Tredje AP fonden Has $1.29 Million Stake in Best Buy Co., Inc. (NYSE:BBY)

Tredje AP fonden reduced its position in shares of Best Buy Co., Inc. (NYSE:BBY - Free Report) by 50.0% during the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 14,989 shares of the technology retailer's stock after selling 14,988 shares during the period. Tredje AP fonden's holdings in Best Buy were worth $1,286,000 at the end of the most recent reporting period.

Other large investors have also recently added to or reduced their stakes in the company. Rakuten Securities Inc. lifted its stake in Best Buy by 971.9% during the fourth 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 last quarter. Golden State Wealth Management LLC bought a new position in Best Buy during the fourth quarter worth $32,000. LRI Investments LLC lifted its stake in Best Buy by 632.1% during the third quarter. LRI Investments LLC now owns 388 shares of the technology retailer's stock worth $40,000 after purchasing an additional 335 shares during the last quarter. OFI Invest Asset Management bought a new position in Best Buy during the fourth quarter worth $34,000. Finally, Trust Co. of Vermont lifted its stake in Best Buy by 1,200.0% during the fourth 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 last quarter. 80.96% of the stock is currently owned by institutional investors.

Insider Buying and Selling

In other Best Buy news, CAO Mathew Watson sold 3,182 shares of the firm's stock in a transaction dated Friday, March 14th. The stock was sold at an average price of $71.29, for a total transaction of $226,844.78. Following the completion of the sale, the chief accounting officer now directly owns 19,218 shares in the company, valued at approximately $1,370,051.22. This trade represents a 14.21 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, CEO Corie S. Barry acquired 13,500 shares of the firm's stock in a transaction on Wednesday, March 12th. The shares were acquired at an average price of $72.92 per share, with a total value of $984,420.00. Following the completion of the transaction, the chief executive officer now directly owns 378,780 shares in the company, valued at approximately $27,620,637.60. This trade represents a 3.70 % increase in their position. The disclosure for this purchase can be found here. 0.59% of the stock is currently owned by company insiders.

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Wall Street Analysts Forecast Growth

Several brokerages recently issued reports on BBY. KeyCorp reiterated a "sector weight" rating on shares of Best Buy in a research note on Wednesday, March 5th. Piper Sandler cut their target price on Best Buy from $102.00 to $92.00 and set an "overweight" rating on the stock in a research note on Wednesday, March 5th. Citigroup cut their target price on Best Buy from $105.00 to $93.00 and set a "buy" rating on the stock in a research note on Wednesday, March 5th. Evercore ISI cut their target price on Best Buy from $95.00 to $80.00 and set an "in-line" rating on the stock in a research note on Wednesday, March 5th. Finally, Wells Fargo & Company cut their target price on Best Buy from $89.00 to $85.00 and set an "equal weight" rating on the stock in a research note on Wednesday, March 5th. Two research analysts have rated the stock with a sell rating, nine have assigned a hold rating, nine have given a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of "Hold" and a consensus target price of $93.50.

Best Buy Trading Up 1.0 %

BBY traded up $0.73 during trading on Wednesday, reaching $73.86. The company had a trading volume of 2,489,027 shares, compared to its average volume of 2,978,173. The firm's 50-day simple moving average is $83.96 and its 200 day simple moving average is $89.58. The company has a market cap of $15.79 billion, a price-to-earnings ratio of 12.63, 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. 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 (NYSE:BBY - Get Free Report) last issued its quarterly earnings results on Tuesday, March 4th. The technology retailer reported $2.58 earnings per share for the quarter, topping analysts' consensus estimates of $2.40 by $0.18. The firm had revenue of $13.95 billion for the quarter, compared to analysts' expectations of $13.69 billion. Best Buy had a return on equity of 45.93% and a net margin of 3.01%. During the same quarter last year, the business posted $2.72 EPS. Equities research analysts anticipate that Best Buy Co., Inc. will post 6.18 earnings per share for the current year.

Best Buy Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, April 15th. Investors of record on Tuesday, March 25th will be paid a $0.95 dividend. The ex-dividend date is Tuesday, March 25th. This represents a $3.80 dividend on an annualized basis and a yield of 5.14%. This is a boost from Best Buy's previous quarterly dividend of $0.94. 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.