Best Buy Co., Inc. (NYSE:BBY) Shares Sold by Principal Financial Group Inc.

Principal Financial Group Inc. reduced its stake in shares of Best Buy Co., Inc. (NYSE:BBY – Get Rating) by 3.1% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 261,574 shares of the technology retailer’s stock after selling 8,430 shares during the quarter. Principal Financial Group Inc. owned about 0.12% of Best Buy worth $20,981,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently bought and sold shares of the stock. Hexagon Capital Partners LLC raised its stake in Best Buy by 12.3% during the 4th quarter. Hexagon Capital Partners LLC now owns 1,306 shares of the technology retailer’s stock worth $105,000 after acquiring an additional 143 shares in the last quarter. Laffer Tengler Investments raised its stake in Best Buy by 3.4% during the 3rd quarter. Laffer Tengler Investments now owns 4,533 shares of the technology retailer’s stock worth $287,000 after acquiring an additional 151 shares in the last quarter. Signaturefd LLC raised its stake in Best Buy by 7.2% during the 4th quarter. Signaturefd LLC now owns 2,274 shares of the technology retailer’s stock worth $182,000 after acquiring an additional 152 shares in the last quarter. Czech National Bank increased its stake in Best Buy by 0.7% in the fourth quarter. Czech National Bank now owns 23,453 shares of the technology retailer’s stock valued at $1,881,000 after purchasing an additional 164 shares during the period. Finally, Eagle Ridge Investment Management increased its stake in Best Buy by 4.6% in the fourth quarter. Eagle Ridge Investment Management now owns 3,832 shares of the technology retailer’s stock valued at $307,000 after purchasing an additional 167 shares during the period. 78.48% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity

In other news, insider Jason J. Bonfig sold 10,963 shares of the business’s stock in a transaction that occurred on Tuesday, March 21st. The shares were sold at an average price of $77.95, for a total value of $854,565.85. Following the completion of the transaction, the insider now owns 46,250 shares of the company’s stock, valued at $3,605,187.50. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. In related news, CEO Corie S. Barry sold 25,511 shares of the company’s stock in a transaction that occurred on Tuesday, March 21st. The shares were sold at an average price of $77.95, for a total transaction of $1,988,582.45. Following the completion of the transaction, the chief executive officer now owns 364,041 shares of the company’s stock, valued at $28,376,995.95. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Jason J. Bonfig sold 10,963 shares of the company’s stock in a transaction that occurred on Tuesday, March 21st. The stock was sold at an average price of $77.95, for a total transaction of $854,565.85. Following the transaction, the insider now directly owns 46,250 shares of the company’s stock, valued at approximately $3,605,187.50. The disclosure for this sale can be found here. Insiders sold a total of 57,774 shares of company stock valued at $4,477,413 over the last 90 days. Insiders own 0.56% of the company’s stock.

Best Buy Stock Down 3.4 %

Shares of NYSE BBY opened at $70.53 on Monday. Best Buy Co., Inc. has a 12-month low of $60.78 and a 12-month high of $93.32. The company has a market capitalization of $15.42 billion, a PE ratio of 11.21, a price-to-earnings-growth ratio of 1.47 and a beta of 1.50. The company has a debt-to-equity ratio of 0.42, a current ratio of 0.98 and a quick ratio of 0.41. The firm’s 50-day moving average is $74.11 and its two-hundred day moving average is $79.06.

Best Buy (NYSE:BBY – Get Rating) last announced its quarterly earnings results on Thursday, March 2nd. The technology retailer reported $2.61 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.09 by $0.52. Best Buy had a net margin of 3.06% and a return on equity of 55.81%. The company had revenue of $14.74 billion for the quarter, compared to the consensus estimate of $14.80 billion. During the same quarter in the prior year, the firm earned $2.73 earnings per share. The company’s revenue for the quarter was down 10.0% compared to the same quarter last year. Equities analysts anticipate that Best Buy Co., Inc. will post 6.19 EPS for the current fiscal year.

Best Buy Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Thursday, April 13th. Stockholders of record on Thursday, March 23rd were given a $0.92 dividend. This represents a $3.68 dividend on an annualized basis and a dividend yield of 5.22%. The ex-dividend date of this dividend was Wednesday, March 22nd. This is a positive change from Best Buy’s previous quarterly dividend of $0.88. Best Buy’s payout ratio is currently 58.51%.

Wall Street Analyst Weigh In

BBY has been the topic of a number of recent research reports. Telsey Advisory Group lowered shares of Best Buy from an “outperform” rating to a “market perform” rating and dropped their price objective for the company from $88.00 to $83.00 in a research note on Monday, February 27th. Wedbush dropped their price objective on shares of Best Buy from $85.00 to $72.00 and set a “buy” rating on the stock in a research note on Thursday. StockNews.com initiated coverage on shares of Best Buy in a report on Thursday. They issued a “hold” rating on the stock. Truist Financial lifted their target price on shares of Best Buy from $80.00 to $88.00 and gave the company a “buy” rating in a report on Friday, March 3rd. Finally, Citigroup lowered their target price on shares of Best Buy from $72.00 to $62.00 and set a “buy” rating on the stock in a report on Thursday. One equities research analyst has rated the stock with a sell rating, nine have given a hold rating and eight have assigned a buy rating to the stock. Based on data from MarketBeat, the company has an average rating of “Hold” and a consensus price target of $80.00.

About Best Buy

(Get Rating)

Best Buy Co, Inc engages in the provision of consumer technology products and services. It operates through two business segments: Domestic and International. The Domestic segment includes operations in all states, districts, and territories of the U.S., operating under various brand names, including Best Buy, Best Buy Mobile, Geek Squad, Magnolia Audio Video, Napster, and Pacific Sales.