DekaBank Deutsche Girozentrale Decreases Position in Best Buy Co., Inc. (NYSE:BBY)

DekaBank Deutsche Girozentrale lessened its holdings in shares of Best Buy Co., Inc. (NYSE:BBYGet Rating) by 11.8% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 238,416 shares of the technology retailer’s stock after selling 31,812 shares during the period. DekaBank Deutsche Girozentrale owned approximately 0.10% of Best Buy worth $23,936,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also modified their holdings of the company. Mount Yale Investment Advisors LLC lifted its holdings in shares of Best Buy by 4.7% during the 4th quarter. Mount Yale Investment Advisors LLC now owns 52,372 shares of the technology retailer’s stock valued at $5,321,000 after purchasing an additional 2,329 shares during the last quarter. Oregon Public Employees Retirement Fund raised its stake in Best Buy by 7.2% in the 4th quarter. Oregon Public Employees Retirement Fund now owns 145,059 shares of the technology retailer’s stock worth $14,738,000 after acquiring an additional 9,742 shares during the last quarter. Dixon Hughes Goodman Wealth Advisors LLC purchased a new position in Best Buy in the 4th quarter worth $35,000. AGF Investments Inc. raised its stake in Best Buy by 40.6% in the 4th quarter. AGF Investments Inc. now owns 8,613 shares of the technology retailer’s stock worth $875,000 after acquiring an additional 2,489 shares during the last quarter. Finally, Zurcher Kantonalbank Zurich Cantonalbank raised its stake in Best Buy by 6.7% in the 4th quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 78,395 shares of the technology retailer’s stock worth $7,965,000 after acquiring an additional 4,912 shares during the last quarter. Hedge funds and other institutional investors own 79.39% of the company’s stock.

A number of brokerages recently issued reports on BBY. Guggenheim reduced their target price on Best Buy from $140.00 to $130.00 and set a “buy” rating for the company in a research note on Friday, March 4th. Truist Financial raised their target price on Best Buy from $108.00 to $117.00 and gave the stock a “hold” rating in a research note on Friday, March 4th. Telsey Advisory Group reduced their target price on Best Buy from $150.00 to $125.00 and set an “outperform” rating for the company in a research note on Monday, February 28th. Bank of America reduced their target price on Best Buy from $175.00 to $147.00 and set a “buy” rating for the company in a research note on Monday, February 28th. Finally, Morgan Stanley cut their price target on Best Buy from $120.00 to $110.00 and set an “equal weight” rating on the stock in a research report on Tuesday, January 18th. Five analysts have rated the stock with a hold rating and twelve have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has an average rating of “Buy” and a consensus target price of $118.93.

Shares of NYSE:BBY traded up $1.29 during trading on Friday, reaching $93.36. 3,967,273 shares of the company’s stock traded hands, compared to its average volume of 2,673,926. Best Buy Co., Inc. has a fifty-two week low of $85.58 and a fifty-two week high of $141.97. The company has a quick ratio of 0.43, a current ratio of 0.99 and a debt-to-equity ratio of 0.40. The firm has a market cap of $21.03 billion, a PE ratio of 9.49, a P/E/G ratio of 1.10 and a beta of 1.51. The company has a 50-day simple moving average of $97.81 and a 200-day simple moving average of $105.89.

Best Buy (NYSE:BBYGet Rating) last posted its earnings results on Thursday, March 3rd. The technology retailer reported $2.73 EPS for the quarter, meeting the Zacks’ consensus estimate of $2.73. The firm had revenue of $16.37 billion for the quarter, compared to analysts’ expectations of $16.54 billion. Best Buy had a return on equity of 63.23% and a net margin of 4.74%. The company’s quarterly revenue was down 3.4% on a year-over-year basis. During the same period last year, the firm earned $3.48 EPS. On average, equities research analysts forecast that Best Buy Co., Inc. will post 8.97 EPS for the current year.

The business also recently declared a quarterly dividend, which will be paid on Thursday, April 14th. Investors of record on Thursday, March 24th will be paid a $0.88 dividend. The ex-dividend date is Wednesday, March 23rd. This is a positive change from Best Buy’s previous quarterly dividend of $0.70. This represents a $3.52 dividend on an annualized basis and a yield of 3.77%. Best Buy’s dividend payout ratio (DPR) is currently 35.77%.

In other Best Buy news, insider Todd G. Hartman sold 2,000 shares of the firm’s stock in a transaction that occurred on Wednesday, March 9th. The shares were sold at an average price of $101.73, for a total value of $203,460.00. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, insider Damien Harmon sold 365 shares of the firm’s stock in a transaction that occurred on Monday, January 10th. The stock was sold at an average price of $101.72, for a total transaction of $37,127.80. The disclosure for this sale can be found here. Insiders sold a total of 36,134 shares of company stock worth $3,585,702 over the last ninety days. 0.36% of the stock is currently owned by corporate insiders.

Best Buy Company Profile (Get Rating)

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.

Further Reading

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Institutional Ownership by Quarter for Best Buy (NYSE:BBY)

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