Best Buy Co., Inc. (NYSE:BBY) Stake Lifted by Empowered Funds LLC

Empowered Funds LLC grew its position in shares of Best Buy Co., Inc. (NYSE:BBY - Free Report) by 312.3% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 119,141 shares of the technology retailer's stock after purchasing an additional 90,247 shares during the period. Empowered Funds LLC owned 0.06% of Best Buy worth $10,222,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also modified their holdings of BBY. Greenleaf Trust boosted its position in Best Buy by 1.2% during the third quarter. Greenleaf Trust now owns 9,454 shares of the technology retailer's stock worth $977,000 after acquiring an additional 108 shares during the last quarter. SeaCrest Wealth Management LLC boosted its holdings in shares of Best Buy by 4.6% during the third quarter. SeaCrest Wealth Management LLC now owns 2,675 shares of the technology retailer's stock worth $276,000 after purchasing an additional 118 shares during the last quarter. Yousif Capital Management LLC grew its position in shares of Best Buy by 0.5% in the fourth quarter. Yousif Capital Management LLC now owns 29,904 shares of the technology retailer's stock valued at $2,566,000 after purchasing an additional 145 shares during the period. Access Investment Management LLC increased its stake in Best Buy by 12.2% in the third quarter. Access Investment Management LLC now owns 1,380 shares of the technology retailer's stock valued at $143,000 after purchasing an additional 150 shares during the last quarter. Finally, Claro Advisors LLC lifted its position in Best Buy by 5.7% during the fourth quarter. Claro Advisors LLC now owns 2,861 shares of the technology retailer's stock worth $246,000 after buying an additional 154 shares during the period. 80.96% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

BBY has been the subject of several recent analyst reports. Morgan Stanley lowered their price target on Best Buy from $105.00 to $100.00 and set an "equal weight" rating for the company in a report on Tuesday, January 21st. Loop Capital reaffirmed a "buy" rating and set a $100.00 price target on shares of Best Buy in a research report on Wednesday, December 18th. StockNews.com lowered shares of Best Buy from a "buy" rating to a "hold" rating in a report on Friday, November 15th. UBS Group dropped their price objective on Best Buy from $123.00 to $115.00 and set a "buy" rating for the company in a report on Wednesday, November 27th. Finally, Truist Financial cut their target price on Best Buy from $107.00 to $95.00 and set a "hold" rating on the stock in a research report on Wednesday, November 27th. One analyst has rated the stock with a sell rating, eight have given a hold rating, ten have assigned a buy rating and one has issued a strong buy rating to the company's stock. According to MarketBeat, the company currently has a consensus rating of "Moderate Buy" and an average target price of $101.72.

Insider Transactions at Best Buy

In other news, CFO Matthew M. Bilunas sold 69,166 shares of the business's stock in a transaction that occurred 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 in the company, valued at approximately $8,052,442.20. The trade was a 42.90 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Corporate insiders own 0.59% of the company's stock.

Best Buy Stock Up 2.8 %

NYSE BBY traded up $2.45 during mid-day trading on Thursday, reaching $89.24. 1,699,720 shares of the company's stock traded hands, compared to its average volume of 2,384,921. The company has a current ratio of 1.00, a quick ratio of 0.22 and a debt-to-equity ratio of 0.37. Best Buy Co., Inc. has a 1-year low of $69.29 and a 1-year high of $103.71. The company has a fifty day simple moving average of $85.71 and a 200-day simple moving average of $90.04. The company has a market cap of $19.08 billion, a price-to-earnings ratio of 15.25, a P/E/G ratio of 2.01 and a beta of 1.43.

Best Buy (NYSE:BBY - Get Free Report) last released its quarterly earnings results on Tuesday, November 26th. The technology retailer reported $1.26 earnings per share for the quarter, missing analysts' consensus estimates of $1.30 by ($0.04). The company had revenue of $9.45 billion for the quarter, compared to analyst estimates of $9.63 billion. Best Buy had a return on equity of 45.93% and a net margin of 3.01%. The firm's quarterly 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 EPS. As a group, equities research analysts expect that Best Buy Co., Inc. will post 6.18 EPS for the current year.

Best Buy Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Tuesday, January 7th. Stockholders of record on Tuesday, December 17th were paid a $0.94 dividend. The ex-dividend date was Tuesday, December 17th. This represents a $3.76 dividend on an annualized basis and a dividend yield of 4.21%. Best Buy's dividend payout ratio (DPR) is presently 64.27%.

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.