American Century Companies Inc. Has $45.99 Million Position in Best Buy Co., Inc. (NYSE:BBY)

American Century Companies Inc. lifted its stake in Best Buy Co., Inc. (NYSE:BBY - Free Report) by 56.7% in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 535,958 shares of the technology retailer's stock after buying an additional 193,830 shares during the period. American Century Companies Inc. owned about 0.25% of Best Buy worth $45,985,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also modified their holdings of BBY. Rakuten Securities Inc. lifted its holdings in shares of Best Buy by 971.9% during the fourth quarter. Rakuten Securities Inc. now owns 343 shares of the technology retailer's stock valued at $29,000 after acquiring an additional 311 shares during the period. Golden State Wealth Management LLC bought a new position in Best Buy during the 4th quarter valued at about $32,000. LRI Investments LLC lifted its holdings in Best Buy by 632.1% during the 3rd quarter. LRI Investments LLC now owns 388 shares of the technology retailer's stock valued at $40,000 after purchasing an additional 335 shares during the last quarter. OFI Invest Asset Management bought a new stake in Best Buy during the fourth quarter worth about $34,000. Finally, Trust Co. of Vermont grew its stake in Best Buy by 1,200.0% during the fourth quarter. Trust Co. of Vermont now owns 416 shares of the technology retailer's stock worth $36,000 after buying an additional 384 shares during the last quarter. Institutional investors own 80.96% of the company's stock.

Wall Street Analysts Forecast Growth

Several research analysts have recently commented on the company. Wedbush reissued a "neutral" rating and issued a $90.00 target price on shares of Best Buy in a report on Monday, March 3rd. Barclays reduced their price objective on Best Buy from $95.00 to $89.00 and set an "equal weight" rating on the stock in a research note on Thursday, January 9th. Piper Sandler lowered their target price on Best Buy from $102.00 to $92.00 and set an "overweight" rating for the company in a research note on Wednesday, March 5th. Bank of America decreased their price objective on shares of Best Buy from $80.00 to $75.00 and set an "underperform" rating on the stock in a report on Wednesday, March 5th. Finally, Guggenheim dropped their target price 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. Two analysts have rated the stock with a sell rating, nine have issued a hold rating, nine have issued a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, Best Buy presently has an average rating of "Hold" and an average price target of $93.50.

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Insider Transactions at Best Buy

In other news, insider Todd G. Hartman sold 4,893 shares of the company's stock in a transaction that occurred on Friday, March 21st. The shares were sold at an average price of $72.65, for a total value of $355,476.45. Following the completion of the transaction, the insider now owns 32,320 shares in the company, valued at $2,348,048. This represents a 13.15 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP Kathleen Scarlett sold 6,847 shares of the stock in a transaction dated Friday, March 21st. The stock was sold at an average price of $72.65, for a total value of $497,434.55. Following the transaction, the executive vice president now owns 87,389 shares of the company's stock, valued at approximately $6,348,810.85. This trade represents a 7.27 % decrease in their position. The disclosure for this sale 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. 0.59% of the stock is owned by company insiders.

Best Buy Trading Up 1.0 %

Shares of NYSE:BBY traded up $0.75 during mid-day trading on Tuesday, reaching $74.36. The stock had a trading volume of 2,346,416 shares, compared to its average volume of 3,054,623. The firm has a market cap of $15.72 billion, a PE ratio of 12.71, a price-to-earnings-growth ratio of 2.10 and a beta of 1.43. The firm has a 50 day simple moving average of $82.14 and a two-hundred day simple moving average of $87.84. 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 twelve month low of $69.29 and a twelve month high of $103.71.

Best Buy (NYSE:BBY - Get Free Report) last posted its earnings results on Tuesday, March 4th. The technology retailer reported $2.58 earnings per share for the quarter, topping the consensus estimate of $2.40 by $0.18. Best Buy had a net margin of 3.01% and a return on equity of 45.93%. The company had revenue of $13.95 billion for the quarter, compared to analyst estimates of $13.69 billion. During the same period last year, the business posted $2.72 earnings per share. On average, research analysts predict that Best Buy Co., Inc. will post 6.18 EPS for the current fiscal year.

Best Buy Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, April 15th. Shareholders of record on Tuesday, March 25th will be issued a $0.95 dividend. 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 5.11%. The ex-dividend date of this dividend is Tuesday, March 25th. Best Buy's dividend payout ratio is 88.99%.

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.