Best Buy Co., Inc. (NYSE:BBY) Stock Holdings Trimmed by Xponance Inc.

Xponance Inc. reduced its stake in Best Buy Co., Inc. (NYSE:BBY) by 1.0% in the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 30,574 shares of the technology retailer’s stock after selling 305 shares during the period. Xponance Inc.’s holdings in Best Buy were worth $2,393,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently bought and sold shares of the stock. Federated Hermes Inc. boosted its stake in Best Buy by 6.4% in the fourth quarter. Federated Hermes Inc. now owns 2,752,920 shares of the technology retailer’s stock valued at $215,499,000 after acquiring an additional 166,478 shares during the period. Daiwa Securities Group Inc. boosted its stake in Best Buy by 6.1% in the fourth quarter. Daiwa Securities Group Inc. now owns 17,456 shares of the technology retailer’s stock valued at $1,366,000 after acquiring an additional 1,005 shares during the period. Scissortail Wealth Management LLC boosted its stake in Best Buy by 3.3% in the fourth quarter. Scissortail Wealth Management LLC now owns 24,619 shares of the technology retailer’s stock valued at $1,806,000 after acquiring an additional 781 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank boosted its stake in Best Buy by 46.6% in the fourth quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 135,908 shares of the technology retailer’s stock valued at $10,639,000 after acquiring an additional 43,205 shares during the period. Finally, Everence Capital Management Inc. acquired a new position in Best Buy in the fourth quarter valued at approximately $376,000. 80.96% of the stock is currently owned by institutional investors and hedge funds.

Best Buy Stock Performance

BBY opened at $75.13 on Tuesday. The company has a market capitalization of $16.18 billion, a price-to-earnings ratio of 13.20, a price-to-earnings-growth ratio of 1.99 and a beta of 1.49. Best Buy Co., Inc. has a 1-year low of $62.30 and a 1-year high of $86.11. The business has a 50 day moving average price of $77.94 and a two-hundred day moving average price of $74.03. The company has a debt-to-equity ratio of 0.38, a current ratio of 1.00 and a quick ratio of 0.37.

Best Buy (NYSE:BBY) last posted its quarterly earnings results on Thursday, February 29th. The technology retailer reported $2.72 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.51 by $0.21. The company had revenue of $14.65 billion for the quarter, compared to analysts’ expectations of $14.58 billion. Best Buy had a return on equity of 48.45% and a net margin of 2.86%. The firm’s revenue was down .6% on a year-over-year basis. During the same quarter in the prior year, the company earned $2.61 earnings per share. Research analysts predict that Best Buy Co., Inc. will post 6.03 EPS for the current fiscal year.

Best Buy Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Thursday, April 11th. Shareholders of record on Thursday, March 21st were issued a $0.94 dividend. The ex-dividend date of this dividend was Wednesday, March 20th. This represents a $3.76 annualized dividend and a dividend yield of 5.00%. This is a boost from Best Buy’s previous quarterly dividend of $0.92. Best Buy’s dividend payout ratio is currently 66.08%.

Insider Buying and Selling 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 transaction, the chief executive officer now owns 431,231 shares of the company’s stock, valued at $32,670,060.56. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. In other Best Buy news, CEO Corie S. Barry sold 366 shares of the business’s stock in a transaction on Wednesday, April 17th. The shares were sold at an average price of $75.76, for a total transaction of $27,728.16. Following the sale, the chief executive officer now directly owns 431,231 shares of the company’s stock, valued at approximately $32,670,060.56. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, CEO Corie S. Barry sold 28,042 shares of the business’s stock in a transaction on Friday, March 22nd. The shares were sold at an average price of $81.80, for a total transaction of $2,293,835.60. Following the sale, the chief executive officer now directly owns 429,159 shares in the company, valued at $35,105,206.20. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 52,023 shares of company stock valued at $4,253,900. Corporate insiders own 0.56% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities analysts have commented on BBY shares. Jefferies Financial Group decreased their target price on Best Buy from $95.00 to $94.00 and set a “buy” rating for the company in a research note on Monday, April 8th. TheStreet upgraded Best Buy from a “c” rating to a “b-” rating in a research report on Thursday, February 29th. JPMorgan Chase & Co. upgraded Best Buy from a “neutral” rating to an “overweight” rating and boosted their price objective for the stock from $89.00 to $101.00 in a research report on Friday, March 22nd. Telsey Advisory Group upgraded 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 report on Wednesday, March 20th. Finally, Citigroup boosted their price objective on Best Buy from $67.00 to $76.00 and gave the stock a “sell” rating in a research report on Friday, March 1st. One analyst has rated the stock with a sell rating, eight have given a hold rating and seven have issued a buy rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of “Hold” and a consensus price target of $84.60.

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.