abrdn plc Sells 32,542 Shares of Best Buy Co., Inc. (NYSE:BBY)

abrdn plc reduced its stake in Best Buy Co., Inc. (NYSE:BBY - Free Report) by 3.7% during the 4th quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 842,995 shares of the technology retailer's stock after selling 32,542 shares during the quarter. abrdn plc owned about 0.39% of Best Buy worth $72,009,000 at the end of the most recent reporting period.

Several other large investors have also recently bought and sold shares of the stock. Nordea Investment Management AB increased its holdings in shares of Best Buy by 563.8% during the fourth quarter. Nordea Investment Management AB now owns 592,460 shares of the technology retailer's stock worth $50,643,000 after purchasing an additional 503,204 shares during the period. National Bank of Canada FI increased its holdings in shares of Best Buy by 817.4% during the third quarter. National Bank of Canada FI now owns 537,886 shares of the technology retailer's stock worth $55,564,000 after purchasing an additional 479,256 shares during the period. Charles Schwab Investment Management Inc. increased its holdings in shares of Best Buy by 4.1% during the third quarter. Charles Schwab Investment Management Inc. now owns 6,164,953 shares of the technology retailer's stock worth $636,840,000 after purchasing an additional 241,988 shares during the period. Franklin Resources Inc. increased its holdings in shares of Best Buy by 36.5% during the third quarter. Franklin Resources Inc. now owns 753,471 shares of the technology retailer's stock worth $73,016,000 after purchasing an additional 201,562 shares during the period. Finally, TCW Group Inc. increased its holdings in shares of Best Buy by 156.6% during the third quarter. TCW Group Inc. now owns 316,593 shares of the technology retailer's stock worth $32,704,000 after purchasing an additional 193,209 shares during the period. 80.96% of the stock is owned by institutional investors.

Insider Buying and Selling

In other news, CFO Matthew M. Bilunas sold 69,166 shares of the stock in a transaction on 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 transaction, the chief financial officer now owns 92,070 shares of the company's stock, valued at $8,052,442.20. This represents a 42.90 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. 0.59% of the stock is currently owned by insiders.

Analysts Set New Price Targets

Several research analysts have recently commented on the stock. Guggenheim lowered their target price on shares of Best Buy from $110.00 to $105.00 and set a "buy" rating on the stock in a report on Friday, November 29th. StockNews.com lowered shares of Best Buy from a "buy" rating to a "hold" rating in a research report on Friday, November 15th. JPMorgan Chase & Co. increased their price target on shares of Best Buy from $111.00 to $117.00 and gave the stock an "overweight" rating in a research report on Friday, November 22nd. UBS Group reduced their price target on shares of Best Buy from $123.00 to $115.00 and set a "buy" rating on the stock in a research report on Wednesday, November 27th. Finally, Wells Fargo & Company reduced 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 equities research analyst has rated the stock with a sell rating, eight have issued a hold rating, ten have issued a buy rating and one has given a strong buy rating to the company. According to MarketBeat, Best Buy presently has an average rating of "Moderate Buy" and an average price target of $101.72.

Best Buy Stock Performance

Shares of NYSE BBY traded down $1.13 during midday trading on Friday, hitting $84.81. The company's stock had a trading volume of 2,805,207 shares, compared to its average volume of 2,279,853. The stock has a fifty day moving average price of $85.86 and a 200 day moving average price of $90.02. Best Buy Co., Inc. has a one year low of $69.29 and a one year high of $103.71. The company has a current ratio of 1.00, a quick ratio of 0.22 and a debt-to-equity ratio of 0.37. The firm has a market capitalization of $18.13 billion, a price-to-earnings ratio of 14.50, a P/E/G ratio of 2.01 and a beta of 1.43.

Best Buy (NYSE:BBY - Get Free Report) last posted its quarterly 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). Best Buy had a net margin of 3.01% and a return on equity of 45.93%. The business had revenue of $9.45 billion during the quarter, compared to the consensus estimate of $9.63 billion. During the same period last year, the firm earned $1.29 EPS. The business's revenue for the quarter was down 3.2% on a year-over-year basis. On average, research analysts forecast that Best Buy Co., Inc. will post 6.18 EPS for the current fiscal year.

Best Buy Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Tuesday, January 7th. Investors of record on Tuesday, December 17th were issued a dividend of $0.94 per share. This represents a $3.76 dividend on an annualized basis and a yield of 4.43%. The ex-dividend date of this dividend was Tuesday, December 17th. Best Buy's dividend payout ratio (DPR) is presently 64.27%.

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.