Mutual of America Capital Management LLC Trims Stake in Best Buy Co., Inc. (NYSE:BBY)

Mutual of America Capital Management LLC reduced its position in shares of Best Buy Co., Inc. (NYSE:BBY) by 4.6% in the fourth quarter, Holdings Channel reports. The firm owned 25,959 shares of the technology retailer’s stock after selling 1,255 shares during the period. Mutual of America Capital Management LLC’s holdings in Best Buy were worth $2,032,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently made changes to their positions in the company. UMB Bank n.a. grew its position in shares of Best Buy by 4.0% during the 4th quarter. UMB Bank n.a. now owns 3,839 shares of the technology retailer’s stock valued at $301,000 after purchasing an additional 148 shares in the last quarter. Allworth Financial LP grew its position in Best Buy by 14.6% in the third quarter. Allworth Financial LP now owns 1,215 shares of the technology retailer’s stock worth $84,000 after acquiring an additional 155 shares in the last quarter. Pathstone Family Office LLC grew its position in Best Buy by 2.2% in the fourth quarter. Pathstone Family Office LLC now owns 7,321 shares of the technology retailer’s stock worth $593,000 after acquiring an additional 157 shares in the last quarter. Estate Counselors LLC grew its position in Best Buy by 1.1% in the third quarter. Estate Counselors LLC now owns 15,290 shares of the technology retailer’s stock worth $1,062,000 after acquiring an additional 160 shares in the last quarter. Finally, Global Retirement Partners LLC grew its position in Best Buy by 14.1% in the fourth quarter. Global Retirement Partners LLC now owns 1,341 shares of the technology retailer’s stock worth $96,000 after acquiring an additional 166 shares in the last quarter. 80.96% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling

In related news, CEO Corie S. Barry sold 366 shares of the stock in a transaction dated Wednesday, April 17th. The shares were sold at an average price of $75.76, for a total value of $27,728.16. Following the completion of the transaction, the chief executive officer now directly owns 431,231 shares of the company’s stock, valued at $32,670,060.56. The transaction was disclosed in a legal filing with the SEC, which is available through this link. In other Best Buy news, CEO Corie S. Barry sold 366 shares of the company’s stock in a transaction dated Wednesday, April 17th. The shares were sold at an average price of $75.76, for a total value of $27,728.16. Following the sale, the chief executive officer now owns 431,231 shares in the company, valued at $32,670,060.56. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, CAO Mathew Watson sold 3,520 shares of the company’s stock in a transaction dated Tuesday, April 9th. The stock was sold at an average price of $82.43, for a total transaction of $290,153.60. Following the completion of the sale, the chief accounting officer now owns 22,118 shares in the company, valued at approximately $1,823,186.74. The disclosure for this sale can be found here. Insiders sold a total of 52,023 shares of company stock valued at $4,253,900 over the last three months. Corporate insiders own 0.56% of the company’s stock.

Best Buy Stock Performance

Shares of NYSE:BBY opened at $76.15 on Friday. The company has a market cap of $16.40 billion, a price-to-earnings ratio of 13.38, a price-to-earnings-growth ratio of 1.98 and a beta of 1.49. The company has a 50-day moving average price of $77.96 and a 200-day moving average price of $73.94. The company has a current ratio of 1.00, a quick ratio of 0.37 and a debt-to-equity ratio of 0.38. Best Buy Co., Inc. has a 12 month low of $62.30 and a 12 month high of $86.11.

Best Buy (NYSE:BBY) last released its quarterly earnings results on Thursday, February 29th. The technology retailer reported $2.72 earnings per share (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 in the prior year, the firm earned $2.61 earnings per share. Best Buy’s revenue was down .6% on a year-over-year basis. As a group, equities analysts anticipate that Best Buy Co., Inc. will post 6.03 EPS for the current year.

Best Buy Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Thursday, April 11th. Investors of record on Thursday, March 21st were paid a $0.94 dividend. This is an increase from Best Buy’s previous quarterly dividend of $0.92. This represents a $3.76 dividend on an annualized basis and a yield of 4.94%. The ex-dividend date of this dividend was Wednesday, March 20th. Best Buy’s dividend payout ratio is presently 66.08%.

Wall Street Analysts Forecast Growth

BBY has been the subject of several research reports. JPMorgan Chase & Co. upgraded shares of Best Buy from a “neutral” rating to an “overweight” rating and upped their target price for the stock from $89.00 to $101.00 in a research report on Friday, March 22nd. Telsey Advisory Group upgraded shares of Best Buy from a “market perform” rating to an “outperform” rating and upped their target price for the stock from $85.00 to $95.00 in a research report on Wednesday, March 20th. Truist Financial upped their target price on shares of Best Buy from $68.00 to $87.00 and gave the stock a “hold” rating in a research report on Friday, March 1st. TheStreet upgraded shares of Best Buy from a “c” rating to a “b-” rating in a research report on Thursday, February 29th. Finally, Jefferies Financial Group lowered their price target on shares of Best Buy from $95.00 to $94.00 and set a “buy” rating for the company in a research note on Monday, April 8th. One research analyst has rated the stock with a sell rating, eight have assigned a hold rating and seven have given a buy rating to the company’s stock. Based on data from MarketBeat, the company currently has an average rating of “Hold” and an average target price of $84.60.

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.