Northwest & Ethical Investments L.P. Sells 2,802 Shares of Best Buy Co., Inc. (NYSE:BBY)

Northwest & Ethical Investments L.P. cut its stake in shares of Best Buy Co., Inc. (NYSE:BBY) by 9.6% in the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 26,458 shares of the technology retailer’s stock after selling 2,802 shares during the quarter. Northwest & Ethical Investments L.P.’s holdings in Best Buy were worth $2,270,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds have also bought and sold shares of BBY. Raymond James Financial Inc. bought a new stake in Best Buy during the fourth quarter valued at approximately $514,483,000. Nordea Investment Management AB lifted its holdings in shares of Best Buy by 563.8% in the 4th quarter. Nordea Investment Management AB now owns 592,460 shares of the technology retailer’s stock worth $50,643,000 after acquiring an additional 503,204 shares during the last quarter. National Bank of Canada FI boosted its stake in shares of Best Buy by 817.4% in the 3rd quarter. National Bank of Canada FI now owns 537,886 shares of the technology retailer’s stock valued at $55,564,000 after purchasing an additional 479,256 shares in the last quarter. Bank of New York Mellon Corp boosted its stake in shares of Best Buy by 13.7% in the 4th quarter. Bank of New York Mellon Corp now owns 3,824,425 shares of the technology retailer’s stock valued at $328,136,000 after purchasing an additional 459,353 shares in the last quarter. Finally, Charles Schwab Investment Management Inc. boosted its stake in shares of Best Buy by 6.4% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 6,560,368 shares of the technology retailer’s stock valued at $562,880,000 after purchasing an additional 395,415 shares in the last quarter. 80.96% of the stock is currently owned by institutional investors.

Insider Buying and Selling

In related news, CAO Mathew Watson sold 3,182 shares of the stock in a transaction dated Friday, March 14th. The shares were sold at an average price of $71.29, for a total value of $226,844.78. Following the completion of the transaction, the chief accounting officer now directly owns 19,218 shares in the company, valued at $1,370,051.22. This trade represents a 14.21 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO Corie S. Barry purchased 13,500 shares of the firm’s stock in a transaction that occurred on Wednesday, March 12th. The stock was acquired at an average price of $72.92 per share, with a total value of $984,420.00. Following the completion of the purchase, the chief executive officer now owns 378,780 shares in the company, valued at $27,620,637.60. This represents a 3.70 % increase in their ownership of the stock. The disclosure for this purchase can be found here. 0.59% of the stock is owned by company insiders.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently issued reports on the stock. Truist Financial cut their price objective on shares of Best Buy from $95.00 to $81.00 and set a “hold” rating for the company in a research note on Wednesday, March 5th. Wedbush reaffirmed a “neutral” rating and issued a $90.00 price objective on shares of Best Buy in a research note on Monday, March 3rd. KeyCorp reaffirmed a “sector weight” rating on shares of Best Buy in a research note on Wednesday, March 5th. UBS Group set a $105.00 price objective on shares of Best Buy in a research note on Wednesday, March 5th. Finally, JPMorgan Chase & Co. cut their price objective on shares of Best Buy from $115.00 to $110.00 and set an “overweight” rating for the company in a research note on Wednesday, March 5th. Two analysts have rated the stock with a sell rating, nine have given a hold rating, nine have given a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, Best Buy has a consensus rating of “Hold” and an average price target of $93.50.

Best Buy Stock Up 0.2 %

Shares of NYSE BBY opened at $73.63 on Friday. 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 Co., Inc. has a 12 month low of $69.29 and a 12 month high of $103.71. The firm has a market capitalization of $15.74 billion, a PE ratio of 12.59, a price-to-earnings-growth ratio of 2.10 and a beta of 1.43. The firm has a fifty day simple moving average of $83.34 and a two-hundred day simple moving average of $89.17.

Best Buy (NYSE:BBY) last issued its quarterly earnings data on Tuesday, March 4th. The technology retailer reported $2.58 EPS for the quarter, topping the consensus estimate of $2.40 by $0.18. Best Buy had a net margin of 3.01% and a return on equity of 45.93%. The business had revenue of $13.95 billion during the quarter, compared to analyst estimates of $13.69 billion. During the same period in the prior year, the business earned $2.72 EPS. Equities analysts expect that Best Buy Co., Inc. will post 6.18 earnings per share for the current year.

Best Buy Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, April 15th. Investors of record on Tuesday, March 25th will be paid a $0.95 dividend. This represents a $3.80 annualized dividend and a dividend yield of 5.16%. This is a positive change from Best Buy’s previous quarterly dividend of $0.94. The ex-dividend date is Tuesday, March 25th. Best Buy’s dividend payout ratio (DPR) 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.