Federated Hermes Inc. Sells 172,531 Shares of Best Buy Co., Inc. (NYSE:BBY)

Federated Hermes Inc. decreased its position in Best Buy Co., Inc. (NYSE:BBY - Free Report) by 9.7% in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 1,612,678 shares of the technology retailer's stock after selling 172,531 shares during the quarter. Federated Hermes Inc. owned about 0.75% of Best Buy worth $138,368,000 at the end of the most recent reporting period.

Several other large investors have also bought and sold shares of BBY. Rakuten Securities Inc. boosted its position in shares of 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 purchasing an additional 311 shares in the last quarter. Golden State Wealth Management LLC bought a new stake in Best Buy during the fourth quarter worth approximately $32,000. Atlas Capital Advisors Inc. grew its position in Best Buy by 186.9% in the fourth quarter. Atlas Capital Advisors Inc. now owns 373 shares of the technology retailer's stock worth $32,000 after buying an additional 243 shares during the last quarter. LRI Investments LLC increased its holdings in shares of Best Buy by 632.1% in the third quarter. LRI Investments LLC now owns 388 shares of the technology retailer's stock valued at $40,000 after buying an additional 335 shares in the last quarter. Finally, OFI Invest Asset Management acquired a new stake in shares of Best Buy during the 4th quarter valued at $34,000. Institutional investors own 80.96% of the company's stock.

Wall Street Analyst Weigh In

A number of brokerages recently issued reports on BBY. Guggenheim decreased their target price on Best Buy from $105.00 to $90.00 and set a "buy" rating on the stock in a report on Wednesday, March 5th. KeyCorp reissued a "sector weight" rating on shares of Best Buy in a research note on Wednesday, March 5th. Piper Sandler reduced 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. Wedbush reissued a "neutral" rating and issued a $90.00 target price on shares of Best Buy in a research report on Monday, March 3rd. Finally, Evercore ISI cut their price target on shares of Best Buy from $95.00 to $80.00 and set an "in-line" rating on the stock in a report on Wednesday, March 5th. Two research analysts have rated the stock with a sell rating, ten have issued a hold rating, eight have assigned a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, the company presently has an average rating of "Hold" and a consensus target price of $91.28.

Best Buy Stock Down 1.4 %

BBY stock traded down $0.81 during trading hours on Friday, hitting $58.94. The company's stock had a trading volume of 2,411,151 shares, compared to its average volume of 3,212,961. The company has a market capitalization of $12.46 billion, a PE ratio of 10.09, a price-to-earnings-growth ratio of 2.10 and a beta of 1.42. The stock has a 50 day moving average price of $77.95 and a two-hundred day moving average price of $85.71. The company has a quick ratio of 0.22, a current ratio of 1.00 and a debt-to-equity ratio of 0.37. Best Buy Co., Inc. has a 12 month low of $54.99 and a 12 month high of $103.71.

Best Buy (NYSE:BBY - Get Free Report) last posted its earnings results on Tuesday, March 4th. The technology retailer reported $2.58 EPS for the quarter, topping 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 period in the prior year, the business posted $2.72 earnings per share. On average, equities research analysts expect that Best Buy Co., Inc. will post 6.18 earnings per share for the current year.

Best Buy Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Tuesday, April 15th. Investors of record on Tuesday, March 25th will be issued a $0.95 dividend. This is a positive change from Best Buy's previous quarterly dividend of $0.94. This represents a $3.80 annualized dividend and a yield of 6.45%. The ex-dividend date of this dividend is Tuesday, March 25th. Best Buy's payout ratio is 88.99%.

Insiders Place Their Bets

In other news, CEO Corie S. Barry acquired 13,500 shares of the firm's stock in a transaction that occurred on Wednesday, March 12th. The stock was acquired at an average cost of $72.92 per share, with a total value of $984,420.00. Following the acquisition, the chief executive officer now owns 378,780 shares in the company, valued at approximately $27,620,637.60. This represents a 3.70 % increase in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, CFO Matthew M. Bilunas sold 51,000 shares of Best Buy stock in a transaction 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 owns 55,856 shares in the company, valued at $4,144,515.20. This trade represents a 47.73 % 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 company insiders.

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.