Geode Capital Management LLC Buys 239,840 Shares of Best Buy Co., Inc. (NYSE:BBY)

Geode Capital Management LLC grew its position in Best Buy Co., Inc. (NYSE:BBY - Free Report) by 4.9% during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 5,092,820 shares of the technology retailer's stock after purchasing an additional 239,840 shares during the quarter. Geode Capital Management LLC owned about 2.38% of Best Buy worth $436,210,000 as of its most recent SEC filing.

Other large investors also recently made changes to their positions in the company. IFP Advisors Inc grew its stake in shares of Best Buy by 5.2% in the fourth quarter. IFP Advisors Inc now owns 2,538 shares of the technology retailer's stock valued at $218,000 after acquiring an additional 125 shares in the last quarter. Rothschild Investment LLC raised its position in shares of Best Buy by 19.7% in the fourth quarter. Rothschild Investment LLC now owns 861 shares of the technology retailer's stock valued at $74,000 after buying an additional 142 shares in the last quarter. Independent Advisor Alliance grew its position in Best Buy by 5.0% during the fourth quarter. Independent Advisor Alliance now owns 3,002 shares of the technology retailer's stock worth $258,000 after buying an additional 142 shares in the last quarter. Yousif Capital Management LLC increased its stake in Best Buy by 0.5% during the 4th quarter. Yousif Capital Management LLC now owns 29,904 shares of the technology retailer's stock worth $2,566,000 after acquiring an additional 145 shares during the period. Finally, Claro Advisors LLC lifted its position in shares of Best Buy by 5.7% during the 4th quarter. Claro Advisors LLC now owns 2,861 shares of the technology retailer's stock valued at $246,000 after acquiring an additional 154 shares during the period. Institutional investors own 80.96% of the company's stock.

Insider Buying and Selling at Best Buy

In related news, insider Todd G. Hartman sold 4,893 shares of the business'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 owns 32,320 shares in the company, valued at $2,348,048. The trade was a 13.15 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, CFO Matthew M. Bilunas sold 51,000 shares of Best Buy stock in a transaction that occurred on Monday, March 24th. The stock was sold at an average price of $74.20, for a total value of $3,784,200.00. Following the completion of the transaction, the chief financial officer now directly owns 55,856 shares in the company, valued at $4,144,515.20. This trade represents a 47.73 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 78,355 shares of company stock valued at $5,767,213 in the last quarter. 0.59% of the stock is currently owned by corporate insiders.

Analysts Set New Price Targets

Several research firms recently weighed in on BBY. Piper Sandler cut 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 report on Wednesday, March 5th. Truist Financial lowered their price objective on shares of Best Buy from $81.00 to $64.00 and set a "hold" rating for the company in a research report on Tuesday. Jefferies Financial Group decreased their price target on Best Buy from $106.00 to $92.00 and set a "buy" rating on the stock in a research note on Tuesday, March 4th. Telsey Advisory Group reduced their price objective 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. Finally, DA Davidson decreased their price target on shares of Best Buy from $117.00 to $110.00 and set a "buy" rating for the company in a research report on Wednesday, March 5th. Two equities research analysts have rated the stock with a sell rating, ten have given a hold rating, eight have issued a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, the company has an average rating of "Hold" and an average target price of $91.28.

Best Buy Stock Performance

Shares of Best Buy stock traded down $5.68 on Thursday, reaching $57.97. 1,829,176 shares of the company traded hands, compared to its average volume of 3,532,231. The company has a debt-to-equity ratio of 0.37, a current ratio of 1.00 and a quick ratio of 0.22. The firm has a market capitalization of $12.25 billion, a PE ratio of 9.91, a PEG ratio of 2.10 and a beta of 1.42. The company has a 50 day moving average of $78.43 and a 200 day moving average of $85.98. Best Buy Co., Inc. has a 52 week low of $54.99 and a 52 week high of $103.71.

Best Buy (NYSE:BBY - Get Free Report) last issued its earnings results on Tuesday, March 4th. The technology retailer reported $2.58 earnings per share for the quarter, topping analysts' consensus estimates 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 during the quarter, compared to analyst estimates of $13.69 billion. During the same quarter last year, the business earned $2.72 earnings per share. Equities analysts forecast that Best Buy Co., Inc. will post 6.18 earnings per share for the current year.

Best Buy Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, April 15th. Investors of record on Tuesday, March 25th will be issued a dividend of $0.95 per share. This is a boost from Best Buy's previous quarterly dividend of $0.94. The ex-dividend date of this dividend is Tuesday, March 25th. This represents a $3.80 dividend on an annualized basis and a yield of 6.56%. Best Buy's dividend payout ratio is 88.99%.

About Best Buy

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.