Best Buy Co., Inc. (NYSE:BBY) Shares Purchased by CANADA LIFE ASSURANCE Co

CANADA LIFE ASSURANCE Co grew its position in Best Buy Co., Inc. (NYSE:BBY - Free Report) by 2.0% during the fourth quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 473,990 shares of the technology retailer's stock after buying an additional 9,459 shares during the period. CANADA LIFE ASSURANCE Co owned 0.22% of Best Buy worth $40,672,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Stevens Capital Management LP grew its stake in Best Buy by 228.7% during the 4th quarter. Stevens Capital Management LP now owns 22,625 shares of the technology retailer's stock worth $1,941,000 after buying an additional 15,741 shares during the last quarter. Invesco Ltd. increased its holdings in shares of Best Buy by 20.5% during the fourth quarter. Invesco Ltd. now owns 3,692,118 shares of the technology retailer's stock valued at $316,784,000 after acquiring an additional 629,180 shares in the last quarter. Vanguard Group Inc. raised its position in shares of Best Buy by 0.8% in the 4th quarter. Vanguard Group Inc. now owns 22,982,608 shares of the technology retailer's stock valued at $1,971,908,000 after purchasing an additional 191,161 shares during the last quarter. Pinnacle Financial Partners Inc acquired a new stake in Best Buy in the 4th quarter worth approximately $3,293,000. Finally, APG Asset Management N.V. purchased a new stake in Best Buy during the 4th quarter worth approximately $9,073,000. Hedge funds and other institutional investors own 80.96% of the company's stock.

Insider Transactions at Best Buy

In other news, insider Todd G. Hartman sold 4,893 shares of the company's stock in a transaction that occurred on Friday, March 21st. The stock was sold at an average price of $72.65, for a total value of $355,476.45. Following the completion of the sale, the insider now directly owns 32,320 shares in the company, valued at $2,348,048. This represents a 13.15 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CFO Matthew M. Bilunas sold 9,482 shares of the 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 $688,867.30. Following the completion of the sale, the chief financial officer now directly owns 106,856 shares of the company's stock, valued at approximately $7,763,088.40. This represents a 8.15 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 78,355 shares of company stock valued at $5,767,213 over the last 90 days. 0.59% of the stock is currently owned by corporate insiders.

Analyst Ratings Changes

BBY has been the topic of a number of research analyst reports. Loop Capital reissued a "negative" rating on shares of Best Buy in a report on Wednesday, March 5th. Telsey Advisory Group dropped their price target on Best Buy from $110.00 to $100.00 and set an "outperform" rating on the stock in a research note on Wednesday, March 5th. KeyCorp reaffirmed a "sector weight" rating on shares of Best Buy in a report on Wednesday, March 5th. Morgan Stanley cut their price target on shares of Best Buy from $100.00 to $85.00 and set an "equal weight" rating on the stock in a report on Wednesday, March 5th. Finally, Piper Sandler decreased their price objective on shares of Best Buy from $102.00 to $92.00 and set an "overweight" rating for the company in a research note on Wednesday, March 5th. Two analysts have rated the stock with a sell rating, ten have issued a hold rating, eight have issued a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of "Hold" and a consensus target price of $91.28.

Best Buy Price Performance

Shares of BBY stock traded up $2.09 on Thursday, reaching $65.56. 1,379,041 shares of the company were exchanged, compared to its average volume of 3,707,814. The company has a market cap of $13.86 billion, a price-to-earnings ratio of 11.21, a P/E/G ratio of 2.10 and a beta of 1.42. Best Buy Co., Inc. has a 1 year low of $54.99 and a 1 year high of $103.71. The business has a 50-day moving average price of $73.36 and a 200 day moving average price of $83.42. 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 EPS for the quarter, topping the consensus estimate of $2.40 by $0.18. The company had revenue of $13.95 billion during the quarter, compared to analyst estimates 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 in the previous year, the business earned $2.72 EPS. Equities research analysts forecast that Best Buy Co., Inc. will post 6.18 earnings per share for the current fiscal year.

Best Buy Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Tuesday, April 15th. Shareholders of record on Tuesday, March 25th were paid a dividend of $0.95 per share. This represents a $3.80 annualized dividend and a yield of 5.80%. The ex-dividend date of this dividend was Tuesday, March 25th. This is a boost from Best Buy's previous quarterly dividend of $0.94. Best Buy's payout ratio 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.