Best Buy Co., Inc. (NYSE:BBY) Shares Sold by Man Group plc

Man Group plc lessened its stake in Best Buy Co., Inc. (NYSE:BBY) by 11.5% in the 4th quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 164,026 shares of the technology retailer’s stock after selling 21,393 shares during the quarter. Man Group plc owned about 0.08% of Best Buy worth $14,073,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently made changes to their positions in the company. Vanguard Group Inc. increased its stake in Best Buy by 0.8% during the fourth quarter. Vanguard Group Inc. now owns 22,982,608 shares of the technology retailer’s stock worth $1,971,908,000 after acquiring an additional 191,161 shares during the last quarter. Charles Schwab Investment Management Inc. increased its stake in Best Buy by 6.4% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 6,560,368 shares of the technology retailer’s stock worth $562,880,000 after acquiring an additional 395,415 shares during the last quarter. Raymond James Financial Inc. acquired a new stake in Best Buy during the fourth quarter worth $514,483,000. Geode Capital Management LLC increased its stake in Best Buy by 4.9% during the fourth quarter. Geode Capital Management LLC now owns 5,092,820 shares of the technology retailer’s stock worth $436,210,000 after acquiring an additional 239,840 shares during the last quarter. Finally, Bank of New York Mellon Corp increased its stake in 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 worth $328,136,000 after acquiring an additional 459,353 shares during the last quarter. Institutional investors and hedge funds own 80.96% of the company’s stock.

Best Buy Trading Up 1.3%

NYSE:BBY opened at $73.79 on Friday. The firm has a market cap of $15.62 billion, a PE ratio of 12.61, a price-to-earnings-growth ratio of 2.10 and a beta of 1.27. 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 stock has a fifty day moving average price of $67.90 and a 200 day moving average price of $80.28. Best Buy Co., Inc. has a 12-month low of $54.99 and a 12-month high of $103.71.

Best Buy (NYSE:BBY) last announced its quarterly earnings results on Tuesday, March 4th. The technology retailer reported $2.58 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.40 by $0.18. The company had revenue of $13.95 billion during the quarter, compared to the consensus estimate 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 earned $2.72 EPS. Sell-side analysts anticipate that Best Buy Co., Inc. will post 6.18 earnings per share for the current fiscal year.

Best Buy Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Tuesday, April 15th. Shareholders of record on Tuesday, March 25th were issued a dividend of $0.95 per share. This represents a $3.80 dividend on an annualized basis and a yield of 5.15%. This is an increase from Best Buy’s previous quarterly dividend of $0.94. The ex-dividend date of this dividend was Tuesday, March 25th. Best Buy’s payout ratio is 88.99%.

Insiders Place Their Bets

In other news, CEO Corie S. Barry bought 13,500 shares of the business’s stock in a transaction dated Wednesday, March 12th. The shares were acquired at an average price of $72.92 per share, for a total transaction of $984,420.00. Following the completion of the transaction, the chief executive officer now owns 378,780 shares of the company’s stock, valued at approximately $27,620,637.60. This trade represents a 3.70% increase in their ownership of the stock. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, CFO Matthew M. Bilunas sold 51,000 shares of Best Buy stock in a transaction dated Monday, March 24th. The stock was sold at an average price of $74.20, for a total value of $3,784,200.00. Following the sale, the chief financial officer now owns 55,856 shares in the company, valued at $4,144,515.20. This trade represents a 47.73% decrease in their position. The disclosure for this sale can be found here. Insiders sold 78,355 shares of company stock valued at $5,767,213 in the last ninety days. Insiders own 0.47% of the company’s stock.

Analyst Ratings Changes

Several research firms have issued reports on BBY. Guggenheim cut their target price on Best Buy from $105.00 to $90.00 and set a “buy” rating for the company in a research note on Wednesday, March 5th. JPMorgan Chase & Co. lowered their price target on Best Buy from $115.00 to $110.00 and set an “overweight” rating for the company in a research report on Wednesday, March 5th. UBS Group set a $105.00 price target on Best Buy in a research report on Wednesday, March 5th. Wells Fargo & Company lowered their price target on Best Buy from $89.00 to $85.00 and set an “equal weight” rating for the company in a research report on Wednesday, March 5th. Finally, Piper Sandler lowered their price target on Best Buy from $102.00 to $92.00 and set an “overweight” rating for the company in a research report on Wednesday, March 5th. Two 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 given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, Best Buy currently has an average rating of “Hold” and an average price target of $91.28.

Best Buy 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.