Aviva PLC Cuts Position in Best Buy Co., Inc. (NYSE:BBY)

Aviva PLC reduced its stake in shares of Best Buy Co., Inc. (NYSE:BBY - Free Report) by 28.5% in the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 300,148 shares of the technology retailer's stock after selling 119,856 shares during the quarter. Aviva PLC owned approximately 0.14% of Best Buy worth $25,753,000 at the end of the most recent quarter.

A number of other hedge funds have also recently made changes to their positions in BBY. Rakuten Securities Inc. boosted its position in Best Buy by 971.9% in the 4th quarter. Rakuten Securities Inc. now owns 343 shares of the technology retailer's stock valued at $29,000 after buying an additional 311 shares during the period. Golden State Wealth Management LLC bought a new stake in shares of Best Buy during the fourth quarter valued at approximately $32,000. Atlas Capital Advisors Inc. boosted its holdings in shares of Best Buy by 186.9% in the fourth quarter. Atlas Capital Advisors Inc. now owns 373 shares of the technology retailer's stock valued at $32,000 after purchasing an additional 243 shares during the period. OFI Invest Asset Management bought a new position in Best Buy in the fourth quarter worth approximately $34,000. Finally, Trust Co. of Vermont increased its holdings in Best Buy by 1,200.0% during the 4th quarter. Trust Co. of Vermont now owns 416 shares of the technology retailer's stock worth $36,000 after purchasing an additional 384 shares during the period. 80.96% of the stock is currently owned by institutional investors.

Insider Buying and Selling at Best Buy

In other Best Buy news, CFO Matthew M. Bilunas sold 51,000 shares of the company's stock in a transaction that occurred on 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 in the company, valued at approximately $4,144,515.20. This represents a 47.73 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Also, insider Todd G. Hartman sold 4,893 shares of Best Buy stock in a transaction that occurred on Friday, March 21st. The shares were sold at an average price of $72.65, for a total transaction of $355,476.45. Following the transaction, the insider now directly owns 32,320 shares of the company's stock, valued at approximately $2,348,048. This trade represents a 13.15 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders sold 78,355 shares of company stock worth $5,767,213. Insiders own 0.59% of the company's stock.

Analyst Upgrades and Downgrades

Several equities research analysts have weighed in on BBY shares. 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 report on Wednesday, March 5th. Truist Financial dropped their target price on shares of Best Buy from $81.00 to $64.00 and set a "hold" rating on the stock in a report on Tuesday. Morgan Stanley reduced their price target on shares of Best Buy from $100.00 to $85.00 and set an "equal weight" rating for the company in a report on Wednesday, March 5th. Wedbush reiterated a "neutral" rating and set a $90.00 price objective on shares of Best Buy in a research note on Monday, March 3rd. Finally, Evercore ISI cut their price objective on shares of Best Buy from $95.00 to $80.00 and set an "in-line" rating on the stock 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. Based on data from MarketBeat, Best Buy presently has an average rating of "Hold" and a consensus price target of $91.28.

Best Buy Stock Performance

BBY stock traded down $1.31 during midday trading on Friday, reaching $58.44. The stock had a trading volume of 2,102,080 shares, compared to its average volume of 3,211,720. The company has a debt-to-equity ratio of 0.37, a quick ratio of 0.22 and a current ratio of 1.00. 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 cap of $12.35 billion, a PE ratio of 9.97, a P/E/G ratio of 2.10 and a beta of 1.42. The firm has a fifty day simple moving average of $77.95 and a two-hundred day simple moving average of $85.71.

Best Buy (NYSE:BBY - Get Free Report) last announced its quarterly earnings data on Tuesday, March 4th. The technology retailer reported $2.58 EPS for the quarter, beating the consensus estimate of $2.40 by $0.18. The business had revenue of $13.95 billion during the quarter, compared to analysts' expectations of $13.69 billion. Best Buy had a net margin of 3.01% and a return on equity of 45.93%. During the same period in the previous year, the business posted $2.72 EPS. As a group, equities research analysts anticipate that Best Buy Co., Inc. will post 6.18 EPS for the current year.

Best Buy Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, April 15th. Shareholders of record on Tuesday, March 25th will be given a dividend of $0.95 per share. This is an increase from Best Buy's previous quarterly dividend of $0.94. This represents a $3.80 annualized dividend and a yield of 6.50%. The ex-dividend date is Tuesday, March 25th. Best Buy's dividend payout ratio (DPR) is currently 88.99%.

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.