UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC Grows Stock Holdings in Best Buy Co., Inc. (NYSE:BBY)

UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC boosted its holdings in Best Buy Co., Inc. (NYSE:BBY) by 9.0% in the fourth quarter, Holdings Channel reports. The institutional investor owned 2,605,902 shares of the technology retailer’s stock after acquiring an additional 215,265 shares during the quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC’s holdings in Best Buy were worth $223,586,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds have also bought and sold shares of the company. Stevens Capital Management LP grew its stake in Best Buy by 228.7% in the 4th quarter. Stevens Capital Management LP now owns 22,625 shares of the technology retailer’s stock valued at $1,941,000 after buying an additional 15,741 shares in the last quarter. Invesco Ltd. grew its stake in Best Buy by 20.5% in the 4th quarter. Invesco Ltd. now owns 3,692,118 shares of the technology retailer’s stock valued at $316,784,000 after buying an additional 629,180 shares in the last quarter. Vanguard Group Inc. grew its stake in Best Buy by 0.8% in the 4th quarter. Vanguard Group Inc. now owns 22,982,608 shares of the technology retailer’s stock valued at $1,971,908,000 after buying an additional 191,161 shares in the last quarter. Pinnacle Financial Partners Inc purchased a new position in Best Buy in the 4th quarter valued at approximately $3,293,000. Finally, APG Asset Management N.V. purchased a new position in Best Buy in the 4th quarter valued at approximately $9,073,000. 80.96% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling

In other Best Buy news, CAO Mathew Watson sold 2,951 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 transaction of $214,390.15. Following the completion of the transaction, the chief accounting officer now owns 21,371 shares of the company’s stock, valued at approximately $1,552,603.15. This trade represents a 12.13% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CFO Matthew M. Bilunas sold 51,000 shares of the firm’s stock in a transaction that occurred on Monday, March 24th. The shares were sold at an average price of $74.20, for a total transaction of $3,784,200.00. Following the transaction, the chief financial officer now directly owns 55,856 shares of the company’s stock, valued at $4,144,515.20. This represents a 47.73% 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 over the last three months. Corporate insiders own 0.47% of the company’s stock.

Analysts Set New Price Targets

A number of research analysts have recently commented on BBY shares. Guggenheim reduced their price target on shares of Best Buy from $105.00 to $90.00 and set a “buy” rating for the company in a research report on Wednesday, March 5th. Citigroup restated a “neutral” rating and set a $70.00 price target (down from $93.00) on shares of Best Buy in a research report on Thursday, April 3rd. Wells Fargo & Company reduced their price target on shares of Best Buy from $85.00 to $75.00 and set an “equal weight” rating for the company in a research report on Monday. Loop Capital reiterated a “negative” rating on shares of Best Buy in a research report on Wednesday, March 5th. Finally, Truist Financial cut their target price on shares of Best Buy from $81.00 to $64.00 and set a “hold” rating for the company in a research report on Tuesday, April 8th. Two equities research analysts have rated the stock with a sell rating, ten have given a hold rating, eight have given a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of “Hold” and an average price target of $90.72.

Best Buy Stock Performance

Shares of NYSE:BBY opened at $70.73 on Friday. Best Buy Co., Inc. has a 12 month low of $54.99 and a 12 month high of $103.71. The company has a market cap of $14.97 billion, a price-to-earnings ratio of 12.09, a price-to-earnings-growth ratio of 2.10 and a beta of 1.27. The company has a 50-day moving average price of $67.81 and a 200-day moving average price of $79.79. The company has a current ratio of 1.00, a quick ratio of 0.22 and a debt-to-equity ratio of 0.37.

Best Buy (NYSE:BBY) last released 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. Best Buy had a net margin of 3.01% and a return on equity of 45.93%. The company had revenue of $13.95 billion during the quarter, compared to the consensus estimate of $13.69 billion. During the same period in the prior year, the firm earned $2.72 earnings per share. As a group, equities analysts anticipate that Best Buy Co., Inc. will post 6.18 EPS for the current year.

Best Buy Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Tuesday, April 15th. Investors of record on Tuesday, March 25th were paid a $0.95 dividend. This is an increase from Best Buy’s previous quarterly dividend of $0.94. This represents a $3.80 dividend on an annualized basis and a yield of 5.37%. The ex-dividend date was Tuesday, March 25th. Best Buy’s dividend payout ratio is presently 88.99%.

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.