75,810 Shares in Best Buy Co., Inc. (NYSE:BBY) Purchased by Cambridge Financial Group Inc.

Cambridge Financial Group Inc. purchased a new stake in Best Buy Co., Inc. (NYSE:BBY - Free Report) in the fourth quarter, according to the company in its most recent disclosure with the SEC. The firm purchased 75,810 shares of the technology retailer's stock, valued at approximately $6,504,000. Best Buy comprises about 2.7% of Cambridge Financial Group Inc.'s portfolio, making the stock its 25th largest holding.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in the stock. Raymond James Financial Inc. bought a new stake in Best Buy in the fourth quarter worth about $514,483,000. Norges Bank bought a new stake in shares of Best Buy during the 4th quarter worth approximately $178,015,000. Nordea Investment Management AB boosted its holdings in Best Buy by 563.8% during the 4th quarter. Nordea Investment Management AB now owns 592,460 shares of the technology retailer's stock valued at $50,643,000 after acquiring an additional 503,204 shares during the period. National Bank of Canada FI grew its position in Best Buy by 817.4% in the 3rd quarter. National Bank of Canada FI now owns 537,886 shares of the technology retailer's stock valued at $55,564,000 after acquiring an additional 479,256 shares during the last quarter. Finally, Bank of New York Mellon Corp lifted its position in shares of Best Buy by 13.7% during the fourth quarter. Bank of New York Mellon Corp now owns 3,824,425 shares of the technology retailer's stock worth $328,136,000 after purchasing an additional 459,353 shares during the last quarter. Hedge funds and other institutional investors own 80.96% of the company's stock.

Analysts Set New Price Targets

A number of equities research analysts recently weighed in on BBY shares. Truist Financial decreased their price objective on shares of Best Buy from $95.00 to $81.00 and set a "hold" rating for the company in a report on Wednesday, March 5th. Bank of America lowered their price target on Best Buy from $80.00 to $75.00 and set an "underperform" rating for the company in a report on Wednesday, March 5th. Wedbush restated a "neutral" rating and set a $90.00 price objective on shares of Best Buy in a report on Monday, March 3rd. Loop Capital reaffirmed a "negative" rating on shares of Best Buy in a research report on Wednesday, March 5th. Finally, DA Davidson dropped their price target on Best Buy from $117.00 to $110.00 and set a "buy" rating on the stock in a research report on Wednesday, March 5th. Two analysts have rated the stock with a sell rating, nine have issued a hold rating, nine have assigned a buy rating and one has issued a strong buy rating to the company's stock. Based on data from MarketBeat, the stock presently has an average rating of "Hold" and an average price target of $93.50.

Remove Ads

Insiders Place Their Bets

In other news, CEO Corie S. Barry bought 13,500 shares of the firm's stock in a transaction that occurred on Wednesday, March 12th. The stock was purchased at an average price of $72.92 per share, with a total value of $984,420.00. Following the completion of the acquisition, the chief executive officer now directly owns 378,780 shares of the company's stock, valued at $27,620,637.60. This trade represents a 3.70 % increase in their position. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CFO Matthew M. Bilunas sold 51,000 shares of the company's stock in a transaction that occurred on Monday, March 24th. The shares were sold at an average price of $74.20, for a total value of $3,784,200.00. Following the completion of the sale, the chief financial officer now owns 55,856 shares in the company, valued at approximately $4,144,515.20. This represents a 47.73 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 78,355 shares of company stock valued at $5,767,213. 0.59% of the stock is owned by company insiders.

Best Buy Stock Up 1.0 %

BBY stock traded up $0.75 on Tuesday, hitting $74.36. 2,346,176 shares of the company's stock were exchanged, compared to its average volume of 3,049,993. The firm has a 50 day moving average price of $82.34 and a two-hundred day moving average price of $88.01. Best Buy Co., Inc. has a 12-month low of $69.29 and a 12-month high of $103.71. The stock has a market cap of $15.72 billion, a P/E ratio of 12.71, a price-to-earnings-growth 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.

Best Buy (NYSE:BBY - Get Free Report) last posted its quarterly earnings data on Tuesday, March 4th. The technology retailer reported $2.58 earnings per share (EPS) for the quarter, beating 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 firm had revenue of $13.95 billion for the quarter, compared to the consensus estimate of $13.69 billion. During the same quarter in the prior year, the company posted $2.72 earnings per share. As a group, equities research analysts expect that Best Buy Co., Inc. will post 6.18 EPS for the current fiscal year.

Best Buy Increases Dividend

The company also recently announced 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. 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 5.11%. Best Buy's dividend payout ratio (DPR) is 88.99%.

Best Buy Company 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.