Best Buy Co., Inc. (NYSE:BBY) Shares Bought by PGGM Investments

PGGM Investments grew its position in Best Buy Co., Inc. (NYSE:BBY - Free Report) by 515.1% during the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 13,021 shares of the technology retailer's stock after acquiring an additional 10,904 shares during the quarter. PGGM Investments' holdings in Best Buy were worth $1,117,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other large investors have also added to or reduced their stakes in BBY. HBK Sorce Advisory LLC boosted its holdings in shares of Best Buy by 27.9% in the 4th quarter. HBK Sorce Advisory LLC now owns 2,521 shares of the technology retailer's stock worth $216,000 after purchasing an additional 550 shares during the period. Erste Asset Management GmbH boosted its holdings in shares of Best Buy by 2.0% in the 4th quarter. Erste Asset Management GmbH now owns 75,200 shares of the technology retailer's stock worth $6,620,000 after purchasing an additional 1,500 shares during the period. Achmea Investment Management B.V. boosted its holdings in shares of Best Buy by 0.6% in the 4th quarter. Achmea Investment Management B.V. now owns 160,292 shares of the technology retailer's stock worth $13,754,000 after purchasing an additional 954 shares during the period. Rakuten Securities Inc. boosted its holdings in shares of Best Buy by 971.9% in the 4th quarter. Rakuten Securities Inc. now owns 343 shares of the technology retailer's stock worth $29,000 after purchasing an additional 311 shares during the period. Finally, Avantax Advisory Services Inc. boosted its holdings in shares of Best Buy by 13.4% in the 4th quarter. Avantax Advisory Services Inc. now owns 8,238 shares of the technology retailer's stock worth $707,000 after purchasing an additional 974 shares during the period. Institutional investors own 80.96% of the company's stock.

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Analysts Set New Price Targets

A number of equities analysts have recently commented on BBY shares. Piper Sandler dropped 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. Jefferies Financial Group dropped their target price on Best Buy from $106.00 to $92.00 and set a "buy" rating for the company in a report on Tuesday, March 4th. DA Davidson dropped their target price on Best Buy from $117.00 to $110.00 and set a "buy" rating for the company in a report on Wednesday, March 5th. Truist Financial dropped their price objective on Best Buy from $95.00 to $81.00 and set a "hold" rating for the company in a report on Wednesday, March 5th. Finally, Morgan Stanley dropped their price objective 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. Two analysts have rated the stock with a sell rating, nine have issued a hold rating, nine have issued a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, Best Buy has a consensus rating of "Hold" and a consensus price target of $93.50.

Best Buy Stock Down 0.9 %

NYSE BBY traded down $0.67 on Tuesday, reaching $73.10. 2,396,356 shares of the stock traded hands, compared to its average volume of 3,064,011. The company has a debt-to-equity ratio of 0.37, a quick ratio of 0.22 and a current ratio of 1.00. The company has a fifty day moving average price of $84.18 and a 200-day moving average price of $89.77. The company has a market cap of $15.63 billion, a price-to-earnings ratio of 12.50, a PEG ratio of 2.10 and a beta of 1.43. Best Buy Co., Inc. has a 12 month low of $69.29 and a 12 month high of $103.71.

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 firm 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 in the previous year, the company posted $2.72 EPS. As a group, research analysts forecast that Best Buy Co., Inc. will post 6.18 EPS for the current fiscal year.

Best Buy Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, April 15th. Stockholders of record on Tuesday, March 25th will be given a $0.95 dividend. This represents a $3.80 annualized dividend and a dividend yield of 5.20%. This is a positive change from Best Buy's previous quarterly dividend of $0.94. The ex-dividend date of this dividend is Tuesday, March 25th. Best Buy's payout ratio is presently 88.99%.

Insider Transactions at Best Buy

In related news, CEO Corie S. Barry purchased 13,500 shares of Best Buy stock in a transaction dated Wednesday, March 12th. The stock was purchased at an average cost of $72.92 per share, with a total value of $984,420.00. Following the transaction, the chief executive officer now owns 378,780 shares in the company, valued at approximately $27,620,637.60. The trade was a 3.70 % increase in their position. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Corporate insiders own 0.59% of the company's stock.

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.