Avanza Fonder AB Takes $1.85 Million Position in Best Buy Co., Inc. (NYSE:BBY)

Avanza Fonder AB acquired a new position in shares of Best Buy Co., Inc. (NYSE:BBY - Free Report) in the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor acquired 21,537 shares of the technology retailer's stock, valued at approximately $1,848,000.

A number of other hedge funds also recently made changes to their positions in the stock. Harbor Capital Advisors Inc. bought a new stake in shares of Best Buy during the third quarter worth $40,000. LRI Investments LLC raised its position in Best Buy by 632.1% in the third 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. Brooklyn Investment Group acquired a new stake in shares of Best Buy during the third quarter valued at about $44,000. Benjamin Edwards Inc. grew its holdings in shares of Best Buy by 50.8% during the second quarter. Benjamin Edwards Inc. now owns 493 shares of the technology retailer's stock worth $42,000 after purchasing an additional 166 shares during the last quarter. Finally, Abich Financial Wealth Management LLC raised its holdings in Best Buy by 959.6% in the 3rd quarter. Abich Financial Wealth Management LLC now owns 551 shares of the technology retailer's stock valued at $57,000 after buying an additional 499 shares during the last quarter. 80.96% of the stock is currently owned by institutional investors and hedge funds.

Best Buy Stock Down 0.4 %

NYSE BBY traded down $0.30 during trading hours on Friday, hitting $81.91. The company's stock had a trading volume of 2,974,891 shares, compared to its average volume of 2,243,368. The company's 50-day simple moving average is $87.17 and its two-hundred day simple moving average is $90.15. Best Buy Co., Inc. has a 52 week low of $69.29 and a 52 week high of $103.71. The company has a market capitalization of $17.51 billion, a PE ratio of 14.00, a price-to-earnings-growth ratio of 2.09 and a beta of 1.43. 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 (NYSE:BBY - Get Free Report) last released its earnings results on Tuesday, November 26th. The technology retailer reported $1.26 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.30 by ($0.04). The business had revenue of $9.45 billion during the quarter, compared to the consensus estimate of $9.63 billion. Best Buy had a net margin of 3.01% and a return on equity of 45.93%. The business's revenue was down 3.2% on a year-over-year basis. During the same period in the prior year, the company earned $1.29 earnings per share. Research analysts anticipate that Best Buy Co., Inc. will post 6.18 EPS for the current fiscal year.

Best Buy Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Tuesday, January 7th. Stockholders of record on Tuesday, December 17th were given a dividend of $0.94 per share. The ex-dividend date was Tuesday, December 17th. This represents a $3.76 dividend on an annualized basis and a dividend yield of 4.59%. Best Buy's dividend payout ratio is presently 64.27%.

Wall Street Analyst Weigh In

Several research firms have recently issued reports on BBY. Loop Capital reaffirmed a "buy" rating and set a $100.00 price target on shares of Best Buy in a research note on Wednesday, December 18th. DA Davidson reiterated a "buy" rating and issued a $117.00 price target on shares of Best Buy in a research report on Tuesday, October 15th. Truist Financial cut their price objective on Best Buy from $107.00 to $95.00 and set a "hold" rating on the stock in a research note on Wednesday, November 27th. StockNews.com cut shares of Best Buy from a "buy" rating to a "hold" rating in a research report on Friday, November 15th. Finally, Wells Fargo & Company cut their price target on shares of Best Buy from $95.00 to $89.00 and set an "equal weight" rating on the stock in a research report on Wednesday, November 27th. One analyst has rated the stock with a sell rating, eight have assigned a hold rating, ten have issued a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and an average target price of $100.72.

Insiders Place Their Bets

In other news, CFO Matthew M. Bilunas sold 69,166 shares of the stock in a transaction dated Wednesday, December 11th. The shares were sold at an average price of $87.46, for a total value of $6,049,258.36. Following the sale, the chief financial officer now directly owns 92,070 shares of the company's stock, valued at approximately $8,052,442.20. This represents a 42.90 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Company insiders own 0.59% of the company's stock.

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.