Mercer Global Advisors Inc. ADV Acquires New Holdings in Best Buy Co., Inc. (NYSE:BBY)

Mercer Global Advisors Inc. ADV 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 13F filing with the Securities and Exchange Commission (SEC). The fund bought 42,253 shares of the technology retailer’s stock, valued at approximately $3,625,000.

Several other institutional investors and hedge funds also recently modified their holdings of the business. Raymond James Financial Inc. purchased a new stake in Best Buy in the 4th quarter valued at approximately $514,483,000. Norges Bank purchased a new stake in shares of Best Buy in the fourth quarter valued at $178,015,000. Northern Trust Corp boosted its stake in shares of Best Buy by 31.3% during the fourth quarter. Northern Trust Corp now owns 2,942,832 shares of the technology retailer’s stock valued at $252,495,000 after acquiring an additional 701,287 shares during the last quarter. Invesco Ltd. increased its position in Best Buy by 20.5% during the 4th quarter. Invesco Ltd. now owns 3,692,118 shares of the technology retailer’s stock worth $316,784,000 after purchasing an additional 629,180 shares in the last quarter. Finally, Arrowstreet Capital Limited Partnership raised its stake in Best Buy by 101.4% in the 4th 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. Hedge funds and other institutional investors own 80.96% of the company’s stock.

Insiders Place Their Bets

In other news, CAO Mathew Watson sold 3,182 shares of Best Buy 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 sale, the chief accounting officer now directly owns 19,218 shares of the company’s stock, valued at approximately $1,370,051.22. The trade was a 14.21 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CFO Matthew M. Bilunas sold 51,000 shares of the stock in a transaction dated 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 directly owns 55,856 shares of the company’s stock, valued at $4,144,515.20. This represents a 47.73 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 78,355 shares of company stock worth $5,767,213 in the last quarter. 0.59% of the stock is owned by corporate insiders.

Best Buy Trading Down 0.5 %

Shares of BBY opened at $67.75 on Tuesday. Best Buy Co., Inc. has a 12 month low of $54.99 and a 12 month high of $103.71. The stock’s 50-day moving average is $69.65 and its two-hundred day moving average is $81.53. 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 stock has a market cap of $14.32 billion, a PE ratio of 11.58, a P/E/G ratio of 2.10 and a beta of 1.27.

Best Buy (NYSE:BBY) last released its quarterly earnings results on Tuesday, March 4th. The technology retailer reported $2.58 EPS for the quarter, topping the consensus estimate of $2.40 by $0.18. The firm 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 period in the previous year, the company posted $2.72 EPS. Equities analysts forecast 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. Investors of record on Tuesday, March 25th were paid a dividend of $0.95 per share. This is an increase from Best Buy’s previous quarterly dividend of $0.94. The ex-dividend date was Tuesday, March 25th. This represents a $3.80 annualized dividend and a yield of 5.61%. Best Buy’s payout ratio is 88.99%.

Wall Street Analyst Weigh In

A number of equities research analysts have recently commented on BBY shares. Bank of America lowered their price target on shares of Best Buy from $80.00 to $75.00 and set an “underperform” rating for the company in a report on Wednesday, March 5th. Piper Sandler cut 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. Telsey Advisory Group lowered their price objective on Best Buy from $110.00 to $100.00 and set an “outperform” rating for the company in a research report on Wednesday, March 5th. Truist Financial reduced their target price on Best Buy from $81.00 to $64.00 and set a “hold” rating on the stock in a research report on Tuesday, April 8th. Finally, Jefferies Financial Group lowered their price target on Best Buy from $106.00 to $92.00 and set a “buy” rating for the company in a report on Tuesday, March 4th. Two research 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. According to MarketBeat, Best Buy presently has an average rating of “Hold” and an average price target of $91.28.

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.