyst Weigh In

A number of brokerages have weighed in on BBY. Telsey Advisory Group cut their price target on shares of Best Buy from $110.00 to $100.00 and set an “outperform” rating for the company in a report on Wednesday, March 5th. Barclays cut their price target on shares of Best Buy from $95.00 to $89.00 and set an “equal weight” rating for the company in a report on Thursday, January 9th. Piper Sandler cut their price target on shares of Best Buy from $102.00 to $92.00 and set an “overweight” rating for the company 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. Finally, KeyCorp reissued a “sector weight” rating on shares of Best Buy in a report on Wednesday, March 5th. Two analysts have rated the stock with a sell rating, nine have given a hold rating, nine have issued a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus target price of $93.50.

Best Buy Price Performance

Shares of BBY opened at $73.52 on Friday. The company has a market capitalization of $15.72 billion, a price-to-earnings ratio of 12.57, a P/E/G ratio of 2.10 and a beta of 1.43. Best Buy Co., Inc. has a fifty-two week low of $69.29 and a fifty-two week high of $103.71. 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 business’s 50-day moving average is $83.54 and its 200-day moving average is $89.36.

Best Buy (NYSE:BBY) last issued its earnings results 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 company had revenue of $13.95 billion for the quarter, compared to the consensus estimate of $13.69 billion. Best Buy had a return on equity of 45.93% and a net margin of 3.01%. During the same quarter in the prior year, the company earned $2.72 EPS. Equities research analysts expect that Best Buy Co., Inc. will post 6.18 EPS for the current fiscal year.

Best Buy Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, April 15th. Investors of record on Tuesday, March 25th will be issued a $0.95 dividend. The ex-dividend date is Tuesday, March 25th. This represents a $3.80 dividend on an annualized basis and a yield of 5.17%. This is an increase from Best Buy’s previous quarterly dividend of $0.94. Best Buy’s dividend payout ratio is currently 88.99%.

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.