Geode Capital Management LLC Boosts Stock Holdings in Best Buy Co., Inc. (NYSE:BBY)

Geode Capital Management LLC boosted its stake in Best Buy Co., Inc. (NYSE:BBY - Free Report) by 2.5% in the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 4,852,980 shares of the technology retailer's stock after buying an additional 120,185 shares during the period. Geode Capital Management LLC owned 2.26% of Best Buy worth $499,954,000 at the end of the most recent reporting period.

Several other large investors have also bought and sold shares of BBY. QRG Capital Management Inc. lifted its stake in shares of Best Buy by 10.5% in the 3rd quarter. QRG Capital Management Inc. now owns 31,745 shares of the technology retailer's stock valued at $3,279,000 after purchasing an additional 3,025 shares during the period. Asset Management One Co. Ltd. boosted its holdings in shares of Best Buy by 27.4% during the 3rd quarter. Asset Management One Co. Ltd. now owns 90,341 shares of the technology retailer's stock valued at $9,332,000 after buying an additional 19,405 shares in the last quarter. Mirae Asset Global Investments Co. Ltd. grew its position in shares of Best Buy by 13.3% in the 3rd quarter. Mirae Asset Global Investments Co. Ltd. now owns 154,564 shares of the technology retailer's stock worth $15,806,000 after buying an additional 18,171 shares during the period. Wealth Enhancement Advisory Services LLC increased its stake in shares of Best Buy by 10.9% in the 2nd quarter. Wealth Enhancement Advisory Services LLC now owns 99,769 shares of the technology retailer's stock worth $8,410,000 after acquiring an additional 9,785 shares in the last quarter. Finally, Oppenheimer Asset Management Inc. purchased a new position in Best Buy during the 3rd quarter valued at about $2,384,000. 80.96% of the stock is owned by institutional investors.

Best Buy Stock Performance

Shares of Best Buy stock traded down $0.82 during trading hours on Friday, reaching $87.58. 2,238,080 shares of the stock traded hands, compared to its average volume of 3,080,782. The company has a 50 day moving average price of $91.78 and a 200 day moving average price of $90.17. Best Buy Co., Inc. has a one year low of $69.29 and a one year high of $103.71. The company has a quick ratio of 0.22, a current ratio of 1.00 and a debt-to-equity ratio of 0.37. The firm has a market capitalization of $18.72 billion, a price-to-earnings ratio of 14.97, a P/E/G ratio of 2.19 and a beta of 1.44.

Best Buy (NYSE:BBY - Get Free Report) last announced its earnings results on Tuesday, November 26th. The technology retailer reported $1.26 EPS for the quarter, missing analysts' consensus estimates of $1.30 by ($0.04). Best Buy had a net margin of 3.01% and a return on equity of 45.93%. The business had revenue of $9.45 billion for the quarter, compared to analysts' expectations of $9.63 billion. During the same period in the prior year, the company posted $1.29 earnings per share. The firm's quarterly revenue was down 3.2% on a year-over-year basis. On average, equities research analysts expect that Best Buy Co., Inc. will post 6.18 earnings per share for the current fiscal year.

Best Buy Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, January 7th. Stockholders of record on Tuesday, December 17th will be paid a $0.94 dividend. This represents a $3.76 annualized dividend and a dividend yield of 4.29%. The ex-dividend date of this dividend is Tuesday, December 17th. Best Buy's dividend payout ratio (DPR) is currently 64.27%.

Insider Activity

In other Best Buy news, CFO Matthew M. Bilunas sold 69,166 shares of the firm's stock in a transaction dated Wednesday, December 11th. The stock was sold at an average price of $87.46, for a total transaction of $6,049,258.36. Following the sale, the chief financial officer now directly owns 92,070 shares of the company's stock, valued at $8,052,442.20. This trade represents a 42.90 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Insiders own 0.59% of the company's stock.

Analyst Ratings Changes

A number of brokerages have weighed in on BBY. Wedbush raised their target price on shares of Best Buy from $85.00 to $95.00 and gave the company a "neutral" rating in a research note on Friday, August 30th. StockNews.com cut Best Buy from a "buy" rating to a "hold" rating in a research note on Friday, November 15th. BNP Paribas upgraded Best Buy to a "strong-buy" rating in a report on Thursday, August 29th. Barclays lifted their price target on Best Buy from $81.00 to $95.00 and gave the stock an "equal weight" rating in a research report on Friday, August 30th. Finally, Truist Financial cut their price objective on shares of 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 equities research analyst has rated the stock with a sell rating, eight have issued a hold rating, ten have issued a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and a consensus price target of $101.06.

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.