Candriam S.C.A. Has $1.92 Million Holdings in Best Buy Co., Inc. (NYSE:BBY)

Candriam S.C.A. lessened its stake in shares of Best Buy Co., Inc. (NYSE:BBY - Free Report) by 93.6% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 22,340 shares of the technology retailer's stock after selling 324,535 shares during the quarter. Candriam S.C.A.'s holdings in Best Buy were worth $1,917,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also bought and sold shares of BBY. IFP Advisors Inc boosted its position in shares of Best Buy by 5.2% in the 4th quarter. IFP Advisors Inc now owns 2,538 shares of the technology retailer's stock worth $218,000 after purchasing an additional 125 shares in the last quarter. Rothschild Investment LLC increased its stake in shares of Best Buy by 19.7% in the 4th quarter. Rothschild Investment LLC now owns 861 shares of the technology retailer's stock valued at $74,000 after purchasing an additional 142 shares in the last quarter. Yousif Capital Management LLC increased its stake in shares of Best Buy by 0.5% in the 4th quarter. Yousif Capital Management LLC now owns 29,904 shares of the technology retailer's stock valued at $2,566,000 after purchasing an additional 145 shares in the last quarter. Access Investment Management LLC increased its stake in shares of Best Buy by 12.2% in the 3rd quarter. Access Investment Management LLC now owns 1,380 shares of the technology retailer's stock valued at $143,000 after purchasing an additional 150 shares in the last quarter. Finally, Claro Advisors LLC boosted its holdings in Best Buy by 5.7% in the 4th quarter. Claro Advisors LLC now owns 2,861 shares of the technology retailer's stock worth $246,000 after buying an additional 154 shares during the last quarter. Institutional investors own 80.96% of the company's stock.

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Analyst Ratings Changes

Several brokerages have recently weighed in on BBY. Truist Financial lowered their target price on Best Buy from $95.00 to $81.00 and set a "hold" rating on the stock in a report on Wednesday, March 5th. Jefferies Financial Group cut their price objective on Best Buy from $106.00 to $92.00 and set a "buy" rating on the stock in a research report on Tuesday, March 4th. Bank of America lowered their target price on shares of Best Buy from $80.00 to $75.00 and set an "underperform" rating for the company in a research note on Wednesday, March 5th. JPMorgan Chase & Co. decreased their price objective on shares of Best Buy from $115.00 to $110.00 and set an "overweight" rating for the company in a research note on Wednesday, March 5th. Finally, Telsey Advisory Group decreased their target price on shares of Best Buy from $110.00 to $100.00 and set an "outperform" rating for the company in a research note on Wednesday, March 5th. Two analysts have rated the stock with a sell rating, nine have issued a hold rating, nine have given a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, the company has an average rating of "Hold" and an average target price of $93.50.

Best Buy Stock Down 3.3 %

Shares of BBY traded down $2.41 during mid-day trading on Thursday, hitting $70.23. 3,381,070 shares of the company's stock were exchanged, compared to its average volume of 2,996,608. Best Buy Co., Inc. has a twelve month low of $69.29 and a twelve month high of $103.71. The firm has a fifty day moving average of $84.96 and a two-hundred day moving average of $90.19. The company has a quick ratio of 0.22, a current ratio of 1.00 and a debt-to-equity ratio of 0.37. The stock has a market cap of $15.02 billion, a price-to-earnings ratio of 12.01, a P/E/G ratio of 2.10 and a beta of 1.43.

Best Buy (NYSE:BBY - Get Free Report) last posted its earnings results on Tuesday, March 4th. The technology retailer reported $2.58 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $2.40 by $0.18. Best Buy had a net margin of 3.01% and a return on equity of 45.93%. The business had revenue of $13.95 billion for the quarter, compared to analyst estimates of $13.69 billion. During the same period last year, the business posted $2.72 EPS. On average, sell-side analysts forecast 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 issued a dividend of $0.95 per share. This represents a $3.80 dividend on an annualized basis and a dividend yield of 5.41%. This is an increase from Best Buy's previous quarterly dividend of $0.94. The ex-dividend date is Tuesday, March 25th. Best Buy's dividend payout ratio (DPR) is presently 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.