Vident Advisory LLC Grows Stock Holdings in Best Buy Co., Inc. (NYSE:BBY)

Vident Advisory LLC raised its stake in Best Buy Co., Inc. (NYSE:BBY) by 165.4% in the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 51,876 shares of the technology retailer’s stock after buying an additional 32,329 shares during the period. Vident Advisory LLC’s holdings in Best Buy were worth $4,451,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other large investors also recently added to or reduced their stakes in the company. Rakuten Securities Inc. boosted its position in Best Buy by 971.9% in the 4th quarter. Rakuten Securities Inc. now owns 343 shares of the technology retailer’s stock valued at $29,000 after buying an additional 311 shares during the period. Golden State Wealth Management LLC purchased a new stake in shares of Best Buy in the 4th quarter worth approximately $32,000. Atlas Capital Advisors Inc. lifted its position in shares of Best Buy by 186.9% in the 4th quarter. Atlas Capital Advisors Inc. now owns 373 shares of the technology retailer’s stock worth $32,000 after purchasing an additional 243 shares during the period. Ancora Advisors LLC lifted its position in shares of Best Buy by 18,700.0% in the 4th quarter. Ancora Advisors LLC now owns 376 shares of the technology retailer’s stock worth $32,000 after purchasing an additional 374 shares during the period. Finally, OFI Invest Asset Management purchased a new stake in shares of Best Buy in the 4th quarter worth approximately $34,000. 80.96% of the stock is owned by hedge funds and other institutional investors.

Best Buy Stock Performance

Shares of NYSE BBY opened at $71.04 on Wednesday. The company’s fifty day moving average price is $67.89 and its 200 day moving average price is $80.01. Best Buy Co., Inc. has a 1 year low of $54.99 and a 1 year high of $103.71. The company has a market capitalization of $15.04 billion, a PE ratio of 12.14, a price-to-earnings-growth ratio of 2.10 and a beta of 1.27. 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 announced its quarterly earnings results on Tuesday, March 4th. The technology retailer reported $2.58 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.40 by $0.18. Best Buy had a net margin of 3.01% and a return on equity of 45.93%. The firm had revenue of $13.95 billion for the quarter, compared to the consensus estimate of $13.69 billion. During the same period in the prior year, the firm posted $2.72 earnings per share. On average, research analysts predict that Best Buy Co., Inc. will post 6.18 earnings per share for the current year.

Best Buy Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Tuesday, April 15th. Investors of record on Tuesday, March 25th were issued a dividend of $0.95 per share. The ex-dividend date was Tuesday, March 25th. This is an increase from Best Buy’s previous quarterly dividend of $0.94. This represents a $3.80 dividend on an annualized basis and a yield of 5.35%. Best Buy’s dividend payout ratio is 88.99%.

Analyst Upgrades and Downgrades

Several equities research analysts have recently weighed in on the stock. Wells Fargo & Company lowered their price target on shares of Best Buy from $85.00 to $75.00 and set an “equal weight” rating for the company in a research report on Monday. Piper Sandler lowered 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 report on Wednesday, March 5th. Bank of America lowered their price target on shares of Best Buy from $80.00 to $75.00 and set an “underperform” rating for the company in a research report on Wednesday, March 5th. Telsey Advisory Group lowered 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 report on Wednesday, March 5th. Finally, Evercore ISI lowered their price target 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. Two analysts have rated the stock with a sell rating, ten have issued a hold rating, eight have assigned a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, Best Buy has an average rating of “Hold” and an average target price of $90.72.

Insider Buying and Selling

In other news, CEO Corie S. Barry purchased 13,500 shares of the stock in a transaction that occurred on Wednesday, March 12th. The shares were purchased at an average cost of $72.92 per share, with a total value of $984,420.00. Following the completion of the acquisition, the chief executive officer now owns 378,780 shares of the company’s stock, valued at approximately $27,620,637.60. This represents a 3.70% increase in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CFO Matthew M. Bilunas sold 51,000 shares of the stock in a transaction on Monday, March 24th. The shares were sold at an average price of $74.20, for a total transaction of $3,784,200.00. Following the transaction, the chief financial officer now directly owns 55,856 shares in the company, valued at approximately $4,144,515.20. The trade was a 47.73% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 78,355 shares of company stock valued at $5,767,213. Corporate insiders own 0.47% of the company’s stock.

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.