Lbp Am Sa Cuts Stake in Best Buy Co., Inc. (NYSE:BBY)

LBP AM SA decreased its stake in Best Buy Co., Inc. (NYSE:BBY - Free Report) by 86.0% during the 4th quarter, according to the company in its most recent disclosure with the SEC. The firm owned 16,028 shares of the technology retailer's stock after selling 98,535 shares during the period. LBP AM SA's holdings in Best Buy were worth $1,375,000 as of its most recent filing with the SEC.

Several other hedge funds have also added to or reduced their stakes in BBY. Rakuten Securities Inc. raised its position in shares of Best Buy by 971.9% in the fourth quarter. Rakuten Securities Inc. now owns 343 shares of the technology retailer's stock valued at $29,000 after purchasing an additional 311 shares during the period. Golden State Wealth Management LLC bought a new stake in Best Buy during the 4th quarter worth approximately $32,000. OFI Invest Asset Management bought a new stake in Best Buy during the 4th quarter worth approximately $34,000. Trust Co. of Vermont increased its holdings in Best Buy by 1,200.0% during the 4th quarter. Trust Co. of Vermont now owns 416 shares of the technology retailer's stock worth $36,000 after acquiring an additional 384 shares during the period. Finally, LRI Investments LLC increased its holdings in Best Buy by 632.1% during the 3rd quarter. LRI Investments LLC now owns 388 shares of the technology retailer's stock worth $40,000 after acquiring an additional 335 shares during the period. Institutional investors own 80.96% of the company's stock.

Best Buy Trading Down 0.4 %

Shares of Best Buy stock traded down $0.27 during trading on Thursday, reaching $73.52. The company's stock had a trading volume of 2,661,708 shares, compared to its average volume of 3,045,574. Best Buy Co., Inc. has a 52-week low of $69.29 and a 52-week high of $103.71. The company has a market cap of $15.72 billion, a price-to-earnings ratio of 12.57, a PEG ratio of 2.10 and a beta of 1.43. The firm's 50-day moving average is $83.75 and its two-hundred day moving average is $89.47. The company has a quick ratio of 0.22, a current ratio of 1.00 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. Best Buy had a net margin of 3.01% and a return on equity of 45.93%. The company had revenue of $13.95 billion during the quarter, compared to analyst estimates of $13.69 billion. During the same period in the prior year, the business posted $2.72 EPS. On average, sell-side analysts anticipate that Best Buy Co., Inc. will post 6.18 earnings per share for the current year.

Best Buy Increases Dividend

The company also recently declared 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 positive change from Best Buy's previous quarterly dividend of $0.94. This represents a $3.80 dividend on an annualized basis and a yield of 5.17%. The ex-dividend date is Tuesday, March 25th. Best Buy's dividend payout ratio is currently 88.99%.

Wall Street Analysts Forecast Growth

BBY has been the topic of a number of analyst reports. Loop Capital reaffirmed a "negative" rating on shares of Best Buy in a report on Wednesday, March 5th. Piper Sandler decreased their target price on shares of Best Buy from $102.00 to $92.00 and set an "overweight" rating on the stock in a report on Wednesday, March 5th. KeyCorp reaffirmed a "sector weight" rating on shares of Best Buy in a report on Wednesday, March 5th. Morgan Stanley decreased their target price on shares of Best Buy from $100.00 to $85.00 and set an "equal weight" rating on the stock in a report on Wednesday, March 5th. Finally, JPMorgan Chase & Co. cut their price target on shares of Best Buy from $115.00 to $110.00 and set an "overweight" rating for the company in a research note on Wednesday, March 5th. Two investment analysts have rated the stock with a sell rating, nine have given a hold rating, nine have issued a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of "Hold" and a consensus target price of $93.50.

Insider Activity at Best Buy

In related news, CEO Corie S. Barry acquired 13,500 shares of the firm's stock in a transaction on Wednesday, March 12th. The stock was acquired at an average cost of $72.92 per share, for a total transaction of $984,420.00. Following the acquisition, the chief executive officer now owns 378,780 shares of the company's stock, valued at $27,620,637.60. This trade represents a 3.70 % increase in their ownership of the stock. The purchase was disclosed in a legal filing with the SEC, which is available at this link. Also, CAO Mathew Watson sold 3,182 shares of the company's stock in a transaction on Friday, March 14th. The stock was sold at an average price of $71.29, for a total transaction of $226,844.78. Following the completion of the transaction, the chief accounting officer now owns 19,218 shares of the company's stock, valued at $1,370,051.22. This trade represents a 14.21 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 0.59% of the stock is currently owned by company insiders.

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.