Best Buy Co., Inc. (NYSE:BBY) Stake Lifted by Brandywine Global Investment Management LLC

Brandywine Global Investment Management LLC grew its stake in shares of Best Buy Co., Inc. (NYSE:BBY - Free Report) by 35.6% during the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 191,662 shares of the technology retailer's stock after purchasing an additional 50,353 shares during the quarter. Brandywine Global Investment Management LLC owned 0.09% of Best Buy worth $16,445,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently modified their holdings of BBY. Rakuten Securities Inc. boosted its holdings in Best Buy by 971.9% in the 4th quarter. Rakuten Securities Inc. now owns 343 shares of the technology retailer's stock worth $29,000 after acquiring an additional 311 shares during the period. Golden State Wealth Management LLC acquired a new position in shares of Best Buy during the fourth quarter worth $32,000. OFI Invest Asset Management purchased a new position in shares of Best Buy in the fourth quarter valued at $34,000. Trust Co. of Vermont grew its holdings in Best Buy by 1,200.0% during the 4th quarter. Trust Co. of Vermont now owns 416 shares of the technology retailer's stock valued at $36,000 after purchasing an additional 384 shares in the last quarter. Finally, LRI Investments LLC increased its stake in Best Buy by 632.1% during the 3rd quarter. LRI Investments LLC now owns 388 shares of the technology retailer's stock worth $40,000 after buying an additional 335 shares during the period. Hedge funds and other institutional investors own 80.96% of the company's stock.

Insider Buying and Selling at Best Buy

In other news, CFO Matthew M. Bilunas sold 51,000 shares of the business's stock in a transaction that occurred on Monday, March 24th. The stock was sold at an average price of $74.20, for a total transaction of $3,784,200.00. Following the completion of the transaction, the chief financial officer now directly owns 55,856 shares in the company, valued at approximately $4,144,515.20. The trade was a 47.73 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, CAO Mathew Watson sold 2,951 shares of the firm's stock in a transaction that occurred on Friday, March 21st. The shares were sold at an average price of $72.65, for a total value of $214,390.15. Following the completion of the sale, the chief accounting officer now owns 21,371 shares in the company, valued at approximately $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. Insiders sold 78,355 shares of company stock valued at $5,767,213 in the last ninety days. Company insiders own 0.59% of the company's stock.

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Best Buy Stock Performance

Shares of Best Buy stock traded up $0.75 on Tuesday, reaching $74.36. 2,346,416 shares of the company were exchanged, compared to its average volume of 3,054,623. Best Buy Co., Inc. has a 1-year low of $69.29 and a 1-year high of $103.71. The firm has a market cap of $15.72 billion, a price-to-earnings ratio of 12.71, a P/E/G 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's 50-day moving average is $82.14 and its two-hundred day moving average is $87.84.

Best Buy (NYSE:BBY - Get Free Report) last issued its earnings results on Tuesday, March 4th. The technology retailer reported $2.58 earnings per share for the quarter, topping the consensus estimate of $2.40 by $0.18. Best Buy had a return on equity of 45.93% and a net margin of 3.01%. The firm had revenue of $13.95 billion for the quarter, compared to analyst estimates of $13.69 billion. During the same period last year, the company earned $2.72 earnings per share. As a group, research analysts expect that Best Buy Co., Inc. will post 6.18 earnings per share for the current fiscal year.

Best Buy Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, April 15th. Investors of record on Tuesday, March 25th will be given a $0.95 dividend. The ex-dividend date of this dividend is Tuesday, March 25th. This is an increase from Best Buy's previous quarterly dividend of $0.94. This represents a $3.80 annualized dividend and a yield of 5.11%. Best Buy's dividend payout ratio (DPR) is currently 88.99%.

Analyst Upgrades and Downgrades

Several brokerages have recently weighed in on BBY. Morgan Stanley lowered their target price on Best Buy from $100.00 to $85.00 and set an "equal weight" rating for the company in a research note on Wednesday, March 5th. Citigroup lowered their price objective on Best Buy from $105.00 to $93.00 and set a "buy" rating for the company in a research note on Wednesday, March 5th. Telsey Advisory Group cut their target price on Best Buy from $110.00 to $100.00 and set an "outperform" rating on the stock in a research report on Wednesday, March 5th. Piper Sandler reduced their target price on Best Buy from $102.00 to $92.00 and set an "overweight" rating for the company in a research note on Wednesday, March 5th. Finally, DA Davidson dropped their price target on shares of Best Buy from $117.00 to $110.00 and set a "buy" rating for the company in a research note on Wednesday, March 5th. Two analysts have rated the stock with a sell rating, nine have given a hold rating, nine have issued a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, Best Buy currently has a consensus rating of "Hold" and a consensus price target of $93.50.

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.