Invesco Ltd. Has $316.78 Million Stake in Best Buy Co., Inc. (NYSE:BBY)

Invesco Ltd. boosted its position in Best Buy Co., Inc. (NYSE:BBY - Free Report) by 20.5% in the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 3,692,118 shares of the technology retailer's stock after purchasing an additional 629,180 shares during the period. Invesco Ltd. owned approximately 1.73% of Best Buy worth $316,784,000 as of its most recent SEC filing.

Other hedge funds also recently modified their holdings of the company. Raymond James Financial Inc. acquired a new position in Best Buy during the fourth quarter worth about $514,483,000. Norges Bank acquired a new stake in Best Buy during the fourth quarter valued at approximately $178,015,000. Arrowstreet Capital Limited Partnership boosted its holdings in Best Buy by 101.4% during the fourth quarter. Arrowstreet Capital Limited Partnership now owns 1,114,928 shares of the technology retailer's stock worth $95,661,000 after buying an additional 561,413 shares in the last quarter. Nordea Investment Management AB increased its holdings in shares of Best Buy by 563.8% in the fourth quarter. Nordea Investment Management AB now owns 592,460 shares of the technology retailer's stock valued at $50,643,000 after buying an additional 503,204 shares in the last quarter. Finally, Bank of New York Mellon Corp lifted its position in shares of Best Buy by 13.7% during the 4th quarter. Bank of New York Mellon Corp now owns 3,824,425 shares of the technology retailer's stock valued at $328,136,000 after acquiring an additional 459,353 shares during the last quarter. 80.96% of the stock is currently owned by institutional investors and hedge funds.

Best Buy Stock Performance

Shares of BBY stock traded down $0.65 during trading hours on Tuesday, reaching $61.11. 1,578,789 shares of the company's stock were exchanged, compared to its average volume of 3,247,315. Best Buy Co., Inc. has a fifty-two week low of $54.99 and a fifty-two week 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 stock has a market capitalization of $12.92 billion, a P/E ratio of 10.45, a P/E/G ratio of 2.10 and a beta of 1.42. The business has a fifty day moving average price of $76.97 and a 200-day moving average price of $85.07.

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Best Buy (NYSE:BBY - Get Free Report) last issued its quarterly earnings results on Tuesday, March 4th. The technology retailer reported $2.58 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.40 by $0.18. The firm had revenue of $13.95 billion for the quarter, compared to analyst estimates 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 in the previous year, the company posted $2.72 earnings per share. Analysts predict 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. Shareholders of record on Tuesday, March 25th will be issued a dividend of $0.95 per share. This represents a $3.80 dividend on an annualized basis and a yield of 6.22%. This is an increase from Best Buy's previous quarterly dividend of $0.94. The ex-dividend date is Tuesday, March 25th. Best Buy's payout ratio is presently 88.99%.

Wall Street Analyst Weigh In

Several brokerages have recently commented on BBY. Jefferies Financial Group reduced their target price on Best Buy from $106.00 to $92.00 and set a "buy" rating for the company in a report on Tuesday, March 4th. Truist Financial dropped their target price on shares of Best Buy from $81.00 to $64.00 and set a "hold" rating on the stock in a research report on Tuesday, April 8th. UBS Group set a $105.00 price objective on shares of Best Buy in a research note on Wednesday, March 5th. Barclays decreased their target price on Best Buy from $95.00 to $89.00 and set an "equal weight" rating for the company in a research report on Thursday, January 9th. Finally, Telsey Advisory Group reduced their price objective on Best Buy from $110.00 to $100.00 and set an "outperform" rating for the company in a research note on Wednesday, March 5th. Two analysts have rated the stock with a sell rating, ten have assigned a hold rating, eight have issued a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, the company has an average rating of "Hold" and a consensus target price of $91.28.

Insider Activity

In other news, CAO Mathew Watson sold 2,951 shares of Best Buy stock in a transaction that occurred on Friday, March 21st. The shares were sold at an average price of $72.65, for a total value of $214,390.15. Following the completion of the transaction, the chief accounting officer now owns 21,371 shares in the company, valued at approximately $1,552,603.15. The trade was a 12.13 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CFO Matthew M. Bilunas sold 51,000 shares of the business's 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. The trade was a 47.73 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 78,355 shares of company stock worth $5,767,213. Company insiders own 0.59% of the company's stock.

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.