Best Buy Co., Inc. (NYSE:BBY) Shares Sold by Janus Henderson Group PLC

Janus Henderson Group PLC lowered its position in Best Buy Co., Inc. (NYSE:BBY) by 0.8% in the fourth quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 30,767 shares of the technology retailer’s stock after selling 252 shares during the quarter. Janus Henderson Group PLC’s holdings in Best Buy were worth $2,642,000 as of its most recent SEC filing.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. IFP Advisors Inc lifted its position in shares of Best Buy by 5.2% during the 4th quarter. IFP Advisors Inc now owns 2,538 shares of the technology retailer’s stock worth $218,000 after purchasing an additional 125 shares during the last quarter. Mariner LLC raised its stake in Best Buy by 0.3% in the fourth quarter. Mariner LLC now owns 43,215 shares of the technology retailer’s stock valued at $3,708,000 after buying an additional 129 shares in the last quarter. Rothschild Investment LLC lifted its holdings in Best Buy by 19.7% during the 4th quarter. Rothschild Investment LLC now owns 861 shares of the technology retailer’s stock worth $74,000 after buying an additional 142 shares during the last quarter. Independent Advisor Alliance boosted its position in shares of Best Buy by 5.0% during the 4th quarter. Independent Advisor Alliance now owns 3,002 shares of the technology retailer’s stock worth $258,000 after acquiring an additional 142 shares in the last quarter. Finally, Yousif Capital Management LLC increased its holdings in shares of Best Buy by 0.5% in the 4th quarter. Yousif Capital Management LLC now owns 29,904 shares of the technology retailer’s stock valued at $2,566,000 after acquiring an additional 145 shares during the last quarter. Institutional investors and hedge funds own 80.96% of the company’s stock.

Insider Transactions at Best Buy

In related news, CFO Matthew M. Bilunas sold 51,000 shares of the stock in a transaction dated Monday, March 24th. The stock was sold at an average price of $74.20, for a total transaction of $3,784,200.00. Following the transaction, the chief financial officer now directly owns 55,856 shares in the company, valued at approximately $4,144,515.20. This represents a 47.73% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, CEO Corie S. Barry acquired 13,500 shares of the business’s stock in a transaction dated Wednesday, March 12th. The shares were bought at an average price of $72.92 per share, for a total transaction of $984,420.00. Following the completion of the acquisition, the chief executive officer now owns 378,780 shares in the company, valued at approximately $27,620,637.60. This trade represents a 3.70% increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders have sold 78,355 shares of company stock worth $5,767,213 over the last quarter. 0.47% of the stock is currently owned by insiders.

Wall Street Analysts Forecast Growth

Several research firms recently weighed in on BBY. Bank of America decreased their target price on Best Buy from $80.00 to $75.00 and set an “underperform” rating for the company in a research note on Wednesday, March 5th. Evercore ISI lowered their target price on shares of Best Buy from $95.00 to $80.00 and set an “in-line” rating for the company in a report on Wednesday, March 5th. Citigroup reiterated a “neutral” rating and set a $70.00 price target (down from $93.00) on shares of Best Buy in a research note on Thursday, April 3rd. Wedbush restated a “neutral” rating and issued a $90.00 price objective on shares of Best Buy in a research note on Monday, March 3rd. Finally, Truist Financial dropped their price objective on Best Buy from $81.00 to $64.00 and set a “hold” rating on the stock in a report on Tuesday, April 8th. Two investment analysts have rated the stock with a sell rating, ten have issued a hold rating, eight have given a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, the stock has an average rating of “Hold” and a consensus price target of $90.72.

Best Buy Stock Down 0.8%

Best Buy stock opened at $71.04 on Wednesday. The stock’s 50 day moving average price is $67.89 and its 200 day moving average price is $80.01. The company has a market cap of $15.04 billion, a PE ratio of 12.14, a price-to-earnings-growth ratio of 2.10 and a beta of 1.27. The company has a debt-to-equity ratio of 0.37, a current ratio of 1.00 and a quick ratio of 0.22. Best Buy Co., Inc. has a 1-year low of $54.99 and a 1-year high of $103.71.

Best Buy (NYSE:BBY) last posted its quarterly earnings results on Tuesday, March 4th. The technology retailer reported $2.58 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.40 by $0.18. Best Buy had a net margin of 3.01% and a return on equity of 45.93%. The company had revenue of $13.95 billion during the quarter, compared to the consensus estimate of $13.69 billion. During the same period last year, the firm earned $2.72 EPS. On average, sell-side analysts predict that Best Buy Co., Inc. will post 6.18 EPS for the current fiscal year.

Best Buy Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Tuesday, April 15th. Shareholders of record on Tuesday, March 25th were paid a dividend of $0.95 per share. This represents a $3.80 dividend on an annualized basis and a dividend yield of 5.35%. The ex-dividend date was Tuesday, March 25th. This is a positive change from Best Buy’s previous quarterly dividend of $0.94. Best Buy’s dividend payout ratio is currently 88.99%.

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.