KLP Kapitalforvaltning AS Takes $10.64 Million Position in Best Buy Co., Inc. (NYSE:BBY)

KLP Kapitalforvaltning AS bought a new position in shares of Best Buy Co., Inc. (NYSE:BBY) during the fourth quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm bought 122,914 shares of the technology retailer’s stock, valued at approximately $10,644,000. KLP Kapitalforvaltning AS owned approximately 0.06% of Best Buy as of its most recent SEC filing.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in BBY. Rakuten Securities Inc. increased its position in shares of Best Buy by 971.9% during the fourth quarter. Rakuten Securities Inc. now owns 343 shares of the technology retailer’s stock valued at $29,000 after purchasing an additional 311 shares during the period. Golden State Wealth Management LLC bought a new stake in Best Buy in the 4th quarter valued at $32,000. OFI Invest Asset Management acquired a new position in shares of Best Buy in the 4th quarter valued at $34,000. Trust Co. of Vermont lifted its holdings in shares of Best Buy by 1,200.0% during the 4th quarter. Trust Co. of Vermont now owns 416 shares of the technology retailer’s stock worth $36,000 after acquiring an additional 384 shares during the period. Finally, LRI Investments LLC boosted its position in shares of Best Buy by 632.1% during the 3rd quarter. LRI Investments LLC now owns 388 shares of the technology retailer’s stock valued at $40,000 after acquiring an additional 335 shares in the last quarter. 80.96% of the stock is currently owned by institutional investors.

Best Buy Stock Up 2.9 %

NYSE BBY opened at $75.68 on Tuesday. The company has a debt-to-equity ratio of 0.37, a quick ratio of 0.22 and a current ratio of 1.00. Best Buy Co., Inc. has a 52 week low of $69.29 and a 52 week high of $103.71. The stock has a market capitalization of $16.00 billion, a P/E ratio of 12.94, a price-to-earnings-growth ratio of 2.10 and a beta of 1.43. The stock has a fifty day moving average of $83.17 and a 200-day moving average of $88.84.

Best Buy (NYSE:BBY) last announced its quarterly earnings data on Tuesday, March 4th. The technology retailer reported $2.58 earnings per share for the quarter, topping the consensus estimate of $2.40 by $0.18. The firm had revenue of $13.95 billion during the quarter, compared to analysts’ expectations of $13.69 billion. Best Buy had a return on equity of 45.93% and a net margin of 3.01%. During the same period in the previous year, the business posted $2.72 EPS. On average, equities research analysts forecast that Best Buy Co., Inc. will post 6.18 EPS for the current year.

Best Buy Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, April 15th. Shareholders of record on Tuesday, March 25th will be issued a dividend of $0.95 per share. This represents a $3.80 dividend on an annualized basis and a yield of 5.02%. The ex-dividend date is Tuesday, March 25th. This is a positive change from Best Buy’s previous quarterly dividend of $0.94. Best Buy’s payout ratio is currently 88.99%.

Wall Street Analysts Forecast Growth

A number of research analysts have commented on BBY shares. JPMorgan Chase & Co. cut their price target on shares of Best Buy from $115.00 to $110.00 and set an “overweight” rating for the company in a research note on Wednesday, March 5th. Barclays cut their target price on Best Buy from $95.00 to $89.00 and set an “equal weight” rating for the company in a research report on Thursday, January 9th. Truist Financial lowered their price target on Best Buy from $95.00 to $81.00 and set a “hold” rating on the stock in a research report on Wednesday, March 5th. Guggenheim cut their price objective on Best Buy from $105.00 to $90.00 and set a “buy” rating for the company in a report on Wednesday, March 5th. Finally, KeyCorp reaffirmed a “sector weight” rating on shares of Best Buy in a report on Wednesday, March 5th. Two equities research analysts have rated the stock with a sell rating, nine have assigned a hold rating, nine have given a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, the stock currently has an average rating of “Hold” and an average price target of $93.50.

Insider Buying and Selling at Best Buy

In other news, CAO Mathew Watson sold 3,182 shares of the company’s stock in a transaction dated Friday, March 14th. The stock was sold at an average price of $71.29, for a total value of $226,844.78. Following the completion of the sale, the chief accounting officer now directly owns 19,218 shares of the company’s stock, valued at $1,370,051.22. This represents a 14.21 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, CEO Corie S. Barry acquired 13,500 shares of Best Buy stock in a transaction that occurred on Wednesday, March 12th. The shares were purchased at an average cost of $72.92 per share, for a total transaction of $984,420.00. Following the purchase, the chief executive officer now directly owns 378,780 shares in the company, valued at $27,620,637.60. The trade was a 3.70 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Corporate insiders own 0.59% of the company’s stock.

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.