Pitcairn Co. Cuts Stock Holdings in Best Buy Co., Inc. (NYSE:BBY)

Pitcairn Co. reduced its holdings in shares of Best Buy Co., Inc. (NYSE:BBY - Free Report) by 20.5% in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 18,151 shares of the technology retailer's stock after selling 4,693 shares during the period. Pitcairn Co.'s holdings in Best Buy were worth $1,557,000 at the end of the most recent quarter.

Other institutional investors have also added to or reduced their stakes in the company. Raymond James Financial Inc. purchased a new position in shares of Best Buy during the 4th quarter valued at about $514,483,000. Norges Bank bought a new stake in Best Buy during the 4th quarter worth approximately $178,015,000. Arrowstreet Capital Limited Partnership lifted its holdings in Best Buy by 101.4% during the fourth quarter. Arrowstreet Capital Limited Partnership now owns 1,114,928 shares of the technology retailer's stock valued at $95,661,000 after purchasing an additional 561,413 shares in the last quarter. Nordea Investment Management AB boosted its position in shares of Best Buy by 563.8% in 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. Finally, National Bank of Canada FI increased its stake in shares of Best Buy by 817.4% in 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 in the last quarter. 80.96% of the stock is currently owned by institutional investors.

Insider Transactions at Best Buy

In related news, insider Todd G. Hartman sold 4,893 shares of Best Buy stock in a transaction dated Friday, March 21st. The shares were sold at an average price of $72.65, for a total transaction of $355,476.45. Following the completion of the sale, the insider now owns 32,320 shares in the company, valued at $2,348,048. This trade represents a 13.15 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, CAO Mathew Watson sold 2,951 shares of the company's stock in a transaction dated Friday, March 21st. The stock was sold at an average price of $72.65, for a total transaction of $214,390.15. Following the completion of the transaction, the chief accounting officer now owns 21,371 shares in the company, valued at $1,552,603.15. This represents a 12.13 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 78,355 shares of company stock worth $5,767,213. 0.59% of the stock is currently owned by insiders.

Wall Street Analysts Forecast Growth

BBY has been the subject of several recent analyst reports. Bank of America dropped their target price on shares of Best Buy from $80.00 to $75.00 and set an "underperform" rating for the company in a report on Wednesday, March 5th. DA Davidson dropped their price objective on Best Buy from $117.00 to $110.00 and set a "buy" rating for the company in a research note on Wednesday, March 5th. Barclays cut their target price on Best Buy from $95.00 to $89.00 and set an "equal weight" rating for the company in a research report on Thursday, January 9th. Truist Financial lowered their price target on Best Buy from $81.00 to $64.00 and set a "hold" rating on the stock in a report on Tuesday. Finally, JPMorgan Chase & Co. cut their price objective on shares of Best Buy from $115.00 to $110.00 and set an "overweight" rating for the company in a report on Wednesday, March 5th. Two investment analysts have rated the stock with a sell rating, ten have issued a hold rating, eight have issued a buy rating and one has issued a strong buy rating to the company's stock. According to data from MarketBeat.com, the company currently has an average rating of "Hold" and a consensus price target of $91.28.

Best Buy Trading Up 1.1 %

Shares of BBY traded up $0.63 during midday trading on Wednesday, hitting $56.80. The stock had a trading volume of 2,839,216 shares, compared to its average volume of 3,168,349. Best Buy Co., Inc. has a 1 year low of $53.93 and a 1 year high of $103.71. The company has a debt-to-equity ratio of 0.37, a current ratio of 1.00 and a quick ratio of 0.22. The stock's 50 day moving average is $79.33 and its 200 day moving average is $86.38. The firm has a market cap of $12.01 billion, a PE ratio of 9.71, a price-to-earnings-growth ratio of 2.10 and a beta of 1.42.

Best Buy (NYSE:BBY - Get Free Report) last announced its quarterly earnings data on Tuesday, March 4th. The technology retailer reported $2.58 earnings per share (EPS) for the quarter, topping the consensus estimate 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 during the quarter, compared to the consensus estimate of $13.69 billion. During the same quarter last year, the firm earned $2.72 earnings per share. As a group, analysts forecast that Best Buy Co., Inc. will post 6.18 EPS for the current fiscal year.

Best Buy Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, April 15th. Shareholders of record on Tuesday, March 25th will be paid a $0.95 dividend. This is a positive change from Best Buy's previous quarterly dividend of $0.94. The ex-dividend date is Tuesday, March 25th. This represents a $3.80 dividend on an annualized basis and a yield of 6.69%. Best Buy's dividend payout ratio (DPR) is presently 88.99%.

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.