Lbp Am Sa Has $1.38 Million Position in Best Buy Co., Inc. (NYSE:BBY)

Lbp Am Sa reduced its holdings in Best Buy Co., Inc. (NYSE:BBY) by 86.0% during the 4th quarter, according to the company in its most recent disclosure with the SEC. The fund owned 16,028 shares of the technology retailer’s stock after selling 98,535 shares during the quarter. Lbp Am Sa’s holdings in Best Buy were worth $1,375,000 as of its most recent filing with the SEC.

Several other hedge funds and other institutional investors also recently made changes to their positions in the business. Charles Schwab Investment Management Inc. grew its position in shares of Best Buy by 6.4% in the fourth 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 during the last quarter. Raymond James Financial Inc. acquired a new stake in shares of Best Buy in the fourth quarter valued at about $514,483,000. Geode Capital Management LLC grew its position in shares of Best Buy by 2.5% in the third quarter. Geode Capital Management LLC now owns 4,852,980 shares of the technology retailer’s stock valued at $499,954,000 after purchasing an additional 120,185 shares during the last quarter. Bank of New York Mellon Corp grew its position in shares of Best Buy by 13.7% in the fourth 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 during the last quarter. Finally, Allianz Asset Management GmbH lifted its stake in shares of Best Buy by 17.3% in the fourth quarter. Allianz Asset Management GmbH now owns 1,606,242 shares of the technology retailer’s stock valued at $137,816,000 after buying an additional 236,524 shares during the period. 80.96% of the stock is owned by institutional investors and hedge funds.

Best Buy Stock Performance

NYSE BBY opened at $71.56 on Friday. The firm has a market cap of $15.30 billion, a price-to-earnings ratio of 12.23, a PEG ratio of 2.10 and a beta of 1.43. The company has a 50 day moving average of $84.40 and a 200-day moving average of $89.94. 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 1-year low of $69.29 and a 1-year high of $103.71.

Best Buy (NYSE:BBY) last issued its quarterly earnings results on Tuesday, March 4th. The technology retailer reported $2.58 earnings per share for the quarter, beating analysts’ consensus estimates of $2.40 by $0.18. The business had revenue of $13.95 billion during the quarter, compared to analyst estimates of $13.69 billion. Best Buy had a net margin of 3.01% and a return on equity of 45.93%. During the same quarter last year, the business posted $2.72 earnings per share. On average, equities analysts forecast that Best Buy Co., Inc. will post 6.18 earnings per share for the current fiscal year.

Best Buy Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, April 15th. Investors of record on Tuesday, March 25th will be issued a $0.95 dividend. The ex-dividend date of this dividend is Tuesday, March 25th. This represents a $3.80 dividend on an annualized basis and a dividend yield of 5.31%. This is a positive change from Best Buy’s previous quarterly dividend of $0.94. Best Buy’s dividend payout ratio (DPR) is currently 88.99%.

Insider Activity at Best Buy

In related news, CEO Corie S. Barry purchased 13,500 shares of the 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 acquisition, the chief executive officer now directly owns 378,780 shares in the company, valued at approximately $27,620,637.60. This trade represents a 3.70 % increase in their position. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. 0.59% of the stock is currently owned by company insiders.

Analysts Set New Price Targets

Several equities research analysts recently weighed in on BBY shares. UBS Group set a $105.00 target price on shares of Best Buy in a research note on Wednesday, March 5th. JPMorgan Chase & Co. reduced their target price 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. Telsey Advisory Group cut their price target on shares of Best Buy from $110.00 to $100.00 and set an “outperform” rating for the company in a research note on Wednesday, March 5th. Guggenheim cut 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 note on Wednesday, March 5th. Finally, Piper Sandler cut their price target on shares of Best Buy from $102.00 to $92.00 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 issued a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat, the stock currently has a consensus rating of “Hold” and an average target price of $93.50.

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.