CANADA LIFE ASSURANCE Co Raises Holdings in Best Buy Co., Inc. (NYSE:BBY)

CANADA LIFE ASSURANCE Co increased its position in Best Buy Co., Inc. (NYSE:BBY) by 2.0% in the 4th quarter, according to its most recent filing with the SEC. The fund owned 473,990 shares of the technology retailer’s stock after purchasing an additional 9,459 shares during the period. CANADA LIFE ASSURANCE Co owned 0.22% of Best Buy worth $40,672,000 at the end of the most recent quarter.

A number of other large investors have also recently made changes to their positions in BBY. Stevens Capital Management LP lifted its stake in Best Buy by 228.7% in the fourth quarter. Stevens Capital Management LP now owns 22,625 shares of the technology retailer’s stock valued at $1,941,000 after buying an additional 15,741 shares during the last quarter. Invesco Ltd. increased its holdings in shares of Best Buy by 20.5% in the 4th quarter. Invesco Ltd. now owns 3,692,118 shares of the technology retailer’s stock valued at $316,784,000 after acquiring an additional 629,180 shares during the period. Vanguard Group Inc. raised its position in Best Buy by 0.8% in the 4th quarter. Vanguard Group Inc. now owns 22,982,608 shares of the technology retailer’s stock valued at $1,971,908,000 after purchasing an additional 191,161 shares during the last quarter. Pinnacle Financial Partners Inc acquired a new stake in Best Buy during the 4th quarter worth $3,293,000. Finally, APG Asset Management N.V. acquired a new stake in Best Buy during the 4th quarter worth $9,073,000. 80.96% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of research firms have commented on BBY. Morgan Stanley dropped their price objective on shares of Best Buy from $100.00 to $85.00 and set an “equal weight” rating on the stock in a research note on Wednesday, March 5th. Jefferies Financial Group dropped their price target on Best Buy from $106.00 to $92.00 and set a “buy” rating on the stock in a research report on Tuesday, March 4th. JPMorgan Chase & Co. decreased their price objective on Best Buy from $115.00 to $110.00 and set an “overweight” rating for the company in a research report on Wednesday, March 5th. UBS Group set a $105.00 target price on Best Buy in a report on Wednesday, March 5th. Finally, Piper Sandler decreased their price target on Best Buy from $102.00 to $92.00 and set an “overweight” rating for the company in a report on Wednesday, March 5th. Two analysts have rated the stock with a sell rating, ten have issued a hold rating, eight have assigned a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, the stock has a consensus rating of “Hold” and an average target price of $91.28.

Insider Activity at Best Buy

In other Best Buy news, CAO Mathew Watson sold 2,951 shares of the company’s stock in a transaction dated Friday, March 21st. The shares were sold at an average price of $72.65, for a total value of $214,390.15. Following the sale, the chief accounting officer now owns 21,371 shares of the company’s stock, valued at $1,552,603.15. This represents a 12.13 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CFO Matthew M. Bilunas sold 51,000 shares of the firm’s stock in a transaction on Monday, March 24th. The stock was sold at an average price of $74.20, for a total value of $3,784,200.00. Following the transaction, the chief financial officer now directly owns 55,856 shares of the company’s stock, valued at $4,144,515.20. The trade was a 47.73 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 78,355 shares of company stock valued at $5,767,213. Insiders own 0.59% of the company’s stock.

Best Buy Trading Up 3.9 %

Shares of BBY opened at $61.97 on Friday. Best Buy Co., Inc. has a twelve month low of $54.99 and a twelve month high of $103.71. The company has a current ratio of 1.00, a quick ratio of 0.22 and a debt-to-equity ratio of 0.37. The firm has a market capitalization of $13.10 billion, a P/E ratio of 10.59, a PEG ratio of 2.10 and a beta of 1.42. The firm’s 50-day moving average is $74.93 and its two-hundred day moving average is $84.17.

Best Buy (NYSE:BBY) last released its quarterly earnings results on Tuesday, March 4th. The technology retailer reported $2.58 earnings per share for the quarter, topping analysts’ consensus estimates of $2.40 by $0.18. The business had revenue of $13.95 billion for the quarter, compared to analysts’ expectations 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 firm posted $2.72 EPS. On average, research analysts predict that Best Buy Co., Inc. will post 6.18 earnings per share for the current fiscal year.

Best Buy Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Tuesday, April 15th. Stockholders of record on Tuesday, March 25th were paid a dividend of $0.95 per share. This represents a $3.80 annualized dividend and a dividend yield of 6.13%. The ex-dividend date of this dividend was Tuesday, March 25th. This is an increase from Best Buy’s previous quarterly dividend of $0.94. Best Buy’s payout ratio is 88.99%.

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.