Ghe LLC Raises Stock Position in Best Buy Co., Inc. (NYSE:BBY)

Ghe LLC increased its stake in Best Buy Co., Inc. (NYSE:BBY) by 4.3% during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 19,163 shares of the technology retailer’s stock after purchasing an additional 788 shares during the quarter. Ghe LLC’s holdings in Best Buy were worth $1,644,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in BBY. Nordea Investment Management AB boosted its stake in shares of Best Buy by 563.8% during the 4th quarter. Nordea Investment Management AB now owns 592,460 shares of the technology retailer’s stock worth $50,643,000 after acquiring an additional 503,204 shares during the last quarter. National Bank of Canada FI raised its position in shares of Best Buy by 817.4% during the 3rd quarter. National Bank of Canada FI now owns 537,886 shares of the technology retailer’s stock valued at $55,564,000 after purchasing an additional 479,256 shares during the period. Charles Schwab Investment Management Inc. raised its position in shares of Best Buy by 4.1% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 6,164,953 shares of the technology retailer’s stock valued at $636,840,000 after purchasing an additional 241,988 shares during the period. Allianz Asset Management GmbH raised its position in shares of Best Buy by 17.3% during the 4th quarter. Allianz Asset Management GmbH now owns 1,606,242 shares of the technology retailer’s stock valued at $137,816,000 after purchasing an additional 236,524 shares during the period. Finally, Franklin Resources Inc. raised its position in shares of Best Buy by 36.5% during the 3rd quarter. Franklin Resources Inc. now owns 753,471 shares of the technology retailer’s stock valued at $73,016,000 after purchasing an additional 201,562 shares during the period. Hedge funds and other institutional investors own 80.96% of the company’s stock.

Insider Buying and Selling at Best Buy

In other Best Buy news, CFO Matthew M. Bilunas sold 69,166 shares of the business’s stock in a transaction dated Wednesday, December 11th. The shares were sold at an average price of $87.46, for a total value of $6,049,258.36. Following the completion of the sale, the chief financial officer now directly owns 92,070 shares of the company’s stock, valued at $8,052,442.20. The trade was a 42.90 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. 0.59% of the stock is owned by corporate insiders.

Best Buy Price Performance

BBY stock opened at $89.80 on Monday. Best Buy Co., Inc. has a 12 month low of $69.29 and a 12 month high of $103.71. The company has a current ratio of 1.00, a quick ratio of 0.22 and a debt-to-equity ratio of 0.37. The company has a 50-day moving average price of $86.10 and a 200 day moving average price of $90.43. The stock has a market cap of $19.20 billion, a PE ratio of 15.35, a P/E/G ratio of 2.13 and a beta of 1.43.

Best Buy (NYSE:BBY) last released its quarterly earnings results on Tuesday, November 26th. The technology retailer reported $1.26 EPS for the quarter, missing analysts’ consensus estimates of $1.30 by ($0.04). Best Buy had a return on equity of 45.93% and a net margin of 3.01%. The firm had revenue of $9.45 billion for the quarter, compared to analysts’ expectations of $9.63 billion. During the same period in the prior year, the firm posted $1.29 earnings per share. Best Buy’s revenue for the quarter was down 3.2% on a year-over-year basis. Equities research analysts anticipate that Best Buy Co., Inc. will post 6.18 earnings per share for the current year.

Best Buy Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Tuesday, January 7th. Investors of record on Tuesday, December 17th were paid a dividend of $0.94 per share. The ex-dividend date of this dividend was Tuesday, December 17th. This represents a $3.76 dividend on an annualized basis and a dividend yield of 4.19%. Best Buy’s dividend payout ratio is presently 64.27%.

Wall Street Analysts Forecast Growth

BBY has been the topic of several recent analyst reports. Citigroup decreased their price objective on shares of Best Buy from $109.00 to $101.00 and set a “buy” rating on the stock in a research report on Wednesday, November 27th. Morgan Stanley reduced their price target on shares of Best Buy from $105.00 to $100.00 and set an “equal weight” rating on the stock in a report on Tuesday, January 21st. Telsey Advisory Group reduced their price target on shares of Best Buy from $115.00 to $110.00 and set an “outperform” rating on the stock in a report on Tuesday, November 26th. JPMorgan Chase & Co. lifted their price target on shares of Best Buy from $111.00 to $117.00 and gave the company an “overweight” rating in a report on Friday, November 22nd. Finally, Truist Financial reduced their price target on shares of Best Buy from $107.00 to $95.00 and set a “hold” rating on the stock in a report on Wednesday, November 27th. One analyst has rated the stock with a sell rating, eight have issued a hold rating, ten have given a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $101.72.

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.