Proficio Capital Partners LLC Purchases Shares of 57,143 Best Buy Co., Inc. (NYSE:BBY)

Proficio Capital Partners LLC acquired a new position in Best Buy Co., Inc. (NYSE:BBY - Free Report) during the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund acquired 57,143 shares of the technology retailer's stock, valued at approximately $4,903,000.

Several other large investors have also recently modified their holdings of BBY. Nordea Investment Management AB increased its stake 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 worth $50,643,000 after purchasing an additional 503,204 shares in the last quarter. National Bank of Canada FI lifted its holdings in shares of Best Buy by 817.4% in the 3rd quarter. National Bank of Canada FI now owns 537,886 shares of the technology retailer's stock worth $55,564,000 after acquiring an additional 479,256 shares during the last quarter. Bank of New York Mellon Corp raised its holdings in 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 buying an additional 459,353 shares during the last quarter. Charles Schwab Investment Management Inc. raised its holdings in Best Buy by 6.4% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 6,560,368 shares of the technology retailer's stock valued at $562,880,000 after buying an additional 395,415 shares during the last quarter. Finally, Allianz Asset Management GmbH raised its holdings in Best Buy by 17.3% during the 4th quarter. Allianz Asset Management GmbH now owns 1,606,242 shares of the technology retailer's stock valued at $137,816,000 after buying an additional 236,524 shares during the last quarter. Hedge funds and other institutional investors own 80.96% of the company's stock.

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Analyst Upgrades and Downgrades

Several brokerages have commented on BBY. Citigroup decreased their price objective on shares of Best Buy from $105.00 to $93.00 and set a "buy" rating for the company in a report on Wednesday, March 5th. Truist Financial cut their price objective on shares of Best Buy from $95.00 to $81.00 and set a "hold" rating on the stock in a research report on Wednesday, March 5th. Evercore ISI reduced their price target on shares of Best Buy from $95.00 to $80.00 and set an "in-line" rating for the company in a research note on Wednesday, March 5th. Jefferies Financial Group dropped 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. Finally, JPMorgan Chase & Co. dropped their price objective on shares of Best Buy from $115.00 to $110.00 and set an "overweight" rating on the stock in a report on Wednesday, March 5th. Two research analysts have rated the stock with a sell rating, nine have assigned a hold rating, nine have issued a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of "Hold" and a consensus target price of $93.50.

Insider Activity

In other Best Buy news, CEO Corie S. Barry acquired 13,500 shares of the stock in a transaction that occurred on Wednesday, March 12th. The stock was bought at an average cost of $72.92 per share, with a total value of $984,420.00. Following the completion of the purchase, the chief executive officer now directly owns 378,780 shares in the company, valued at $27,620,637.60. The trade was a 3.70 % increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CAO Mathew Watson sold 3,182 shares of the company's 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 completion of 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 trade represents a 14.21 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders own 0.59% of the company's stock.

Best Buy Trading Down 0.4 %

BBY stock traded down $0.27 during mid-day trading on Thursday, reaching $73.52. 2,661,437 shares of the stock traded hands, compared to its average volume of 2,974,007. The company has a debt-to-equity ratio of 0.37, a quick ratio of 0.22 and a current ratio of 1.00. Best Buy Co., Inc. has a one year low of $69.29 and a one year high of $103.71. The stock has a market capitalization of $15.72 billion, a PE ratio of 12.57, a PEG ratio of 2.10 and a beta of 1.43. The business has a 50-day moving average price of $83.75 and a two-hundred day moving average price of $89.47.

Best Buy (NYSE:BBY - Get Free Report) last issued its earnings results on Tuesday, March 4th. The technology retailer reported $2.58 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $2.40 by $0.18. The firm had revenue of $13.95 billion during the quarter, compared to analyst estimates of $13.69 billion. Best Buy had a net margin of 3.01% and a return on equity of 45.93%. During the same period in the previous year, the firm earned $2.72 earnings per share. Equities research analysts expect that Best Buy Co., Inc. will post 6.18 EPS 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 paid 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 dividend yield of 5.17%. The ex-dividend date of this dividend is Tuesday, March 25th. Best Buy's payout ratio is currently 88.99%.

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.