Best Buy Co., Inc. (NYSE:BBY) Shares Bought by Handelsbanken Fonder AB

Handelsbanken Fonder AB lifted its position in shares of Best Buy Co., Inc. (NYSE:BBY) by 20.8% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 84,529 shares of the technology retailer’s stock after acquiring an additional 14,537 shares during the quarter. Handelsbanken Fonder AB’s holdings in Best Buy were worth $6,617,000 at the end of the most recent quarter.

Other institutional investors have also modified their holdings of the company. HS Management Partners LLC purchased a new stake in Best Buy in the 4th quarter valued at approximately $103,854,000. Barclays PLC lifted its stake in Best Buy by 120.3% in the 3rd quarter. Barclays PLC now owns 1,336,071 shares of the technology retailer’s stock valued at $92,819,000 after buying an additional 729,605 shares in the last quarter. Federated Hermes Inc. lifted its stake in Best Buy by 36.2% in the 3rd quarter. Federated Hermes Inc. now owns 2,586,442 shares of the technology retailer’s stock valued at $179,680,000 after buying an additional 687,556 shares in the last quarter. Van Hulzen Asset Management LLC lifted its stake in Best Buy by 426.7% in the 3rd quarter. Van Hulzen Asset Management LLC now owns 740,608 shares of the technology retailer’s stock valued at $51,450,000 after buying an additional 600,000 shares in the last quarter. Finally, Ceredex Value Advisors LLC lifted its stake in Best Buy by 73.1% in the 4th quarter. Ceredex Value Advisors LLC now owns 1,228,980 shares of the technology retailer’s stock valued at $97,339,000 after buying an additional 518,920 shares in the last quarter. Hedge funds and other institutional investors own 80.96% of the company’s stock.

Insider Activity

In related news, CEO Corie S. Barry sold 366 shares of Best Buy stock in a transaction on Wednesday, April 17th. The shares were 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 in the company, valued at approximately $32,670,060.56. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In related news, CEO Corie S. Barry sold 28,042 shares of Best Buy stock in a transaction on Friday, March 22nd. The shares were sold at an average price of $81.80, for a total value of $2,293,835.60. Following the transaction, the chief executive officer now owns 429,159 shares in the company, valued at approximately $35,105,206.20. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Corie S. Barry sold 366 shares of Best Buy stock in a transaction on Wednesday, April 17th. The stock was sold at an average price of $75.76, for a total transaction of $27,728.16. Following the completion of the transaction, the chief executive officer now owns 431,231 shares in the company, valued at approximately $32,670,060.56. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 52,023 shares of company stock worth $4,253,900. 0.56% of the stock is owned by corporate insiders.

Best Buy Price Performance

Shares of NYSE:BBY opened at $75.23 on Friday. The firm’s 50 day moving average is $77.99 and its two-hundred day moving average is $74.08. Best Buy Co., Inc. has a 52 week low of $62.30 and a 52 week high of $86.11. The firm has a market capitalization of $16.20 billion, a P/E ratio of 13.22, a PEG ratio of 1.96 and a beta of 1.49. The company has a current ratio of 1.00, a quick ratio of 0.37 and a debt-to-equity ratio of 0.38.

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

Best Buy Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Thursday, April 11th. Stockholders of record on Thursday, March 21st were issued a dividend of $0.94 per share. The ex-dividend date was Wednesday, March 20th. This represents a $3.76 dividend on an annualized basis and a dividend yield of 5.00%. This is an increase from Best Buy’s previous quarterly dividend of $0.92. Best Buy’s dividend payout ratio (DPR) is currently 66.08%.

Analysts Set New Price Targets

BBY has been the topic of a number of recent analyst reports. UBS Group increased their price target on Best Buy from $82.00 to $85.00 and gave the stock a “neutral” rating in a research note on Friday, March 1st. Citigroup increased their price target on Best Buy from $67.00 to $76.00 and gave the company a “sell” rating in a report on Friday, March 1st. Jefferies Financial Group lowered their price target on Best Buy from $95.00 to $94.00 and set a “buy” rating for the company in a report on Monday, April 8th. JPMorgan Chase & Co. raised shares of Best Buy from a “neutral” rating to an “overweight” rating and upped their price objective for the company from $89.00 to $101.00 in a research report on Friday, March 22nd. Finally, TheStreet raised shares of Best Buy from a “c” rating to a “b-” rating in a research report on Thursday, February 29th. One analyst has rated the stock with a sell rating, eight have issued a hold rating and seven have assigned a buy rating to the company. According to MarketBeat, Best Buy has an average rating of “Hold” and an average target price 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.