Heritage Trust Co Invests $958,000 in Best Buy Co., Inc. (NYSE:BBY)

Heritage Trust Co bought a new position in shares of Best Buy Co., Inc. (NYSE:BBY) in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund bought 11,169 shares of the technology retailer’s stock, valued at approximately $958,000.

Several other large investors have also recently bought and sold shares of BBY. Raymond James Financial Inc. acquired a new position in shares of Best Buy during the 4th quarter worth about $514,483,000. Norges Bank purchased a new stake in Best Buy during the fourth quarter worth approximately $178,015,000. Invesco Ltd. boosted its holdings 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 purchasing an additional 629,180 shares in the last quarter. Arrowstreet Capital Limited Partnership increased its stake in Best Buy by 101.4% in the fourth quarter. Arrowstreet Capital Limited Partnership now owns 1,114,928 shares of the technology retailer’s stock valued at $95,661,000 after purchasing an additional 561,413 shares during the last quarter. Finally, Nordea Investment Management AB raised its holdings in Best Buy by 563.8% during the fourth quarter. Nordea Investment Management AB now owns 592,460 shares of the technology retailer’s stock worth $50,643,000 after purchasing an additional 503,204 shares in the last quarter. Hedge funds and other institutional investors own 80.96% of the company’s stock.

Best Buy Stock Performance

NYSE BBY opened at $60.47 on Friday. The stock has a market capitalization of $12.78 billion, a price-to-earnings ratio of 10.34, a PEG ratio of 2.10 and a beta of 1.42. The business’s 50 day moving average is $77.46 and its two-hundred day moving average is $85.45. Best Buy Co., Inc. has a 12-month low of $54.99 and a 12-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.

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, topping analysts’ consensus estimates of $2.40 by $0.18. Best Buy had a return on equity of 45.93% and a net margin of 3.01%. The firm had revenue of $13.95 billion for the quarter, compared to analyst estimates of $13.69 billion. During the same quarter in the prior year, the company posted $2.72 earnings per share. Research analysts expect that Best Buy Co., Inc. will post 6.18 EPS for the current year.

Best Buy Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, April 15th. Investors of record on Tuesday, March 25th will be paid a $0.95 dividend. This is a boost from Best Buy’s previous quarterly dividend of $0.94. The ex-dividend date is Tuesday, March 25th. This represents a $3.80 annualized dividend and a dividend yield of 6.28%. Best Buy’s dividend payout ratio (DPR) is 88.99%.

Analyst Ratings Changes

Several research analysts have recently issued reports on BBY shares. Barclays lowered their target price 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. Truist Financial dropped their price objective on Best Buy from $81.00 to $64.00 and set a “hold” rating on the stock in a report on Tuesday. Loop Capital reissued a “negative” rating on shares of Best Buy in a report on Wednesday, March 5th. Citigroup restated a “neutral” rating and set a $70.00 price target (down previously from $93.00) on shares of Best Buy in a research note on Thursday, April 3rd. Finally, Wedbush reiterated a “neutral” rating and issued a $90.00 price objective on shares of Best Buy in a research note on Monday, March 3rd. Two equities research analysts have rated the stock with a sell rating, ten have assigned a hold rating, eight have issued a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, Best Buy currently has an average rating of “Hold” and a consensus target price of $91.28.

Insider Buying and Selling

In other news, CFO Matthew M. Bilunas sold 51,000 shares of the business’s stock in a transaction that occurred on Monday, March 24th. The shares were sold at an average price of $74.20, for a total value of $3,784,200.00. Following the completion of the transaction, the chief financial officer now owns 55,856 shares of the company’s stock, valued at $4,144,515.20. The trade was a 47.73 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, CEO Corie S. Barry bought 13,500 shares of the stock in a transaction that occurred on Wednesday, March 12th. The stock was bought at an average price of $72.92 per share, with a total value 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 $27,620,637.60. This trade represents a 3.70 % increase in their position. The disclosure for this purchase can be found here. Over the last 90 days, insiders have sold 78,355 shares of company stock valued at $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.