Daiwa Securities Group Inc. Boosts Stock Holdings in Best Buy Co., Inc. (NYSE:BBY)

Daiwa Securities Group Inc. boosted its stake in shares of Best Buy Co., Inc. (NYSE:BBY) by 7.0% during the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 26,459 shares of the technology retailer’s stock after purchasing an additional 1,739 shares during the period. Daiwa Securities Group Inc.’s holdings in Best Buy were worth $2,270,000 at the end of the most recent reporting period.

A number of other large investors also recently bought and sold shares of the stock. Moran Wealth Management LLC raised its stake in Best Buy by 29.2% during the fourth quarter. Moran Wealth Management LLC now owns 80,684 shares of the technology retailer’s stock worth $6,923,000 after purchasing an additional 18,255 shares during the period. SLT Holdings LLC purchased a new position in Best Buy during the fourth quarter worth approximately $409,000. Ruffer LLP purchased a new position in Best Buy during the fourth quarter worth approximately $3,807,000. AlphaQuest LLC raised its stake in Best Buy by 16,742.9% during the fourth quarter. AlphaQuest LLC now owns 1,179 shares of the technology retailer’s stock worth $101,000 after purchasing an additional 1,172 shares during the period. Finally, OFI Invest Asset Management acquired a new stake in shares of Best Buy in the fourth quarter worth $34,000. Hedge funds and other institutional investors own 80.96% of the company’s stock.

Wall Street Analyst Weigh In

Several equities research analysts have recently issued reports on BBY shares. Barclays dropped their price objective 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 Thursday, January 9th. DA Davidson dropped their price objective on shares of Best Buy from $117.00 to $110.00 and set a “buy” rating for the company in a research report on Wednesday, March 5th. Truist Financial dropped 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 report on Wednesday, March 5th. Evercore ISI dropped their price objective on shares of Best Buy from $95.00 to $80.00 and set an “in-line” rating for the company in a research report on Wednesday, March 5th. Finally, StockNews.com lowered shares of Best Buy from a “buy” rating to a “hold” rating in a research report on Friday, November 15th. Two analysts have rated the stock with a sell rating, nine have assigned a hold rating, nine have given a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has an average rating of “Hold” and a consensus target price of $93.50.

Best Buy Trading Up 1.8 %

Best Buy stock opened at $71.56 on Friday. The company has a market cap of $15.30 billion, a P/E ratio of 12.23, a PEG ratio of 2.10 and a beta of 1.43. The firm’s 50-day moving average is $84.40 and its 200-day moving average is $89.93. Best Buy Co., Inc. has a 1 year low of $69.29 and a 1 year high of $103.71. The company has a debt-to-equity ratio of 0.37, a quick ratio of 0.22 and a current ratio of 1.00.

Best Buy (NYSE:BBY) last issued its quarterly earnings data on Tuesday, March 4th. The technology retailer reported $2.58 earnings per share for the quarter, beating the consensus estimate of $2.40 by $0.18. The firm had revenue of $13.95 billion for the quarter, compared to the consensus estimate 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 last year, the firm posted $2.72 EPS. On average, equities analysts expect that Best Buy Co., Inc. will post 6.18 earnings per share for the current year.

Best Buy Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Tuesday, April 15th. Shareholders of record on Tuesday, March 25th will be paid a dividend of $0.95 per share. This is a boost from Best Buy’s previous quarterly dividend of $0.94. The ex-dividend date is Tuesday, March 25th. This represents a $3.80 annualized dividend and a yield of 5.31%. Best Buy’s dividend payout ratio (DPR) is presently 88.99%.

Insider Buying and Selling at Best Buy

In related news, CEO Corie S. Barry bought 13,500 shares of the stock in a transaction on Wednesday, March 12th. The shares were purchased at an average price of $72.92 per share, with a total value of $984,420.00. Following the purchase, the chief executive officer now owns 378,780 shares in the company, valued at approximately $27,620,637.60. This represents a 3.70 % increase in their ownership of the stock. The purchase was disclosed in a document filed with the SEC, which is available through this hyperlink. 0.59% of the stock is owned by corporate insiders.

Best Buy Company 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.