Best Buy Co., Inc. (NYSE:BBY) Shares Sold by Meeder Asset Management Inc.

Meeder Asset Management Inc. lowered its stake in shares of Best Buy Co., Inc. (NYSE:BBY - Free Report) by 84.8% during the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 4,222 shares of the technology retailer's stock after selling 23,623 shares during the period. Meeder Asset Management Inc.'s holdings in Best Buy were worth $362,000 as of its most recent SEC filing.

Other large investors have also made changes to their positions in the company. Rakuten Securities Inc. raised its holdings in Best Buy by 971.9% in the 4th quarter. Rakuten Securities Inc. now owns 343 shares of the technology retailer's stock valued at $29,000 after acquiring an additional 311 shares during the last quarter. Golden State Wealth Management LLC purchased a new stake in shares of Best Buy in the fourth quarter valued at $32,000. OFI Invest Asset Management acquired a new position in Best Buy in the fourth quarter valued at $34,000. Trust Co. of Vermont lifted its position in Best Buy by 1,200.0% during the fourth quarter. Trust Co. of Vermont now owns 416 shares of the technology retailer's stock worth $36,000 after buying an additional 384 shares during the period. Finally, LRI Investments LLC boosted its stake in Best Buy by 632.1% in the 3rd quarter. LRI Investments LLC now owns 388 shares of the technology retailer's stock worth $40,000 after buying an additional 335 shares during the last quarter. Institutional investors and hedge funds own 80.96% of the company's stock.

Analyst Ratings Changes

BBY has been the subject of a number of research analyst reports. Barclays dropped their price objective on shares of Best Buy from $95.00 to $89.00 and set an "equal weight" rating for the company in a research note on Thursday, January 9th. Truist Financial cut their price target on shares of Best Buy from $95.00 to $81.00 and set a "hold" rating on the stock in a research note on Wednesday, March 5th. Piper Sandler lowered 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 note on Wednesday, March 5th. Bank of America cut their target price on Best Buy from $80.00 to $75.00 and set an "underperform" rating on the stock in a research report on Wednesday, March 5th. Finally, Evercore ISI reduced their target price on Best Buy from $95.00 to $80.00 and set an "in-line" rating on the stock in a report on Wednesday, March 5th. Two investment analysts have rated the stock with a sell rating, nine have given a hold rating, nine have given a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of "Hold" and a consensus target price of $93.50.

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Insider Transactions at Best Buy

In other Best Buy news, CAO Mathew Watson sold 3,182 shares of the stock in a transaction on Friday, March 14th. The shares were sold at an average price of $71.29, for a total transaction of $226,844.78. Following the sale, the chief accounting officer now directly owns 19,218 shares of the company's stock, valued at approximately $1,370,051.22. This represents a 14.21 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Corie S. Barry purchased 13,500 shares of Best Buy stock in a transaction dated Wednesday, March 12th. The stock was acquired at an average price of $72.92 per share, for a total transaction of $984,420.00. Following the completion of the transaction, the chief executive officer now owns 378,780 shares in the company, valued at approximately $27,620,637.60. The trade was a 3.70 % increase in their position. The disclosure for this purchase can be found here. Over the last 90 days, insiders have sold 78,355 shares of company stock valued at $5,767,213. Insiders own 0.59% of the company's stock.

Best Buy Stock Up 1.9 %

BBY stock traded up $1.40 during trading on Wednesday, reaching $75.77. The stock had a trading volume of 2,141,420 shares, compared to its average volume of 3,055,185. The company has a current ratio of 1.00, a quick ratio of 0.22 and a debt-to-equity ratio of 0.37. The firm has a fifty day moving average price of $81.98 and a 200 day moving average price of $87.76. The company has a market capitalization of $16.02 billion, a P/E ratio of 12.95, a PEG ratio of 2.10 and a beta of 1.43. Best Buy Co., Inc. has a 1-year low of $68.56 and a 1-year high of $103.71.

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

Best Buy Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Tuesday, April 15th. Stockholders of record on Tuesday, March 25th will be given a $0.95 dividend. The ex-dividend date is Tuesday, March 25th. This represents a $3.80 annualized dividend and a dividend yield of 5.02%. This is an increase from Best Buy's previous quarterly dividend of $0.94. Best Buy's payout ratio is presently 88.99%.

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.