QRG Capital Management Inc. Has $3.16 Million Stake in Best Buy Co., Inc. (NYSE:BBY)

QRG Capital Management Inc. grew its stake in Best Buy Co., Inc. (NYSE:BBY) by 16.1% in the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 36,858 shares of the technology retailer’s stock after buying an additional 5,113 shares during the period. QRG Capital Management Inc.’s holdings in Best Buy were worth $3,162,000 as of its most recent SEC filing.

Several other large investors also recently made changes to their positions in BBY. Golden State Wealth Management LLC bought a new position in shares of Best Buy in the 4th quarter valued at approximately $32,000. Trust Co. of Vermont raised its position in shares of Best Buy by 1,200.0% in the fourth quarter. Trust Co. of Vermont now owns 416 shares of the technology retailer’s stock valued at $36,000 after purchasing an additional 384 shares during the period. Harbor Capital Advisors Inc. bought a new position in shares of Best Buy in the third quarter valued at approximately $40,000. LRI Investments LLC lifted its stake in shares of Best Buy by 632.1% in the third quarter. LRI Investments LLC now owns 388 shares of the technology retailer’s stock worth $40,000 after buying an additional 335 shares during the last quarter. Finally, Brooklyn Investment Group bought a new stake in shares of Best Buy during the 3rd quarter worth $44,000. Institutional investors own 80.96% of the company’s stock.

Insider Activity

In related news, CFO Matthew M. Bilunas sold 69,166 shares of the business’s stock in a transaction on Wednesday, December 11th. The stock was sold at an average price of $87.46, for a total value of $6,049,258.36. Following the sale, the chief financial officer now owns 92,070 shares of the company’s stock, valued at $8,052,442.20. The trade was a 42.90 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Corporate insiders own 0.59% of the company’s stock.

Best Buy Stock Performance

NYSE:BBY opened at $90.05 on Friday. The firm has a market capitalization of $19.25 billion, a PE ratio of 15.39, a price-to-earnings-growth ratio of 2.10 and a beta of 1.43. The company has a quick ratio of 0.22, a current ratio of 1.00 and a debt-to-equity ratio of 0.37. Best Buy Co., Inc. has a 12-month low of $69.29 and a 12-month high of $103.71. The firm has a 50-day moving average price of $86.40 and a 200 day moving average price of $90.62.

Wall Street Analyst Weigh In

BBY has been the topic of several recent analyst reports. UBS Group reiterated a “buy” rating on shares of Best Buy in a report on Friday. Truist Financial dropped their price objective on Best Buy from $107.00 to $95.00 and set a “hold” rating on the stock in a research note on Wednesday, November 27th. Loop Capital restated a “buy” rating and set a $100.00 target price on shares of Best Buy in a research note on Wednesday, December 18th. Wells Fargo & Company reaffirmed an “equal weight” rating on shares of Best Buy in a research report on Friday. Finally, Morgan Stanley reiterated an “equal weight” rating on shares of Best Buy in a report on Friday. One investment analyst has rated the stock with a sell rating, eight have issued a hold rating, ten have assigned a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, Best Buy currently has an average rating of “Moderate Buy” and a consensus target price of $101.72.

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.