Best Buy Co., Inc. (NYSE:BBY) Shares Bought by Russell Investments Group Ltd.

Russell Investments Group Ltd. lifted its stake in shares of Best Buy Co., Inc. (NYSE:BBY) by 0.4% in the 4th quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 168,846 shares of the technology retailer’s stock after acquiring an additional 690 shares during the quarter. Russell Investments Group Ltd. owned 0.08% of Best Buy worth $14,488,000 at the end of the most recent reporting period.

A number of other hedge funds have also modified their holdings of the stock. Raymond James Financial Inc. acquired a new position in shares of Best Buy in the 4th quarter valued at $514,483,000. Norges Bank acquired a new position in shares of Best Buy in the fourth quarter worth about $178,015,000. Arrowstreet Capital Limited Partnership boosted its holdings in shares of Best Buy by 101.4% in the fourth quarter. Arrowstreet Capital Limited Partnership now owns 1,114,928 shares of the technology retailer’s stock worth $95,661,000 after buying an additional 561,413 shares during the period. Nordea Investment Management AB increased its position in shares of Best Buy by 563.8% in the fourth 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 in the last quarter. Finally, Bank of New York Mellon Corp raised its holdings in shares of Best Buy by 13.7% during the fourth quarter. Bank of New York Mellon Corp now owns 3,824,425 shares of the technology retailer’s stock valued at $328,136,000 after acquiring an additional 459,353 shares during the period. 80.96% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several equities analysts have weighed in on the stock. Morgan Stanley lowered their price objective on shares of Best Buy from $100.00 to $85.00 and set an “equal weight” rating on the stock in a research report on Wednesday, March 5th. Truist Financial lowered their price target on Best Buy from $81.00 to $64.00 and set a “hold” rating on the stock in a report on Tuesday. Evercore ISI dropped their price target on Best Buy from $95.00 to $80.00 and set an “in-line” rating on the stock in a research report on Wednesday, March 5th. Wedbush restated a “neutral” rating and set a $90.00 price objective on shares of Best Buy in a research report on Monday, March 3rd. Finally, UBS Group set a $105.00 target price on Best Buy in a report on Wednesday, March 5th. Two equities research analysts have rated the stock with a sell rating, ten have issued a hold rating, eight have issued a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, Best Buy presently has a consensus rating of “Hold” and an average target price of $91.28.

Insiders Place Their Bets

In related news, CFO Matthew M. Bilunas sold 51,000 shares of the business’s stock in a transaction dated Monday, March 24th. The stock was sold at an average price of $74.20, for a total transaction of $3,784,200.00. Following the completion of the transaction, the chief financial officer now owns 55,856 shares of the company’s stock, valued at approximately $4,144,515.20. The trade was a 47.73 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Todd G. Hartman sold 4,893 shares of the firm’s stock in a transaction that occurred on Friday, March 21st. The shares were sold at an average price of $72.65, for a total value of $355,476.45. Following the completion of the sale, the insider now directly owns 32,320 shares in the company, valued at $2,348,048. This trade represents a 13.15 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 78,355 shares of company stock valued at $5,767,213 in the last quarter. Insiders own 0.59% of the company’s stock.

Best Buy Trading Down 6.2 %

Best Buy stock opened at $59.72 on Friday. Best Buy Co., Inc. has a one year low of $54.99 and a one year high of $103.71. The company’s fifty day moving average price is $77.95 and its two-hundred day moving average price is $85.71. The company has a market capitalization of $12.62 billion, a price-to-earnings ratio of 10.21, a PEG ratio of 2.10 and a beta of 1.42. The company has a debt-to-equity ratio of 0.37, a current ratio of 1.00 and a quick ratio of 0.22.

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

Best Buy Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, April 15th. Investors of record on Tuesday, March 25th will be issued a $0.95 dividend. This represents a $3.80 annualized dividend and a yield of 6.36%. The ex-dividend date of this dividend is Tuesday, March 25th. This is an increase from Best Buy’s previous quarterly dividend of $0.94. Best Buy’s dividend payout ratio (DPR) is 88.99%.

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.