Gateway Investment Advisers LLC Acquires 4,991 Shares of Best Buy Co., Inc. (NYSE:BBY)

Gateway Investment Advisers LLC boosted its position in Best Buy Co., Inc. (NYSE:BBY - Free Report) by 98.9% in the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 10,039 shares of the technology retailer's stock after purchasing an additional 4,991 shares during the period. Gateway Investment Advisers LLC's holdings in Best Buy were worth $861,000 at the end of the most recent quarter.

Other large investors have also recently bought and sold shares of the company. Harbor Capital Advisors Inc. acquired a new position in shares of Best Buy in the 3rd quarter worth approximately $40,000. LRI Investments LLC lifted its holdings in Best Buy by 632.1% in the third quarter. LRI Investments LLC now owns 388 shares of the technology retailer's stock valued at $40,000 after buying an additional 335 shares during the period. Benjamin Edwards Inc. lifted its holdings in Best Buy by 50.8% in the second quarter. Benjamin Edwards Inc. now owns 493 shares of the technology retailer's stock valued at $42,000 after buying an additional 166 shares during the period. Brooklyn Investment Group bought a new stake in Best Buy during the third quarter valued at $44,000. Finally, Hershey Financial Advisers LLC acquired a new stake in Best Buy during the 2nd quarter worth about $48,000. 80.96% of the stock is currently owned by institutional investors.

Insiders Place Their Bets

In other Best Buy news, CFO Matthew M. Bilunas sold 69,166 shares of the firm's stock in a transaction on Wednesday, December 11th. The stock was sold at an average price of $87.46, for a total value of $6,049,258.36. Following the completion of the sale, the chief financial officer now directly owns 92,070 shares of the company's stock, valued at $8,052,442.20. This trade represents a 42.90 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this link. Insiders own 0.59% of the company's stock.

Analyst Ratings Changes

A number of research analysts have recently issued reports on the company. Loop Capital reissued a "buy" rating and issued a $100.00 price objective on shares of Best Buy in a research note on Wednesday, December 18th. Barclays cut their price target on Best Buy from $95.00 to $89.00 and set an "equal weight" rating on the stock in a report on Thursday, January 9th. Telsey Advisory Group lowered their price objective on shares of Best Buy from $115.00 to $110.00 and set an "outperform" rating for the company in a research note on Tuesday, November 26th. UBS Group cut their target price on shares of Best Buy from $123.00 to $115.00 and set a "buy" rating on the stock in a research note on Wednesday, November 27th. Finally, Truist Financial decreased their price target on shares of Best Buy from $107.00 to $95.00 and set a "hold" rating for the company in a research note on Wednesday, November 27th. One investment analyst has rated the stock with a sell rating, eight have assigned a hold rating, ten have issued a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, the company presently has an average rating of "Moderate Buy" and an average target price of $100.72.

Best Buy Stock Down 0.4 %

NYSE:BBY traded down $0.30 on Friday, hitting $81.91. The stock had a trading volume of 2,974,891 shares, compared to its average volume of 2,243,368. Best Buy Co., Inc. has a 1 year low of $69.29 and a 1 year high of $103.71. The firm's fifty day simple moving average is $87.17 and its two-hundred day simple moving average is $90.15. The stock has a market cap of $17.51 billion, a P/E ratio of 14.00, a price-to-earnings-growth ratio of 2.09 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.

Best Buy (NYSE:BBY - Get Free Report) last issued its quarterly earnings results on Tuesday, November 26th. The technology retailer reported $1.26 EPS for the quarter, missing analysts' consensus estimates of $1.30 by ($0.04). The business had revenue of $9.45 billion for the quarter, compared to analysts' expectations of $9.63 billion. Best Buy had a net margin of 3.01% and a return on equity of 45.93%. The business's revenue was down 3.2% compared to the same quarter last year. During the same period in the previous year, the business posted $1.29 earnings per share. Analysts predict that Best Buy Co., Inc. will post 6.18 earnings per share for the current year.

Best Buy Dividend Announcement

The business also recently disclosed 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. The ex-dividend date of this dividend was Tuesday, December 17th. This represents a $3.76 dividend on an annualized basis and a yield of 4.59%. Best Buy's dividend payout ratio (DPR) is presently 64.27%.

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.