CIBC Asset Management Inc lifted its holdings in shares of Best Buy Co., Inc. (NYSE:BBY – Get Rating) by 40.1% during the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 39,610 shares of the technology retailer’s stock after buying an additional 11,343 shares during the period. CIBC Asset Management Inc’s holdings in Best Buy were worth $2,509,000 at the end of the most recent reporting period.
Several other large investors also recently bought and sold shares of BBY. Clear Street Markets LLC lifted its stake in Best Buy by 376.4% during the 2nd quarter. Clear Street Markets LLC now owns 424 shares of the technology retailer’s stock valued at $28,000 after acquiring an additional 335 shares during the period. Ellevest Inc. lifted its position in Best Buy by 91.1% during the second quarter. Ellevest Inc. now owns 472 shares of the technology retailer’s stock valued at $31,000 after purchasing an additional 225 shares during the period. Glassman Wealth Services boosted its holdings in Best Buy by 242.0% in the second quarter. Glassman Wealth Services now owns 472 shares of the technology retailer’s stock worth $31,000 after purchasing an additional 334 shares during the last quarter. Bogart Wealth LLC boosted its holdings in Best Buy by 150.0% in the second quarter. Bogart Wealth LLC now owns 500 shares of the technology retailer’s stock worth $33,000 after purchasing an additional 300 shares during the last quarter. Finally, Riverview Trust Co bought a new stake in Best Buy in the 3rd quarter worth approximately $40,000. 78.48% of the stock is currently owned by institutional investors.
Insider Activity at Best Buy
In other Best Buy news, Chairman Richard M. Schulze sold 366,100 shares of the business’s stock in a transaction on Monday, November 28th. The shares were sold at an average price of $81.94, for a total value of $29,998,234.00. Following the sale, the chairman now owns 590,148 shares in the company, valued at approximately $48,356,727.12. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. In other Best Buy news, Chairman Richard M. Schulze sold 366,100 shares of Best Buy stock in a transaction that occurred on Monday, November 28th. The stock was sold at an average price of $81.94, for a total value of $29,998,234.00. Following the sale, the chairman now owns 590,148 shares of the company’s stock, valued at approximately $48,356,727.12. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, EVP Damien Harmon sold 2,500 shares of the company’s stock in a transaction that occurred on Friday, December 23rd. The stock was sold at an average price of $79.99, for a total value of $199,975.00. Following the sale, the executive vice president now directly owns 42,805 shares in the company, valued at $3,423,971.95. The disclosure for this sale can be found here. 0.44% of the stock is currently owned by corporate insiders.
Best Buy Trading Down 0.7 %
Best Buy (NYSE:BBY – Get Rating) last issued its earnings results on Tuesday, November 22nd. The technology retailer reported $1.38 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.03 by $0.35. Best Buy had a return on equity of 57.26% and a net margin of 3.23%. The company had revenue of $10.59 billion for the quarter, compared to the consensus estimate of $10.30 billion. During the same quarter last year, the company earned $2.08 EPS. The firm’s quarterly revenue was down 11.1% on a year-over-year basis. On average, analysts predict that Best Buy Co., Inc. will post 6.59 EPS for the current fiscal year.
Best Buy Dividend Announcement
The business also recently announced a quarterly dividend, which was paid on Tuesday, January 3rd. Investors of record on Tuesday, December 13th were given a dividend of $0.88 per share. The ex-dividend date of this dividend was Monday, December 12th. This represents a $3.52 dividend on an annualized basis and a dividend yield of 4.21%. Best Buy’s dividend payout ratio is 52.69%.
Analyst Upgrades and Downgrades
A number of equities analysts have recently issued reports on the company. JPMorgan Chase & Co. dropped their price target on Best Buy from $85.00 to $78.00 and set a “neutral” rating on the stock in a research note on Friday, November 18th. Bank of America downgraded Best Buy from a “neutral” rating to an “underperform” rating and lowered their target price for the company from $80.00 to $69.00 in a report on Wednesday, December 14th. UBS Group boosted their price target on Best Buy to $80.00 in a research note on Thursday, November 24th. Truist Financial increased their price objective on shares of Best Buy from $69.00 to $80.00 and gave the stock a “buy” rating in a research note on Wednesday, November 23rd. Finally, StockNews.com started coverage on shares of Best Buy in a research report on Wednesday, October 12th. They set a “hold” rating for the company. One analyst has rated the stock with a sell rating, eleven have assigned a hold rating and seven have assigned a 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 $82.71.
About Best Buy
Best Buy Co, Inc retails technology products in the United States and Canada. The company operates in two segments, Domestic and International. Its stores provide computing 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, home theater, portable audio comprising headphones and portable speakers, and smart home products.
- Get a free copy of the StockNews.com research report on Best Buy (BBY)
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