Best Buy Co., Inc. (NYSE:BBY) Shares Sold by Comerica Bank

Comerica Bank lowered its stake in Best Buy Co., Inc. (NYSE:BBY) by 5.3% during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 34,381 shares of the technology retailer’s stock after selling 1,906 shares during the period. Comerica Bank’s holdings in Best Buy were worth $2,950,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds and other institutional investors have also made changes to their positions in the stock. Raymond James Financial Inc. purchased a new position in Best Buy in the fourth quarter worth approximately $514,483,000. Norges Bank acquired a new position in shares of Best Buy during the fourth quarter worth $178,015,000. Northern Trust Corp increased its holdings in Best Buy by 31.3% in the fourth quarter. Northern Trust Corp now owns 2,942,832 shares of the technology retailer’s stock valued at $252,495,000 after buying an additional 701,287 shares during the last quarter. Invesco Ltd. raised its stake in Best Buy by 20.5% in the fourth quarter. Invesco Ltd. now owns 3,692,118 shares of the technology retailer’s stock valued at $316,784,000 after buying an additional 629,180 shares in the last quarter. Finally, Arrowstreet Capital Limited Partnership boosted its position in shares of 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 in the last quarter. Hedge funds and other institutional investors own 80.96% of the company’s stock.

Best Buy Stock Up 2.6 %

BBY stock opened at $68.39 on Thursday. Best Buy Co., Inc. has a one year low of $54.99 and a one year 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. The company has a fifty day moving average of $68.78 and a 200-day moving average of $81.34. The stock has a market capitalization of $14.46 billion, a PE ratio of 11.69, a price-to-earnings-growth ratio of 2.10 and a beta of 1.27.

Best Buy (NYSE:BBY) last announced 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 company had revenue of $13.95 billion for the quarter, compared to analyst estimates 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 previous year, the company earned $2.72 EPS. As a group, analysts expect that Best Buy Co., Inc. will post 6.18 EPS for the current year.

Best Buy Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Tuesday, April 15th. Shareholders of record on Tuesday, March 25th were issued a $0.95 dividend. The ex-dividend date was Tuesday, March 25th. This represents a $3.80 dividend on an annualized basis and a yield of 5.56%. This is an increase from Best Buy’s previous quarterly dividend of $0.94. Best Buy’s dividend payout ratio (DPR) is 88.99%.

Analyst Ratings Changes

BBY has been the subject of several recent analyst reports. Barclays 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 note on Thursday, January 9th. Truist Financial dropped their target price on shares of Best Buy from $81.00 to $64.00 and set a “hold” rating on the stock in a research report on Tuesday, April 8th. Evercore ISI reduced 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 research report on Wednesday, March 5th. Wedbush reaffirmed a “neutral” rating and set a $90.00 price objective on shares of Best Buy in a report on Monday, March 3rd. Finally, Guggenheim reduced their target price on Best Buy from $105.00 to $90.00 and set a “buy” rating for the company in a report on Wednesday, March 5th. Two investment analysts have rated the stock with a sell rating, ten have issued a hold rating, eight have issued a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat, the stock has an average rating of “Hold” and a consensus target price of $91.28.

Insiders Place Their Bets

In related news, CEO Corie S. Barry acquired 13,500 shares of Best Buy stock in a transaction that occurred on Wednesday, March 12th. The stock was purchased at an average price of $72.92 per share, for a total transaction of $984,420.00. Following the completion of the purchase, 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 purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CAO Mathew Watson sold 3,182 shares of the company’s stock in a transaction dated Friday, March 14th. The stock was sold at an average price of $71.29, for a total transaction of $226,844.78. Following the transaction, the chief accounting officer now owns 19,218 shares in the company, valued at $1,370,051.22. The trade was a 14.21 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 78,355 shares of company stock worth $5,767,213. Corporate insiders own 0.59% of the company’s stock.

About Best Buy

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.