Best Buy Co., Inc. (NYSE:BBY) Shares Purchased by Cibc World Markets Corp

Cibc World Markets Corp boosted its holdings in shares of Best Buy Co., Inc. (NYSE:BBY - Free Report) by 14.9% in the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 31,227 shares of the technology retailer's stock after acquiring an additional 4,053 shares during the quarter. Cibc World Markets Corp's holdings in Best Buy were worth $2,679,000 as of its most recent SEC filing.

Several other hedge funds also recently bought and sold shares of BBY. Charles Schwab Investment Management Inc. increased its stake in Best Buy by 6.4% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 6,560,368 shares of the technology retailer's stock worth $562,880,000 after buying an additional 395,415 shares during the period. Raymond James Financial Inc. purchased a new position in shares of Best Buy during the fourth quarter worth approximately $514,483,000. Geode Capital Management LLC raised its stake in shares of Best Buy by 2.5% during the third quarter. Geode Capital Management LLC now owns 4,852,980 shares of the technology retailer's stock valued at $499,954,000 after acquiring an additional 120,185 shares in the last quarter. Bank of New York Mellon Corp boosted its holdings in shares of Best Buy by 13.7% in the fourth quarter. Bank of New York Mellon Corp now owns 3,824,425 shares of the technology retailer's stock valued at $328,136,000 after purchasing an additional 459,353 shares during the period. Finally, Allianz Asset Management GmbH grew its stake in Best Buy by 17.3% in the fourth quarter. Allianz Asset Management GmbH now owns 1,606,242 shares of the technology retailer's stock worth $137,816,000 after purchasing an additional 236,524 shares in the last quarter. Institutional investors own 80.96% of the company's stock.

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Insider Activity at Best Buy

In related news, CEO Corie S. Barry acquired 13,500 shares of the firm's stock in a transaction dated Wednesday, March 12th. The stock was acquired at an average price of $72.92 per share, with a total value of $984,420.00. Following the acquisition, the chief executive officer now directly owns 378,780 shares in the company, valued at $27,620,637.60. This represents a 3.70 % increase in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, 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 value of $226,844.78. Following 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 ownership of the stock. The disclosure for this sale can be found here. 0.59% of the stock is currently owned by insiders.

Analyst Upgrades and Downgrades

Several equities research analysts have weighed in on BBY shares. JPMorgan Chase & Co. lowered their target price on Best Buy from $115.00 to $110.00 and set an "overweight" rating for the company in a report on Wednesday, March 5th. Piper Sandler dropped their target price on shares of Best Buy from $102.00 to $92.00 and set an "overweight" rating on the stock in a report on Wednesday, March 5th. Citigroup lowered their price target on shares of Best Buy from $105.00 to $93.00 and set a "buy" rating for the company in a research report on Wednesday, March 5th. Telsey Advisory Group cut their price objective on shares of Best Buy from $110.00 to $100.00 and set an "outperform" rating on the stock in a report on Wednesday, March 5th. Finally, Loop Capital reaffirmed a "negative" rating on shares of Best Buy in a research report on Wednesday, March 5th. Two research analysts have rated the stock with a sell rating, nine have given a hold rating, nine have issued a buy rating and one has given a strong buy rating to the company. According to MarketBeat, the stock presently has an average rating of "Hold" and an average target price of $93.50.

Best Buy Stock Performance

Shares of NYSE BBY traded down $0.09 during mid-day trading on Tuesday, hitting $74.63. The stock had a trading volume of 2,310,774 shares, compared to its average volume of 2,969,008. The firm has a market cap of $15.77 billion, a PE ratio of 12.76, a PEG ratio of 2.10 and a beta of 1.43. 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 50 day moving average of $83.17 and a two-hundred day moving average of $88.84. Best Buy Co., Inc. has a twelve month low of $69.29 and a twelve month high of $103.71.

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. The firm had revenue of $13.95 billion during 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 period last year, the business posted $2.72 earnings per share. Research analysts predict 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. Investors of record on Tuesday, March 25th will be issued a dividend of $0.95 per share. This represents a $3.80 annualized dividend and a dividend yield of 5.09%. The ex-dividend date of this dividend is Tuesday, March 25th. This is a boost from Best Buy's previous quarterly dividend of $0.94. Best Buy's dividend payout ratio (DPR) is 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.