Best Buy Co., Inc. (NYSE:BBY) Stock Holdings Increased by Bank of New York Mellon Corp

Bank of New York Mellon Corp increased its stake in shares of Best Buy Co., Inc. (NYSE:BBY) by 13.7% in the 4th quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 3,824,425 shares of the technology retailer’s stock after purchasing an additional 459,353 shares during the quarter. Bank of New York Mellon Corp owned approximately 1.79% of Best Buy worth $328,136,000 as of its most recent filing with the SEC.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in the stock. Private Advisor Group LLC grew its holdings in shares of Best Buy by 9.1% during the 3rd quarter. Private Advisor Group LLC now owns 6,359 shares of the technology retailer’s stock valued at $657,000 after acquiring an additional 530 shares in the last quarter. Assenagon Asset Management S.A. boosted its position in Best Buy by 3.3% during the third quarter. Assenagon Asset Management S.A. now owns 13,913 shares of the technology retailer’s stock valued at $1,437,000 after purchasing an additional 443 shares during the last quarter. Louisiana State Employees Retirement System grew its stake in Best Buy by 1.8% in the third quarter. Louisiana State Employees Retirement System now owns 11,100 shares of the technology retailer’s stock valued at $1,147,000 after purchasing an additional 200 shares in the last quarter. Pallas Capital Advisors LLC increased its position in Best Buy by 128.3% in the 3rd quarter. Pallas Capital Advisors LLC now owns 9,589 shares of the technology retailer’s stock worth $903,000 after purchasing an additional 5,388 shares during the last quarter. Finally, abrdn plc raised its stake in shares of Best Buy by 3.1% during the 3rd quarter. abrdn plc now owns 875,537 shares of the technology retailer’s stock worth $90,198,000 after purchasing an additional 26,439 shares in the last quarter. 80.96% of the stock is owned by hedge funds and other institutional investors.

Best Buy Stock Up 0.4 %

Shares of BBY stock opened at $90.41 on Thursday. Best Buy Co., Inc. has a 12 month low of $69.29 and a 12 month high of $103.71. The company has a quick ratio of 0.22, a current ratio of 1.00 and a debt-to-equity ratio of 0.37. The firm has a market cap of $19.33 billion, a PE ratio of 15.45, a price-to-earnings-growth ratio of 2.10 and a beta of 1.43. The stock has a 50 day moving average of $86.24 and a 200-day moving average of $90.52.

Best Buy (NYSE:BBY) last released its earnings results on Tuesday, November 26th. The technology retailer reported $1.26 EPS for the quarter, missing the consensus estimate of $1.30 by ($0.04). The company had revenue of $9.45 billion for the quarter, compared to analyst estimates of $9.63 billion. Best Buy had a net margin of 3.01% and a return on equity of 45.93%. Best Buy’s revenue for the quarter was down 3.2% compared to the same quarter last year. During the same quarter in the previous year, the company earned $1.29 earnings per share. On average, equities analysts predict that Best Buy Co., Inc. will post 6.18 EPS for the current year.

Insider Activity

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

Analyst Upgrades and Downgrades

BBY has been the subject of several recent research reports. Morgan Stanley lowered their price target on Best Buy from $105.00 to $100.00 and set an “equal weight” rating for the company in a research note on Tuesday, January 21st. Wells Fargo & Company decreased their target price on shares of Best Buy from $95.00 to $89.00 and set an “equal weight” rating for the company in a research report on Wednesday, November 27th. Telsey Advisory Group cut their price target on shares of Best Buy from $115.00 to $110.00 and set an “outperform” rating on the stock in a report on Tuesday, November 26th. Loop Capital reiterated a “buy” rating and issued a $100.00 price objective on shares of Best Buy in a report on Wednesday, December 18th. Finally, Barclays cut their target price 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. One investment analyst has rated the stock with a sell rating, eight have assigned a hold rating, ten have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average 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.