Sienna Gestion Grows Position in Best Buy Co., Inc. (NYSE:BBY)

Sienna Gestion increased its holdings in Best Buy Co., Inc. (NYSE:BBY) by 0.6% in the 2nd quarter, Holdings Channel.com reports. The institutional investor owned 81,568 shares of the technology retailer’s stock after purchasing an additional 449 shares during the period. Sienna Gestion’s holdings in Best Buy were worth $6,872,000 as of its most recent filing with the SEC.

Other hedge funds have also bought and sold shares of the company. Private Advisor Group LLC purchased a new position in shares of Best Buy during the fourth quarter valued at approximately $328,000. ING Groep NV lifted its holdings in shares of Best Buy by 61.5% during the 4th quarter. ING Groep NV now owns 5,612 shares of the technology retailer’s stock valued at $439,000 after buying an additional 2,137 shares during the period. Norges Bank purchased a new position in shares of Best Buy in the 4th quarter worth $165,164,000. BI Asset Management Fondsmaeglerselskab A S grew its holdings in shares of Best Buy by 275.9% in the fourth quarter. BI Asset Management Fondsmaeglerselskab A S now owns 18,153 shares of the technology retailer’s stock worth $1,421,000 after acquiring an additional 13,324 shares during the period. Finally, Wells Fargo & Company MN grew its holdings in shares of Best Buy by 52.9% in the fourth quarter. Wells Fargo & Company MN now owns 212,594 shares of the technology retailer’s stock worth $16,642,000 after acquiring an additional 73,579 shares during the period. Hedge funds and other institutional investors own 80.96% of the company’s stock.

Insider Activity

In related news, Chairman Richard M. Schulze sold 691,328 shares of the business’s stock in a transaction dated Thursday, July 18th. The stock was sold at an average price of $88.46, for a total value of $61,154,874.88. Following the sale, the chairman now directly owns 14,911,525 shares in the company, valued at $1,319,073,501.50. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. In related news, Chairman Richard M. Schulze sold 691,328 shares of the business’s stock in a transaction on Thursday, July 18th. The shares were sold at an average price of $88.46, for a total value of $61,154,874.88. Following the sale, the chairman now owns 14,911,525 shares in the company, valued at $1,319,073,501.50. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, Chairman Richard M. Schulze sold 600,000 shares of the stock in a transaction on Monday, July 22nd. The shares were sold at an average price of $88.29, for a total transaction of $52,974,000.00. Following the transaction, the chairman now owns 14,002,853 shares of the company’s stock, valued at approximately $1,236,311,891.37. The disclosure for this sale can be found here. Insiders sold a total of 1,383,370 shares of company stock worth $122,233,276 over the last 90 days. Corporate insiders own 0.59% of the company’s stock.

Best Buy Stock Performance

NYSE:BBY opened at $99.07 on Thursday. The stock has a 50-day moving average price of $89.68 and a 200 day moving average price of $83.21. The company has a current ratio of 1.01, a quick ratio of 0.34 and a debt-to-equity ratio of 0.37. Best Buy Co., Inc. has a 12-month low of $62.30 and a 12-month high of $103.71. The stock has a market capitalization of $21.37 billion, a P/E ratio of 17.35, a P/E/G ratio of 2.56 and a beta of 1.46.

Best Buy (NYSE:BBY) last released its quarterly earnings data on Thursday, August 29th. The technology retailer reported $1.34 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.16 by $0.18. Best Buy had a net margin of 2.96% and a return on equity of 47.19%. The firm had revenue of $9.29 billion for the quarter, compared to analysts’ expectations of $9.23 billion. During the same quarter last year, the business posted $1.22 earnings per share. The company’s revenue for the quarter was down 3.1% compared to the same quarter last year. Equities research analysts forecast that Best Buy Co., Inc. will post 6.26 EPS for the current fiscal year.

Best Buy Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, October 10th. Shareholders of record on Thursday, September 19th will be issued a dividend of $0.94 per share. This represents a $3.76 annualized dividend and a dividend yield of 3.80%. The ex-dividend date is Thursday, September 19th. Best Buy’s dividend payout ratio (DPR) is presently 65.85%.

Wall Street Analyst Weigh In

Several research analysts have issued reports on the company. Citigroup raised their target price on Best Buy from $100.00 to $115.00 and gave the stock a “buy” rating in a research report on Friday, August 30th. BNP Paribas raised shares of Best Buy to a “strong-buy” rating in a report on Thursday, August 29th. Loop Capital upped their target price on shares of Best Buy from $100.00 to $110.00 and gave the company a “buy” rating in a report on Friday, August 30th. Truist Financial lifted their price target on shares of Best Buy from $86.00 to $107.00 and gave the stock a “hold” rating in a research note on Friday, August 30th. Finally, Telsey Advisory Group upped their price objective on Best Buy from $95.00 to $115.00 and gave the stock an “outperform” rating in a research note on Friday, August 30th. One research analyst has rated the stock with a sell rating, seven have issued a hold rating, nine have assigned a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, Best Buy presently has an average rating of “Moderate Buy” and an average target price of $102.56.

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.