Best Buy Co., Inc. (NYSE:BBY) Shares Bought by Arrowstreet Capital Limited Partnership

Arrowstreet Capital Limited Partnership lifted its position in Best Buy Co., Inc. (NYSE:BBY - Free Report) by 101.4% during the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 1,114,928 shares of the technology retailer's stock after buying an additional 561,413 shares during the period. Arrowstreet Capital Limited Partnership owned approximately 0.52% of Best Buy worth $95,661,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other large investors also recently modified their holdings of the company. Cambridge Financial Group Inc. purchased a new stake in Best Buy during the fourth quarter valued at approximately $6,504,000. Transamerica Financial Advisors Inc. grew its holdings in Best Buy by 11.8% during the fourth quarter. Transamerica Financial Advisors Inc. now owns 9,163 shares of the technology retailer's stock valued at $787,000 after purchasing an additional 967 shares during the period. Allstate Corp bought a new position in shares of Best Buy in the fourth quarter worth about $507,000. Maridea Wealth Management LLC bought a new position in shares of Best Buy in the fourth quarter worth about $651,000. Finally, DnB Asset Management AS grew its stake in shares of Best Buy by 0.6% during the 4th quarter. DnB Asset Management AS now owns 36,564 shares of the technology retailer's stock valued at $3,137,000 after acquiring an additional 231 shares during the period. Institutional investors own 80.96% of the company's stock.

Best Buy Trading Down 17.8 %

Shares of BBY traded down $13.52 during trading on Thursday, reaching $62.22. 10,727,858 shares of the company traded hands, compared to its average volume of 3,085,639. The stock has a 50-day simple moving average of $81.98 and a 200-day simple moving average of $87.76. The company has a quick ratio of 0.22, a current ratio of 1.00 and a debt-to-equity ratio of 0.37. Best Buy Co., Inc. has a twelve month low of $61.91 and a twelve month high of $103.71. The stock has a market cap of $13.15 billion, a PE ratio of 10.64, a price-to-earnings-growth ratio of 2.10 and a beta of 1.43.

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Best Buy (NYSE:BBY - Get Free Report) last released its quarterly earnings results on Tuesday, March 4th. The technology retailer reported $2.58 EPS 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 business posted $2.72 earnings per share. On average, analysts anticipate 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 will be paid on Tuesday, April 15th. Stockholders of record on Tuesday, March 25th will be paid a $0.95 dividend. This is a positive change from Best Buy's previous quarterly dividend of $0.94. The ex-dividend date is Tuesday, March 25th. This represents a $3.80 annualized dividend and a dividend yield of 6.11%. Best Buy's dividend payout ratio (DPR) is presently 88.99%.

Insider Activity at Best Buy

In other Best Buy news, CFO Matthew M. Bilunas sold 51,000 shares of the stock in a transaction dated Monday, March 24th. The stock was sold at an average price of $74.20, for a total value of $3,784,200.00. Following the sale, the chief financial officer now owns 55,856 shares of the company's stock, valued at $4,144,515.20. This trade represents a 47.73 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CAO Mathew Watson sold 3,182 shares of the business's stock in a transaction dated Friday, March 14th. The stock was sold at an average price of $71.29, for a total value of $226,844.78. Following the transaction, the chief accounting officer now directly owns 19,218 shares of the company's stock, valued at approximately $1,370,051.22. This represents a 14.21 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders sold 78,355 shares of company stock worth $5,767,213. Corporate insiders own 0.59% of the company's stock.

Wall Street Analyst Weigh In

Several brokerages have weighed in on BBY. Guggenheim lowered their price target on shares of Best Buy from $105.00 to $90.00 and set a "buy" rating on the stock in a report on Wednesday, March 5th. UBS Group set a $105.00 price objective on Best Buy in a research report on Wednesday, March 5th. Truist Financial cut their target price on Best Buy from $95.00 to $81.00 and set a "hold" rating for the company in a research report on Wednesday, March 5th. Wells Fargo & Company lowered their price target on Best Buy from $89.00 to $85.00 and set an "equal weight" rating on the stock in a report on Wednesday, March 5th. Finally, Bank of America cut their price objective on shares of Best Buy from $80.00 to $75.00 and set an "underperform" rating for the company in a report on Wednesday, March 5th. Two research analysts have rated the stock with a sell rating, ten have given a hold rating, eight have issued a buy rating and one has given a strong buy rating to the company. According to MarketBeat, the company presently has an average rating of "Hold" and a consensus target price of $92.22.

About Best Buy

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.