Best Buy Co., Inc. (NYSE:BBY) Position Boosted by IFM Investors Pty Ltd

IFM Investors Pty Ltd grew its holdings in Best Buy Co., Inc. (NYSE:BBY) by 2.0% during the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 44,279 shares of the technology retailer’s stock after purchasing an additional 869 shares during the period. IFM Investors Pty Ltd’s holdings in Best Buy were worth $3,632,000 as of its most recent SEC filing.

Several other institutional investors have also made changes to their positions in BBY. Cerity Partners LLC lifted its holdings in shares of Best Buy by 8.4% during the 4th quarter. Cerity Partners LLC now owns 103,459 shares of the technology retailer’s stock valued at $8,100,000 after buying an additional 8,042 shares during the last quarter. Kingswood Wealth Advisors LLC acquired a new stake in Best Buy in the fourth quarter valued at approximately $317,000. Mirabella Financial Services LLP bought a new stake in Best Buy in the third quarter worth approximately $831,000. Van ECK Associates Corp increased 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 worth $6,550,000 after purchasing an additional 24,763 shares during the last quarter. Finally, abrdn plc raised its holdings in shares of Best Buy by 12.5% during the 4th quarter. abrdn plc now owns 770,020 shares of the technology retailer’s stock valued at $60,277,000 after purchasing an additional 85,286 shares in the last quarter. 80.96% of the stock is currently owned by institutional investors and hedge funds.

Insider Transactions at Best Buy

In other Best Buy news, CEO Corie S. Barry sold 366 shares of the company’s stock in a transaction on Wednesday, April 17th. The stock was sold at an average price of $75.76, for a total value of $27,728.16. Following the sale, the chief executive officer now directly owns 431,231 shares in the company, valued at $32,670,060.56. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. In related news, insider Todd G. Hartman sold 3,973 shares of the firm’s stock in a transaction on Friday, March 22nd. The stock was sold at an average price of $81.80, for a total transaction of $324,991.40. Following the completion of the sale, the insider now directly owns 25,912 shares of the company’s stock, valued at approximately $2,119,601.60. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Corie S. Barry sold 366 shares of Best Buy 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 disclosure for this sale can be found here. In the last ninety days, insiders sold 52,023 shares of company stock valued at $4,253,900. Corporate insiders own 0.56% of the company’s stock.

Best Buy Stock Performance

Best Buy stock traded down $0.19 during trading hours on Friday, hitting $75.05. The stock had a trading volume of 2,125,289 shares, compared to its average volume of 2,398,775. The company has a 50-day moving average of $78.02 and a two-hundred day moving average of $74.12. 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 Co., Inc. has a fifty-two week low of $62.30 and a fifty-two week high of $86.11. The company has a market cap of $16.16 billion, a PE ratio of 13.19, a price-to-earnings-growth ratio of 1.96 and a beta of 1.49.

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. Best Buy had a return on equity of 48.45% and a net margin of 2.86%. The business had revenue of $14.65 billion for the quarter, compared to analysts’ expectations of $14.58 billion. During the same period in the previous year, the business posted $2.61 earnings per share. Best Buy’s quarterly revenue was down .6% on a year-over-year basis. On average, equities research analysts anticipate that Best Buy Co., Inc. will post 6.03 EPS for the current fiscal year.

Best Buy Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Thursday, April 11th. Stockholders of record on Thursday, March 21st were paid a $0.94 dividend. This is a positive change from Best Buy’s previous quarterly dividend of $0.92. This represents a $3.76 annualized dividend and a dividend yield of 5.01%. The ex-dividend date was Wednesday, March 20th. Best Buy’s dividend payout ratio is currently 66.08%.

Analysts Set New Price Targets

A number of equities research analysts recently issued reports on BBY shares. Truist Financial upped 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. Wedbush increased their price objective on Best Buy from $75.00 to $85.00 and gave the company a “neutral” rating in a report on Friday, March 1st. Jefferies Financial Group reduced their target price on Best Buy from $95.00 to $94.00 and set a “buy” rating for the company in a report on Monday, April 8th. UBS Group increased their price target on Best Buy from $82.00 to $85.00 and gave the company a “neutral” rating in a report on Friday, March 1st. Finally, Telsey Advisory Group upgraded shares of Best Buy from a “market perform” rating to an “outperform” rating and boosted their price objective for the stock from $85.00 to $95.00 in a research note on Wednesday, March 20th. One research analyst has rated the stock with a sell rating, eight have issued a hold rating and seven have given a buy rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of “Hold” and a consensus price target of $84.60.

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.