APG Asset Management N.V. Purchases New Stake in Best Buy Co., Inc. (NYSE:BBY)

APG Asset Management N.V. purchased a new stake in Best Buy Co., Inc. (NYSE:BBY - Free Report) in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 109,500 shares of the technology retailer's stock, valued at approximately $9,073,000. APG Asset Management N.V. owned about 0.05% of Best Buy as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds and other institutional investors have also recently bought and sold shares of the company. Raymond James Financial Inc. acquired a new position in Best Buy during the 4th quarter worth about $514,483,000. Norges Bank bought a new stake in Best Buy during the fourth quarter worth $178,015,000. Invesco Ltd. increased its position in shares of Best Buy by 20.5% during the fourth quarter. Invesco Ltd. now owns 3,692,118 shares of the technology retailer's stock worth $316,784,000 after buying an additional 629,180 shares during the period. Arrowstreet Capital Limited Partnership boosted its position in 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 valued at $95,661,000 after acquiring an additional 561,413 shares during the last quarter. Finally, Nordea Investment Management AB increased its stake in shares of 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 acquiring an additional 503,204 shares in the last quarter. 80.96% of the stock is owned by institutional investors and hedge funds.

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Best Buy Stock Performance

Shares of BBY traded down $0.80 during mid-day trading on Wednesday, reaching $60.34. 941,726 shares of the company's stock were exchanged, compared to its average volume of 3,248,343. Best Buy Co., Inc. has a 52-week low of $54.99 and a 52-week high of $103.71. The stock has a market capitalization of $12.75 billion, a PE ratio of 10.31, a price-to-earnings-growth ratio of 2.10 and a beta of 1.42. The business's fifty day simple moving average is $76.47 and its 200-day simple moving average is $84.90. The company has a debt-to-equity ratio of 0.37, a current ratio of 1.00 and a quick ratio of 0.22.

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, topping the consensus estimate 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 return on equity of 45.93% and a net margin of 3.01%. During the same period last year, the company posted $2.72 EPS. On average, equities research analysts expect that Best Buy Co., Inc. will post 6.18 earnings per share for the current year.

Best Buy Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, April 15th. Shareholders of record on Tuesday, March 25th were paid a $0.95 dividend. This represents a $3.80 dividend on an annualized basis and a yield of 6.30%. 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 other news, CFO Matthew M. Bilunas sold 51,000 shares of the business'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 sale, the chief financial officer now owns 55,856 shares in the company, valued at approximately $4,144,515.20. The trade was a 47.73 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CAO Mathew Watson sold 3,182 shares of the firm's stock in a transaction on Friday, March 14th. The shares were sold at an average price of $71.29, for a total value of $226,844.78. Following the completion of the transaction, the chief accounting officer now owns 19,218 shares in the company, valued at $1,370,051.22. The trade was a 14.21 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 78,355 shares of company stock worth $5,767,213 over the last ninety days. 0.59% of the stock is owned by corporate insiders.

Analyst Ratings Changes

Several research firms recently weighed in on BBY. UBS Group set a $105.00 price target on shares of Best Buy in a report on Wednesday, March 5th. Jefferies Financial Group dropped their price objective on shares of Best Buy from $106.00 to $92.00 and set a "buy" rating for the company in a research note on Tuesday, March 4th. Bank of America decreased their target price on Best Buy from $80.00 to $75.00 and set an "underperform" rating for the company in a research note on Wednesday, March 5th. Piper Sandler cut their price objective on Best Buy from $102.00 to $92.00 and set an "overweight" rating on the stock in a research report on Wednesday, March 5th. Finally, DA Davidson reaffirmed a "buy" rating and set a $110.00 target price on shares of Best Buy in a report on Monday. 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. Based on data from MarketBeat, the stock has a consensus rating of "Hold" and a consensus 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.