Mackenzie Financial Corp Decreases Stock Holdings in Best Buy Co., Inc. (NYSE:BBY)

Mackenzie Financial Corp decreased its holdings in Best Buy Co., Inc. (NYSE:BBY) by 16.2% in the fourth quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 43,493 shares of the technology retailer’s stock after selling 8,410 shares during the quarter. Mackenzie Financial Corp’s holdings in Best Buy were worth $3,405,000 at the end of the most recent quarter.

Other hedge funds have also bought and sold shares of the company. Cerity Partners LLC raised its position in Best Buy by 8.4% in the 4th quarter. Cerity Partners LLC now owns 103,459 shares of the technology retailer’s stock worth $8,100,000 after buying an additional 8,042 shares during the last quarter. Kingswood Wealth Advisors LLC bought a new stake in shares of Best Buy during the 4th quarter valued at about $317,000. Mirabella Financial Services LLP bought a new stake in shares of Best Buy during the 3rd quarter valued at about $831,000. Van ECK Associates Corp grew its stake in shares of Best Buy by 35.6% during the 3rd quarter. Van ECK Associates Corp now owns 94,282 shares of the technology retailer’s stock valued at $6,550,000 after purchasing an additional 24,763 shares during the period. Finally, Dai ichi Life Insurance Company Ltd grew its stake in shares of Best Buy by 1,405.3% during the 3rd quarter. Dai ichi Life Insurance Company Ltd now owns 214,232 shares of the technology retailer’s stock valued at $14,883,000 after purchasing an additional 200,000 shares during the period. Hedge funds and other institutional investors own 80.96% of the company’s stock.

Insider Transactions at Best Buy

In other news, CEO Corie S. Barry sold 366 shares of the company’s stock in a transaction that occurred on Wednesday, April 17th. The stock was sold at an average price of $75.76, for a total transaction of $27,728.16. Following the sale, the chief executive officer now directly owns 431,231 shares of the company’s stock, valued at approximately $32,670,060.56. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In related news, CEO Corie S. Barry sold 28,042 shares of the stock in a transaction on Friday, March 22nd. The stock was sold at an average price of $81.80, for a total transaction of $2,293,835.60. Following the sale, the chief executive officer now owns 429,159 shares in the company, valued at approximately $35,105,206.20. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Corie S. Barry sold 366 shares of the stock in a transaction on 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 approximately $32,670,060.56. The disclosure for this sale can be found here. Insiders have sold 52,023 shares of company stock valued at $4,253,900 in the last ninety days. Corporate insiders own 0.56% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research firms have issued reports on BBY. Morgan Stanley boosted their price target on Best Buy from $80.00 to $82.00 and gave the company an “equal weight” rating in a research note on Friday, March 1st. JPMorgan Chase & Co. upgraded Best Buy from a “neutral” rating to an “overweight” rating and boosted their price objective for the company from $89.00 to $101.00 in a research note on Friday, March 22nd. Truist Financial boosted their price objective on Best Buy from $68.00 to $87.00 and gave the company a “hold” rating in a research note on Friday, March 1st. The Goldman Sachs Group boosted their price objective on Best Buy from $81.00 to $90.00 and gave the company a “buy” rating in a research note on Friday, March 1st. Finally, Jefferies Financial Group cut their price objective on 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 analyst has rated the stock with a sell rating, eight have given a hold rating and seven have given a buy rating to the company. According to MarketBeat, the stock currently has an average rating of “Hold” and a consensus price target of $84.60.

Best Buy Stock Up 0.2 %

NYSE BBY opened at $76.15 on Monday. The stock’s 50 day moving average is $77.96 and its 200 day moving average is $73.98. 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. The stock has a market cap of $16.40 billion, a PE ratio of 13.38, a P/E/G ratio of 1.99 and a beta of 1.49.

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

Best Buy Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Thursday, April 11th. Stockholders of record on Thursday, March 21st were issued a dividend of $0.94 per share. This represents a $3.76 annualized dividend and a dividend yield of 4.94%. This is a boost from Best Buy’s previous quarterly dividend of $0.92. The ex-dividend date of this dividend was Wednesday, March 20th. Best Buy’s dividend payout ratio is 66.08%.

Best Buy Profile

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.