iA Global Asset Management Inc. Acquires 19,722 Shares of Best Buy Co., Inc. (NYSE:BBY)

iA Global Asset Management Inc. lifted its stake in Best Buy Co., Inc. (NYSE:BBY - Free Report) by 539.3% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 23,379 shares of the technology retailer's stock after purchasing an additional 19,722 shares during the quarter. iA Global Asset Management Inc.'s holdings in Best Buy were worth $2,006,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds also recently bought and sold shares of the company. Brooklyn FI LLC bought a new position in shares of Best Buy in the fourth quarter worth approximately $315,000. Xponance Inc. raised its holdings in Best Buy by 35.7% in the 4th quarter. Xponance Inc. now owns 40,294 shares of the technology retailer's stock worth $3,457,000 after acquiring an additional 10,590 shares during the last quarter. Intech Investment Management LLC bought a new position in Best Buy in the 4th quarter valued at approximately $1,478,000. Generali Asset Management SPA SGR purchased a new stake in Best Buy during the 4th quarter valued at $3,126,000. Finally, Thrivent Financial for Lutherans increased its holdings in shares of Best Buy by 7.4% in the 4th quarter. Thrivent Financial for Lutherans now owns 1,246,904 shares of the technology retailer's stock worth $106,984,000 after purchasing an additional 86,290 shares in the last quarter. Institutional investors own 80.96% of the company's stock.

Best Buy Stock Performance

NYSE BBY traded up $0.16 on Wednesday, reaching $74.78. 2,398,061 shares of the stock were exchanged, compared to its average volume of 2,964,176. The firm has a market capitalization of $15.81 billion, a PE ratio of 12.78, a PEG ratio of 2.10 and a beta of 1.43. Best Buy Co., Inc. has a one year low of $69.29 and a one year high of $103.71. The company's 50-day simple moving average is $83.01 and its two-hundred day simple moving average is $88.68. The company has a current ratio of 1.00, a quick ratio of 0.22 and a debt-to-equity ratio of 0.37.

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

Best Buy Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, April 15th. Stockholders of record on Tuesday, March 25th will be given a dividend of $0.95 per share. The ex-dividend date of this dividend is Tuesday, March 25th. This represents a $3.80 annualized dividend and a dividend yield of 5.08%. This is a boost from Best Buy's previous quarterly dividend of $0.94. Best Buy's dividend payout ratio (DPR) is presently 88.99%.

Insider Transactions at Best Buy

In other Best Buy news, CFO Matthew M. Bilunas sold 51,000 shares of Best Buy stock in a transaction on 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 approximately $4,144,515.20. The trade was a 47.73 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CEO Corie S. Barry acquired 13,500 shares of the company's stock in a transaction on Wednesday, March 12th. The shares were bought 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 directly 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. Over the last quarter, insiders have sold 78,355 shares of company stock valued at $5,767,213. 0.59% of the stock is currently owned by corporate insiders.

Analysts Set New Price Targets

Several equities research analysts recently commented on the company. KeyCorp reaffirmed a "sector weight" rating on shares of Best Buy in a research report on Wednesday, March 5th. Telsey Advisory Group dropped their price target on shares of Best Buy from $110.00 to $100.00 and set an "outperform" rating on the stock in a report on Wednesday, March 5th. Wells Fargo & Company decreased their price objective on shares of Best Buy from $89.00 to $85.00 and set an "equal weight" rating for the company in a report on Wednesday, March 5th. Truist Financial dropped their target price on shares of Best Buy from $95.00 to $81.00 and set a "hold" rating on the stock in a report on Wednesday, March 5th. Finally, DA Davidson lowered their price target on Best Buy from $117.00 to $110.00 and set a "buy" rating on the stock in a report on Wednesday, March 5th. Two investment analysts have rated the stock with a sell rating, nine have assigned a hold rating, nine have issued a buy rating and one has issued a strong buy rating to the company's stock. According to data from MarketBeat, the stock currently has a consensus rating of "Hold" and an average price target of $93.50.

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.