Artisan Partners Limited Partnership Boosts Stock Position in Best Buy Co., Inc. (NYSE:BBY)

Artisan Partners Limited Partnership increased its holdings in Best Buy Co., Inc. (NYSE:BBY - Free Report) by 70.2% during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 691,643 shares of the technology retailer's stock after acquiring an additional 285,320 shares during the period. Artisan Partners Limited Partnership owned about 0.32% of Best Buy worth $59,343,000 at the end of the most recent quarter.

Several other large investors have also added to or reduced their stakes in the business. Vanguard Group Inc. lifted its holdings in shares of Best Buy by 0.8% in the fourth quarter. Vanguard Group Inc. now owns 22,982,608 shares of the technology retailer's stock valued at $1,971,908,000 after purchasing an additional 191,161 shares in the last quarter. Charles Schwab Investment Management Inc. raised its position in Best Buy by 6.4% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 6,560,368 shares of the technology retailer's stock valued at $562,880,000 after buying an additional 395,415 shares during the last quarter. Raymond James Financial Inc. bought a new position in Best Buy during the 4th quarter valued at $514,483,000. Geode Capital Management LLC boosted its holdings in Best Buy by 2.5% during the 3rd quarter. Geode Capital Management LLC now owns 4,852,980 shares of the technology retailer's stock worth $499,954,000 after acquiring an additional 120,185 shares during the last quarter. Finally, Bank of New York Mellon Corp grew its stake in shares of Best Buy by 13.7% in 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 acquiring an additional 459,353 shares in the last quarter. Institutional investors own 80.96% of the company's stock.

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Best Buy Stock Performance

Shares of Best Buy stock traded up $0.75 during trading hours on Tuesday, reaching $74.36. The company had a trading volume of 2,346,416 shares, compared to its average volume of 3,054,628. 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 Co., Inc. has a one year low of $69.29 and a one year high of $103.71. 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 business has a fifty day simple moving average of $82.14 and a 200 day simple moving average of $87.84.

Best Buy (NYSE:BBY - Get Free Report) last issued its 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. Best Buy had a return on equity of 45.93% and a net margin of 3.01%. The business had revenue of $13.95 billion during the quarter, compared to the consensus estimate of $13.69 billion. During the same quarter last year, the company earned $2.72 EPS. On average, analysts anticipate that Best Buy Co., Inc. will post 6.18 earnings per share for the current fiscal year.

Best Buy Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, April 15th. Shareholders of record on Tuesday, March 25th will be paid a $0.95 dividend. The ex-dividend date of this dividend is Tuesday, March 25th. This is a boost from Best Buy's previous quarterly dividend of $0.94. This represents a $3.80 annualized dividend and a yield of 5.11%. Best Buy's dividend payout ratio is currently 88.99%.

Insider Buying and Selling at Best Buy

In other news, CAO Mathew Watson sold 3,182 shares of Best Buy stock in a transaction dated Friday, March 14th. The stock was sold at an average price of $71.29, for a total transaction of $226,844.78. Following the completion of the sale, the chief accounting officer now owns 19,218 shares in the company, valued at approximately $1,370,051.22. This trade represents a 14.21 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CEO Corie S. Barry acquired 13,500 shares of the firm's stock in a transaction that occurred on Wednesday, March 12th. The stock was bought at an average price of $72.92 per share, for a total transaction of $984,420.00. Following the completion of the transaction, the chief executive officer now owns 378,780 shares of the company's stock, valued at $27,620,637.60. The trade was a 3.70 % increase in their position. The disclosure for this purchase can be found here. Insiders sold a total of 78,355 shares of company stock valued at $5,767,213 in the last three months. Company insiders own 0.59% of the company's stock.

Analyst Ratings Changes

A number of research analysts recently weighed in on BBY shares. Piper Sandler dropped their price target on shares of Best Buy from $102.00 to $92.00 and set an "overweight" rating on the stock in a research report on Wednesday, March 5th. Wells Fargo & Company dropped their target price on shares of Best Buy from $89.00 to $85.00 and set an "equal weight" rating on the stock in a research report on Wednesday, March 5th. Morgan Stanley reduced their target price on Best Buy from $100.00 to $85.00 and set an "equal weight" rating for the company in a report on Wednesday, March 5th. Telsey Advisory Group dropped their price target on Best Buy from $110.00 to $100.00 and set an "outperform" rating on the stock in a report on Wednesday, March 5th. Finally, Citigroup decreased their target price on Best Buy from $105.00 to $93.00 and set a "buy" rating for the company in a research report on Wednesday, March 5th. Two research 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 company's stock. Based on data from MarketBeat.com, the stock presently has an average rating of "Hold" and a consensus price target of $93.50.

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.