Canada Pension Plan Investment Board Grows Position in Best Buy Co., Inc. (NYSE:BBY)

Canada Pension Plan Investment Board increased its holdings in shares of Best Buy Co., Inc. (NYSE:BBY - Free Report) by 461.2% during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 621,994 shares of the technology retailer's stock after acquiring an additional 511,161 shares during the period. Canada Pension Plan Investment Board owned approximately 0.29% of Best Buy worth $53,367,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Rakuten Securities Inc. increased its position in Best Buy by 971.9% during the 4th quarter. Rakuten Securities Inc. now owns 343 shares of the technology retailer's stock valued at $29,000 after buying an additional 311 shares in the last quarter. Golden State Wealth Management LLC bought a new position in shares of Best Buy during the fourth quarter valued at $32,000. Atlas Capital Advisors Inc. raised its position in shares of Best Buy by 186.9% in the 4th quarter. Atlas Capital Advisors Inc. now owns 373 shares of the technology retailer's stock worth $32,000 after purchasing an additional 243 shares during the last quarter. OFI Invest Asset Management purchased a new stake in Best Buy during the 4th quarter valued at about $34,000. Finally, Trust Co. of Vermont increased its stake 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. 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 dated 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 sale, the chief financial officer now directly owns 55,856 shares in the company, valued at $4,144,515.20. The trade was a 47.73 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, CEO Corie S. Barry bought 13,500 shares of Best Buy stock in a transaction dated Wednesday, March 12th. The stock was acquired at an average price of $72.92 per share, for a total transaction of $984,420.00. Following the completion of the acquisition, the chief executive officer now owns 378,780 shares in the company, valued at approximately $27,620,637.60. The trade was a 3.70 % increase in their ownership of the stock. The disclosure for this purchase can be found here. In the last ninety days, insiders have sold 78,355 shares of company stock worth $5,767,213. Insiders own 0.59% of the company's stock.

Best Buy Price Performance

BBY traded up $2.08 during trading on Thursday, hitting $65.55. 1,282,137 shares of the company traded hands, compared to its average volume of 3,706,032. The company has a current ratio of 1.00, a quick ratio of 0.22 and a debt-to-equity ratio of 0.37. The company has a market cap of $13.86 billion, a PE ratio of 11.21, a P/E/G ratio of 2.10 and a beta of 1.42. The stock's 50-day simple moving average is $73.36 and its two-hundred day simple moving average is $83.42. Best Buy Co., Inc. has a 1 year low of $54.99 and a 1 year high of $103.71.

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

Best Buy Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Tuesday, April 15th. Shareholders of record on Tuesday, March 25th were issued a $0.95 dividend. This is an increase from Best Buy's previous quarterly dividend of $0.94. This represents a $3.80 dividend on an annualized basis and a yield of 5.80%. The ex-dividend date was Tuesday, March 25th. Best Buy's payout ratio is currently 88.99%.

Wall Street Analyst Weigh In

A number of equities research analysts have recently commented on BBY shares. Bank of America cut their price target on shares of Best Buy from $80.00 to $75.00 and set an "underperform" rating on the stock in a 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 report on Wednesday, March 5th. Citigroup reaffirmed a "neutral" rating and set a $70.00 price target (down from $93.00) on shares of Best Buy in a report on Thursday, April 3rd. Jefferies Financial Group reduced their price objective on Best Buy from $106.00 to $92.00 and set a "buy" rating for the company in a report on Tuesday, March 4th. Finally, DA Davidson restated a "buy" rating and set a $110.00 target price on shares of Best Buy in a research note on Monday, April 14th. Two analysts have rated the stock with a sell rating, ten have assigned a hold rating, eight have assigned a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, the stock presently has an average rating of "Hold" and an average price target of $91.28.

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.