Alliancebernstein L.P. Sells 58,023 Shares of Best Buy Co., Inc. (NYSE:BBY)

Alliancebernstein L.P. lessened its stake in shares of Best Buy Co., Inc. (NYSE:BBY - Free Report) by 19.4% during the fourth quarter, according to the company in its most recent disclosure with the SEC. The fund owned 240,484 shares of the technology retailer's stock after selling 58,023 shares during the quarter. Alliancebernstein L.P. owned approximately 0.11% of Best Buy worth $20,634,000 as of its most recent SEC filing.

Several other institutional investors also recently modified their holdings of the stock. Raymond James Financial Inc. bought a new stake in Best Buy during the 4th quarter worth $514,483,000. Norges Bank bought a new stake in shares of Best Buy during the fourth quarter worth about $178,015,000. Arrowstreet Capital Limited Partnership grew its holdings in shares of Best Buy by 101.4% during the fourth quarter. Arrowstreet Capital Limited Partnership now owns 1,114,928 shares of the technology retailer's stock worth $95,661,000 after purchasing an additional 561,413 shares during the last quarter. Nordea Investment Management AB raised its holdings in Best Buy by 563.8% in the 4th quarter. Nordea Investment Management AB now owns 592,460 shares of the technology retailer's stock valued at $50,643,000 after buying an additional 503,204 shares during the last quarter. Finally, Bank of New York Mellon Corp boosted its position in Best Buy by 13.7% during 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 during the period. 80.96% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity at Best Buy

In other Best Buy news, CAO Mathew Watson sold 3,182 shares of Best Buy stock in a transaction that occurred on Friday, March 14th. The shares were sold at an average price of $71.29, for a total transaction of $226,844.78. Following the transaction, the chief accounting officer now owns 19,218 shares of the company's stock, valued at $1,370,051.22. This trade represents a 14.21 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Corie S. Barry bought 13,500 shares of Best Buy stock in a transaction dated Wednesday, March 12th. The stock was acquired 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 $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. Insiders have sold a total of 78,355 shares of company stock valued at $5,767,213 over the last 90 days. Insiders own 0.59% of the company's stock.

Best Buy Stock Up 1.2 %

Best Buy stock traded up $0.72 during mid-day trading on Friday, reaching $60.47. The stock had a trading volume of 5,163,129 shares, compared to its average volume of 3,226,509. Best Buy Co., Inc. has a fifty-two week low of $54.99 and a fifty-two week high of $103.71. The stock's 50-day simple moving average is $77.46 and its 200-day simple moving average is $85.45. 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 $12.78 billion, a PE ratio of 10.34, a price-to-earnings-growth ratio of 2.10 and a beta of 1.42.

Best Buy (NYSE:BBY - Get Free Report) last released its quarterly earnings data 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. 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 analyst estimates of $13.69 billion. During the same period last year, the firm earned $2.72 earnings per share. On average, sell-side analysts forecast that Best Buy Co., Inc. will post 6.18 EPS for the current fiscal year.

Best Buy Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, April 15th. Stockholders of record on Tuesday, March 25th will be paid a $0.95 dividend. The ex-dividend date is Tuesday, March 25th. This is an increase from Best Buy's previous quarterly dividend of $0.94. This represents a $3.80 annualized dividend and a dividend yield of 6.28%. Best Buy's dividend payout ratio is 88.99%.

Analyst Upgrades and Downgrades

BBY has been the subject of several analyst reports. Piper Sandler dropped 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. Truist Financial lowered their target price on Best Buy from $81.00 to $64.00 and set a "hold" rating for the company in a research report on Tuesday. Wells Fargo & Company decreased their price target on Best Buy from $89.00 to $85.00 and set an "equal weight" rating for the company in a research note on Wednesday, March 5th. Guggenheim cut their price objective 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. Finally, Bank of America decreased their target price 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. Two equities research analysts have rated the stock with a sell rating, ten have issued a hold rating, eight have assigned a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, the stock has an average rating of "Hold" and an average price target of $91.28.

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.