TD Waterhouse Canada Inc. Increases Stake in Best Buy Co., Inc. (NYSE:BBY)

TD Waterhouse Canada Inc. increased its holdings in Best Buy Co., Inc. (NYSE:BBY) by 130.8% during the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 921 shares of the technology retailer’s stock after purchasing an additional 522 shares during the quarter. TD Waterhouse Canada Inc.’s holdings in Best Buy were worth $79,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other large investors also recently added to or reduced their stakes in BBY. World Investment Advisors LLC bought a new stake in shares of Best Buy in the 3rd quarter valued at about $5,234,000. Wilmington Savings Fund Society FSB bought a new stake in Best Buy in the third quarter valued at approximately $247,000. Tidal Investments LLC boosted its stake in shares of Best Buy by 24.5% during the third quarter. Tidal Investments LLC now owns 22,210 shares of the technology retailer’s stock valued at $2,294,000 after purchasing an additional 4,370 shares during the period. Franklin Resources Inc. grew its holdings in shares of Best Buy by 36.5% in the third quarter. Franklin Resources Inc. now owns 753,471 shares of the technology retailer’s stock worth $73,016,000 after purchasing an additional 201,562 shares during the last quarter. Finally, Retirement Systems of Alabama increased its stake in shares of Best Buy by 0.7% in the third quarter. Retirement Systems of Alabama now owns 42,782 shares of the technology retailer’s stock worth $4,419,000 after buying an additional 306 shares during the period. Hedge funds and other institutional investors own 80.96% of the company’s stock.

Best Buy Trading Up 2.6 %

Best Buy stock opened at $67.71 on Monday. Best Buy Co., Inc. has a 12 month low of $54.99 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 business’s fifty day simple moving average is $72.39 and its two-hundred day simple moving average is $82.78. The company has a market capitalization of $14.31 billion, a price-to-earnings ratio of 11.57, a price-to-earnings-growth ratio of 2.10 and a beta of 1.42.

Best Buy (NYSE:BBY) last announced its quarterly earnings data on Tuesday, March 4th. The technology retailer reported $2.58 EPS for the quarter, beating the consensus estimate of $2.40 by $0.18. The company had revenue of $13.95 billion for the quarter, compared to the consensus estimate of $13.69 billion. Best Buy had a net margin of 3.01% and a return on equity of 45.93%. During the same period in the prior year, the firm posted $2.72 EPS. As a group, equities analysts predict 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 declared a quarterly dividend, which was paid on Tuesday, April 15th. Investors of record on Tuesday, March 25th were given a dividend of $0.95 per share. The ex-dividend date of this dividend was Tuesday, March 25th. This represents a $3.80 annualized dividend and a dividend yield of 5.61%. This is an increase from Best Buy’s previous quarterly dividend of $0.94. Best Buy’s dividend payout ratio (DPR) is 88.99%.

Insider Buying and Selling

In other Best Buy news, insider Todd G. Hartman sold 4,893 shares of the business’s stock in a transaction dated Friday, March 21st. The stock was sold at an average price of $72.65, for a total value of $355,476.45. Following the completion of the transaction, the insider now owns 32,320 shares of the company’s stock, valued at approximately $2,348,048. The trade was a 13.15 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CAO Mathew Watson sold 3,182 shares of the firm’s stock in a transaction dated Friday, March 14th. The shares were sold at an average price of $71.29, for a total transaction of $226,844.78. Following the sale, the chief accounting officer now directly owns 19,218 shares in the company, valued at approximately $1,370,051.22. The trade was a 14.21 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 78,355 shares of company stock worth $5,767,213 in the last three months. Insiders own 0.59% of the company’s stock.

Analyst Upgrades and Downgrades

A number of brokerages have issued reports on BBY. Citigroup reissued a “neutral” rating and issued a $70.00 price target (down previously from $93.00) on shares of Best Buy in a report on Thursday, April 3rd. Barclays reduced their price target on Best Buy from $95.00 to $89.00 and set an “equal weight” rating on the stock in a report on Thursday, January 9th. Truist Financial dropped their price objective on Best Buy from $81.00 to $64.00 and set a “hold” rating for the company in a report on Tuesday, April 8th. Telsey Advisory Group reduced their target price on Best Buy from $110.00 to $100.00 and set an “outperform” rating on the stock in a research note on Wednesday, March 5th. Finally, Bank of America dropped their price target on Best Buy from $80.00 to $75.00 and set an “underperform” rating for the company in a research note on Wednesday, March 5th. Two equities research analysts have rated the stock with a sell rating, ten have issued a hold rating, eight have assigned a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, Best Buy has an average rating of “Hold” and an average target price of $91.28.

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.