Best Buy Co., Inc. (NYSE:BBY) Stock Position Lowered by Allspring Global Investments Holdings LLC

Allspring Global Investments Holdings LLC lessened its position in Best Buy Co., Inc. (NYSE:BBY) by 30.1% in the 4th quarter, Holdings Channel reports. The fund owned 207,425 shares of the technology retailer’s stock after selling 89,366 shares during the period. Allspring Global Investments Holdings LLC’s holdings in Best Buy were worth $16,237,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in BBY. Cary Street Partners Investment Advisory LLC lifted its position in Best Buy by 549.1% in the 3rd quarter. Cary Street Partners Investment Advisory LLC now owns 357 shares of the technology retailer’s stock worth $25,000 after buying an additional 302 shares in the last quarter. Stonebridge Capital Advisors LLC lifted its position in Best Buy by 81.9% in the 3rd quarter. Stonebridge Capital Advisors LLC now owns 411 shares of the technology retailer’s stock worth $29,000 after buying an additional 185 shares in the last quarter. Clear Street Markets LLC lifted its position in Best Buy by 90.6% in the 1st quarter. Clear Street Markets LLC now owns 385 shares of the technology retailer’s stock worth $30,000 after buying an additional 183 shares in the last quarter. Clearstead Advisors LLC lifted its position in Best Buy by 30.5% in the 3rd quarter. Clearstead Advisors LLC now owns 724 shares of the technology retailer’s stock worth $46,000 after buying an additional 169 shares in the last quarter. Finally, Quarry LP purchased a new stake in Best Buy in the 1st quarter worth approximately $48,000. Hedge funds and other institutional investors own 80.96% of the company’s stock.

Insider Activity at Best Buy

In related news, EVP Kathleen Scarlett sold 5,096 shares of Best Buy stock in a transaction dated Friday, March 22nd. The shares were sold at an average price of $81.80, for a total transaction of $416,852.80. Following the completion of the transaction, the executive vice president now directly owns 76,226 shares of the company’s stock, valued at approximately $6,235,286.80. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. In related news, EVP Kathleen Scarlett sold 5,096 shares of Best Buy stock in a transaction dated Friday, March 22nd. The shares were sold at an average price of $81.80, for a total transaction of $416,852.80. Following the completion of the transaction, the executive vice president now directly owns 76,226 shares of the company’s stock, valued at approximately $6,235,286.80. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Todd G. Hartman sold 3,973 shares of Best Buy stock in a transaction dated Friday, March 22nd. The shares were sold at an average price of $81.80, for a total transaction of $324,991.40. Following the transaction, the insider now directly owns 25,912 shares of the company’s stock, valued at $2,119,601.60. The disclosure for this sale can be found here. Insiders sold 51,394 shares of company stock valued at $4,206,247 in the last ninety days. Insiders own 0.56% of the company’s stock.

Analysts Set New Price Targets

A number of research firms have recently weighed in on BBY. Jefferies Financial Group cut their price target on shares of Best Buy from $95.00 to $94.00 and set a “buy” rating on the stock in a report on Monday, April 8th. Citigroup raised their price target on shares of Best Buy from $67.00 to $76.00 and gave the company a “sell” rating in a report on Friday, March 1st. Morgan Stanley raised their price target on shares of Best Buy from $80.00 to $82.00 and gave the company an “equal weight” rating in a report on Friday, March 1st. Wedbush raised their price target on shares of Best Buy from $75.00 to $85.00 and gave the company a “neutral” rating in a report on Friday, March 1st. Finally, The Goldman Sachs Group raised their price target on shares of Best Buy from $81.00 to $90.00 and gave the company a “buy” rating in a report on Friday, March 1st. One equities research analyst has rated the stock with a sell rating, eight have given a hold rating and seven have assigned a buy rating to the stock. According to data from MarketBeat.com, Best Buy has a consensus rating of “Hold” and an average price target of $84.60.

Best Buy Price Performance

NYSE:BBY opened at $78.00 on Monday. The company has a 50-day moving average of $77.87 and a 200-day moving average of $73.72. The company has a market capitalization of $16.80 billion, a price-to-earnings ratio of 13.71, a PEG ratio of 2.04 and a beta of 1.49. Best Buy Co., Inc. has a 52 week low of $62.30 and a 52 week high of $86.11. The company has a debt-to-equity ratio of 0.38, a quick ratio of 0.37 and a current ratio of 1.00.

Best Buy (NYSE:BBY) last released its quarterly earnings data on Thursday, February 29th. The technology retailer reported $2.72 EPS for the quarter, topping analysts’ consensus estimates of $2.51 by $0.21. Best Buy had a net margin of 2.86% and a return on equity of 48.45%. The company had revenue of $14.65 billion during the quarter, compared to the consensus estimate of $14.58 billion. During the same period last year, the firm earned $2.61 EPS. The firm’s revenue for the quarter was down .6% compared to the same quarter last year. As a group, equities research analysts anticipate that Best Buy Co., Inc. will post 6.03 earnings per share for the current fiscal year.

Best Buy Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Thursday, April 11th. Investors of record on Thursday, March 21st were issued a dividend of $0.94 per share. This is an increase from Best Buy’s previous quarterly dividend of $0.92. This represents a $3.76 annualized dividend and a yield of 4.82%. The ex-dividend date of this dividend was Wednesday, March 20th. Best Buy’s dividend payout ratio (DPR) is currently 66.08%.

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.