Best Buy Co., Inc. (NYSE:BBY) Position Reduced by Banco Santander S.A.

Banco Santander S.A. reduced its position in Best Buy Co., Inc. (NYSE:BBY) by 91.3% during the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 2,341 shares of the technology retailer’s stock after selling 24,634 shares during the period. Banco Santander S.A.’s holdings in Best Buy were worth $201,000 as of its most recent SEC filing.

A number of other large investors have also made changes to their positions in BBY. IFP Advisors Inc grew its position in Best Buy by 5.2% during the 4th quarter. IFP Advisors Inc now owns 2,538 shares of the technology retailer’s stock worth $218,000 after purchasing an additional 125 shares in the last quarter. Rothschild Investment LLC grew its holdings in shares of Best Buy by 19.7% during the fourth quarter. Rothschild Investment LLC now owns 861 shares of the technology retailer’s stock valued at $74,000 after buying an additional 142 shares in the last quarter. Yousif Capital Management LLC raised its position in Best Buy by 0.5% during the fourth quarter. Yousif Capital Management LLC now owns 29,904 shares of the technology retailer’s stock valued at $2,566,000 after buying an additional 145 shares during the period. Access Investment Management LLC lifted its stake in Best Buy by 12.2% in the 3rd quarter. Access Investment Management LLC now owns 1,380 shares of the technology retailer’s stock worth $143,000 after acquiring an additional 150 shares in the last quarter. Finally, Claro Advisors LLC boosted its position in Best Buy by 5.7% during the 4th quarter. Claro Advisors LLC now owns 2,861 shares of the technology retailer’s stock worth $246,000 after acquiring an additional 154 shares during the period. Institutional investors and hedge funds own 80.96% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently weighed in on BBY shares. Wells Fargo & Company dropped their target price on Best Buy from $89.00 to $85.00 and set an “equal weight” rating on the stock in a report on Wednesday, March 5th. Truist Financial cut their target price on shares of Best Buy from $95.00 to $81.00 and set a “hold” rating for the company in a research report on Wednesday, March 5th. Telsey Advisory Group dropped their price target on shares of Best Buy from $110.00 to $100.00 and set an “outperform” rating on the stock in a research note on Wednesday, March 5th. Morgan Stanley cut their price objective on Best Buy from $100.00 to $85.00 and set an “equal weight” rating for the company in a report on Wednesday, March 5th. Finally, Piper Sandler lowered their target price on Best Buy from $102.00 to $92.00 and set an “overweight” rating on the stock in a research note on Wednesday, March 5th. Two equities research analysts have rated the stock with a sell rating, nine have issued a hold rating, nine have given a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, the company has a consensus rating of “Hold” and an average price target of $93.50.

Best Buy Price Performance

NYSE BBY opened at $78.90 on Tuesday. Best Buy Co., Inc. has a 1 year low of $69.29 and a 1 year high of $103.71. The company has a fifty day simple moving average of $85.44 and a 200 day simple moving average of $90.41. 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 company has a market cap of $16.87 billion, a P/E ratio of 13.49, a P/E/G ratio of 2.10 and a beta of 1.43.

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, beating analysts’ consensus estimates of $2.40 by $0.18. The company had revenue of $13.95 billion during the quarter, compared to analysts’ expectations 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 company earned $2.72 earnings per share. On average, sell-side analysts predict that Best Buy Co., Inc. will post 6.18 EPS for the current year.

Best Buy Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, April 15th. Stockholders of record on Tuesday, March 25th will be issued a dividend of $0.95 per share. The ex-dividend date of this dividend is Tuesday, March 25th. This is a positive change from Best Buy’s previous quarterly dividend of $0.94. This represents a $3.80 dividend on an annualized basis and a dividend yield of 4.82%. Best Buy’s payout ratio is 88.99%.

Insider Activity

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

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.