Best Buy Co., Inc. (NYSE:BBY) Shares Sold by Amalgamated Bank

Amalgamated Bank lessened its stake in shares of Best Buy Co., Inc. (NYSE:BBY) by 4.6% during the fourth quarter, HoldingsChannel reports. The firm owned 49,409 shares of the technology retailer’s stock after selling 2,401 shares during the period. Amalgamated Bank’s holdings in Best Buy were worth $3,868,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds also recently modified their holdings of the stock. Los Angeles Capital Management LLC acquired a new position in Best Buy during the 4th quarter worth approximately $434,000. Natixis Advisors L.P. raised its stake in shares of Best Buy by 23.3% during the fourth quarter. Natixis Advisors L.P. now owns 101,340 shares of the technology retailer’s stock valued at $7,932,000 after purchasing an additional 19,119 shares during the period. Berry Wealth Group LP acquired a new position in shares of Best Buy during the fourth quarter worth $1,508,000. Avory & Company LLC boosted its stake in shares of Best Buy by 2.6% in the fourth quarter. Avory & Company LLC now owns 6,011 shares of the technology retailer’s stock valued at $471,000 after purchasing an additional 154 shares during the period. Finally, Van ECK Associates Corp boosted its stake in shares of Best Buy by 3.1% in the fourth quarter. Van ECK Associates Corp now owns 97,173 shares of the technology retailer’s stock valued at $7,607,000 after purchasing an additional 2,891 shares during the period. Hedge funds and other institutional investors own 80.96% of the company’s stock.

Analyst Upgrades and Downgrades

A number of equities analysts have commented on the stock. Truist Financial boosted their price objective on shares of Best Buy from $68.00 to $87.00 and gave the stock a “hold” rating in a report on Friday, March 1st. TheStreet raised Best Buy from a “c” rating to a “b-” rating in a report on Thursday, February 29th. Telsey Advisory Group upgraded Best Buy from a “market perform” rating to an “outperform” rating and lifted their price objective for the stock from $85.00 to $95.00 in a report on Wednesday, March 20th. JPMorgan Chase & Co. raised Best Buy from a “neutral” rating to an “overweight” rating and upped their target price for the company from $89.00 to $101.00 in a research report on Friday, March 22nd. Finally, Wedbush raised their price target on shares of Best Buy from $75.00 to $85.00 and gave the stock a “neutral” rating in a research 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 given a buy rating to the company. According to data from MarketBeat.com, Best Buy presently has an average rating of “Hold” and an average price target of $84.00.

Best Buy Stock Performance

Shares of NYSE BBY opened at $73.22 on Thursday. The stock has a market capitalization of $15.84 billion, a P/E ratio of 12.87, a P/E/G ratio of 1.94 and a beta of 1.50. The firm’s 50-day moving average price is $77.75 and its two-hundred day moving average price is $74.34. Best Buy Co., Inc. has a 52-week low of $62.30 and a 52-week high of $86.11. The company has a quick ratio of 0.37, a current ratio of 1.00 and a debt-to-equity ratio of 0.38.

Best Buy (NYSE:BBY) last released its quarterly earnings data on Thursday, February 29th. The technology retailer reported $2.72 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.51 by $0.21. The business had revenue of $14.65 billion during the quarter, compared to analyst estimates of $14.58 billion. Best Buy had a return on equity of 48.45% and a net margin of 2.86%. The business’s revenue for the quarter was down .6% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $2.61 EPS. As a group, sell-side analysts forecast that Best Buy Co., Inc. will post 6.03 earnings per share for the current year.

Best Buy Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Thursday, April 11th. Investors of record on Thursday, March 21st were given a $0.94 dividend. The ex-dividend date was Wednesday, March 20th. 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 5.14%. Best Buy’s dividend payout ratio (DPR) is currently 66.08%.

Insider Buying and Selling at Best Buy

In other news, CAO Mathew Watson sold 3,520 shares of Best Buy stock in a transaction that occurred on Tuesday, April 9th. The stock was sold at an average price of $82.43, for a total transaction of $290,153.60. Following the sale, the chief accounting officer now owns 22,118 shares of the company’s stock, valued at $1,823,186.74. The transaction was disclosed in a filing with the SEC, which is accessible through this link. In related news, CAO Mathew Watson sold 3,520 shares of Best Buy stock in a transaction dated Tuesday, April 9th. The shares were sold at an average price of $82.43, for a total transaction of $290,153.60. Following the sale, the chief accounting officer now directly owns 22,118 shares in the company, valued at $1,823,186.74. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, 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 transaction of $27,728.16. Following the completion of the transaction, the chief executive officer now owns 431,231 shares of the company’s stock, valued at approximately $32,670,060.56. The disclosure for this sale can be found here. Insiders sold 52,023 shares of company stock valued at $4,253,900 in the last ninety days. Company insiders own 0.59% of the company’s stock.

Best Buy Company 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.