2,074,767 Shares in Best Buy Co., Inc. (NYSE:BBY) Purchased by Norges Bank

Norges Bank purchased a new stake in Best Buy Co., Inc. (NYSE:BBY - Free Report) in the 4th quarter, according to the company in its most recent Form 13F filing with the SEC. The firm purchased 2,074,767 shares of the technology retailer's stock, valued at approximately $178,015,000. Norges Bank owned 0.97% of Best Buy as of its most recent SEC filing.

Several other institutional investors have also modified their holdings of BBY. Rakuten Securities Inc. grew its stake in Best Buy by 971.9% during the 4th quarter. Rakuten Securities Inc. now owns 343 shares of the technology retailer's stock worth $29,000 after purchasing an additional 311 shares in the last quarter. Golden State Wealth Management LLC purchased a new position in Best Buy during the 4th quarter worth approximately $32,000. LRI Investments LLC grew its position in shares of Best Buy by 632.1% during the third 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 last quarter. OFI Invest Asset Management acquired a new position in Best Buy in the fourth quarter valued at $34,000. Finally, Trust Co. of Vermont raised its stake 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 valued at $36,000 after acquiring an additional 384 shares during the last quarter. Institutional investors and hedge funds own 80.96% of the company's stock.

Wall Street Analysts Forecast Growth

A number of equities research analysts have weighed in on the company. DA Davidson lowered their price objective on Best Buy from $117.00 to $110.00 and set a "buy" rating on the stock in a report on Wednesday, March 5th. Bank of America reduced their price target on shares of Best Buy from $80.00 to $75.00 and set an "underperform" rating on the stock in a report on Wednesday, March 5th. UBS Group set a $105.00 price objective on Best Buy in a research report on Wednesday, March 5th. Wells Fargo & Company cut their price target on Best Buy from $89.00 to $85.00 and set an "equal weight" rating for the company in a report on Wednesday, March 5th. Finally, Jefferies Financial Group cut their price objective on shares of Best Buy from $106.00 to $92.00 and set a "buy" rating on the stock in a report on Tuesday, March 4th. Two analysts have rated the stock with a sell rating, nine have given a hold rating, nine have given a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, Best Buy has a consensus rating of "Hold" and an average target price of $93.50.

Remove Ads

Best Buy Stock Up 1.0 %

Shares of BBY traded up $0.75 during midday trading on Tuesday, hitting $74.36. The company had a trading volume of 2,346,416 shares, compared to its average volume of 3,054,623. The company has a quick ratio of 0.22, a current ratio of 1.00 and a debt-to-equity ratio of 0.37. Best Buy Co., Inc. has a 52 week low of $69.29 and a 52 week high of $103.71. The company's 50 day moving average price is $82.14 and its 200 day moving average price is $87.84. The stock has a market cap of $15.72 billion, a price-to-earnings ratio of 12.71, a PEG ratio of 2.10 and a beta of 1.43.

Best Buy (NYSE:BBY - Get Free Report) last announced its quarterly earnings data 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 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 quarter in the prior year, the firm posted $2.72 earnings per share. On average, equities research analysts predict that Best Buy Co., Inc. will post 6.18 EPS for the current year.

Best Buy Increases Dividend

The firm 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 $0.95 dividend. This represents a $3.80 dividend on an annualized basis and a yield of 5.11%. The ex-dividend date is Tuesday, March 25th. This is an increase from Best Buy's previous quarterly dividend of $0.94. Best Buy's payout ratio is currently 88.99%.

Insider Buying and Selling at Best Buy

In other news, insider Todd G. Hartman sold 4,893 shares of Best Buy stock in a transaction dated Friday, March 21st. The shares were sold at an average price of $72.65, for a total value of $355,476.45. Following the completion of the transaction, the insider now directly owns 32,320 shares of the company's stock, valued at approximately $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 accessible through this hyperlink. Also, CAO Mathew Watson sold 3,182 shares of the stock in a transaction dated Friday, March 14th. The stock was sold at an average price of $71.29, for a total transaction of $226,844.78. Following the sale, the chief accounting officer now owns 19,218 shares in the company, valued at approximately $1,370,051.22. This trade represents a 14.21 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 78,355 shares of company stock worth $5,767,213 over the last 90 days. Insiders own 0.59% of the company's stock.

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.