Best Buy Co., Inc. (NYSE:BBY) Shares Bought by Principal Street Partners LLC

Principal Street Partners LLC raised its stake in Best Buy Co., Inc. (NYSE:BBY) by 0.8% in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 64,853 shares of the technology retailer’s stock after buying an additional 540 shares during the period. Principal Street Partners LLC’s holdings in Best Buy were worth $5,564,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors also recently modified their holdings of the company. Vanguard Group Inc. raised its holdings in Best Buy by 0.8% during the fourth quarter. Vanguard Group Inc. now owns 22,982,608 shares of the technology retailer’s stock worth $1,971,908,000 after purchasing an additional 191,161 shares during the last quarter. Charles Schwab Investment Management Inc. increased 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 buying an additional 395,415 shares in the last quarter. Raymond James Financial Inc. acquired a new position in shares of Best Buy during the 4th quarter worth $514,483,000. Geode Capital Management LLC raised its stake in shares of Best Buy by 4.9% during the 4th quarter. Geode Capital Management LLC now owns 5,092,820 shares of the technology retailer’s stock worth $436,210,000 after buying an additional 239,840 shares during the last quarter. Finally, Bank of New York Mellon Corp boosted its position 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 worth $328,136,000 after buying an additional 459,353 shares in the last quarter. 80.96% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several analysts have issued reports on the stock. KeyCorp reaffirmed a “sector weight” rating on shares of Best Buy in a report on Wednesday, March 5th. Guggenheim reduced their target price on Best Buy from $105.00 to $90.00 and set a “buy” rating on the stock in a research note on Wednesday, March 5th. DA Davidson reissued a “buy” rating and set a $110.00 price target on shares of Best Buy in a research report on Monday, April 14th. Truist Financial cut their price target on Best Buy from $81.00 to $64.00 and set a “hold” rating for the company in a report on Tuesday, April 8th. Finally, Wells Fargo & Company decreased their price objective on Best Buy from $85.00 to $75.00 and set an “equal weight” rating on the stock in a research note on Monday. Two equities research analysts have rated the stock with a sell rating, ten have assigned a hold rating, eight have assigned a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat.com, the company currently has an average rating of “Hold” and a consensus price target of $90.72.

Best Buy Stock Performance

Shares of BBY stock opened at $71.53 on Tuesday. The company has a debt-to-equity ratio of 0.37, a quick ratio of 0.22 and a current ratio of 1.00. The firm has a market capitalization of $15.14 billion, a price-to-earnings ratio of 12.23, a price-to-earnings-growth ratio of 2.10 and a beta of 1.27. Best Buy Co., Inc. has a one year low of $54.99 and a one year high of $103.71. The company has a 50 day moving average price of $67.88 and a 200 day moving average price of $80.07.

Best Buy (NYSE:BBY) last announced its quarterly earnings data on Tuesday, March 4th. The technology retailer reported $2.58 earnings per share (EPS) for the quarter, beating the consensus estimate 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 previous year, the company earned $2.72 EPS. Sell-side analysts anticipate that Best Buy Co., Inc. will post 6.18 EPS for the current year.

Best Buy Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Tuesday, April 15th. Investors of record on Tuesday, March 25th were given a dividend of $0.95 per share. This represents a $3.80 dividend on an annualized basis and a yield of 5.31%. The ex-dividend date was Tuesday, March 25th. This is an increase from Best Buy’s previous quarterly dividend of $0.94. Best Buy’s dividend payout ratio is 88.99%.

Insider Buying and Selling

In related news, insider Todd G. Hartman sold 4,893 shares of the stock in a transaction on Friday, March 21st. The stock was sold at an average price of $72.65, for a total value of $355,476.45. Following the completion of the sale, the insider now directly owns 32,320 shares in the company, valued at approximately $2,348,048. This represents a 13.15% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CFO Matthew M. Bilunas sold 51,000 shares of the firm’s stock in a transaction dated Monday, March 24th. The shares were sold at an average price of $74.20, for a total value of $3,784,200.00. Following the completion of the transaction, the chief financial officer now directly owns 55,856 shares in the company, valued at $4,144,515.20. This trade represents a 47.73% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders sold 78,355 shares of company stock valued at $5,767,213. 0.47% of the stock is currently owned by corporate 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.