Thrivent Financial for Lutherans Raises Stake in Best Buy Co., Inc. (NYSE:BBY)

Thrivent Financial for Lutherans raised its stake in Best Buy Co., Inc. (NYSE:BBY - Free Report) by 7.4% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 1,246,904 shares of the technology retailer's stock after acquiring an additional 86,290 shares during the quarter. Thrivent Financial for Lutherans owned approximately 0.58% of Best Buy worth $106,984,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. IFP Advisors Inc raised its position in shares of Best Buy by 5.2% in the fourth quarter. IFP Advisors Inc now owns 2,538 shares of the technology retailer's stock valued at $218,000 after purchasing an additional 125 shares during the period. Rothschild Investment LLC raised its position in shares of Best Buy by 19.7% in the fourth quarter. Rothschild Investment LLC now owns 861 shares of the technology retailer's stock valued at $74,000 after purchasing an additional 142 shares during the period. Independent Advisor Alliance increased its holdings in Best Buy by 5.0% during the 4th quarter. Independent Advisor Alliance now owns 3,002 shares of the technology retailer's stock worth $258,000 after acquiring an additional 142 shares during the period. Yousif Capital Management LLC increased its holdings in Best Buy by 0.5% during the 4th quarter. Yousif Capital Management LLC now owns 29,904 shares of the technology retailer's stock worth $2,566,000 after acquiring an additional 145 shares during the period. Finally, Claro Advisors LLC increased its holdings in Best Buy by 5.7% during the 4th quarter. Claro Advisors LLC now owns 2,861 shares of the technology retailer's stock worth $246,000 after acquiring an additional 154 shares during the period. 80.96% of the stock is currently owned by hedge funds and other institutional investors.

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Best Buy Stock Up 0.2 %

NYSE:BBY traded up $0.15 on Friday, reaching $73.63. 6,849,486 shares of the stock traded hands, compared to its average volume of 2,975,962. The company has a market capitalization of $15.74 billion, a price-to-earnings ratio of 12.59, a PEG ratio of 2.10 and a beta of 1.43. The company has a current ratio of 1.00, a quick ratio of 0.22 and a debt-to-equity ratio of 0.37. Best Buy Co., Inc. has a 12 month low of $69.29 and a 12 month high of $103.71. The company's fifty day simple moving average is $83.34 and its 200 day simple moving average is $89.17.

Best Buy (NYSE:BBY - Get Free Report) last released its quarterly earnings data on Tuesday, March 4th. The technology retailer reported $2.58 earnings per share for the quarter, beating analysts' consensus estimates of $2.40 by $0.18. The business 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 last year, the business earned $2.72 EPS. Equities 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 declared a quarterly dividend, which will be paid on Tuesday, April 15th. Stockholders 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 dividend yield of 5.16%. 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 dividend payout ratio (DPR) is presently 88.99%.

Analysts Set New Price Targets

A number of analysts recently weighed in on the stock. Barclays decreased their target price on shares of Best Buy from $95.00 to $89.00 and set an "equal weight" rating on the stock in a report on Thursday, January 9th. 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. Truist Financial decreased their target price on shares of Best Buy from $95.00 to $81.00 and set a "hold" rating on the stock in a report on Wednesday, March 5th. Wells Fargo & Company decreased their price target on shares of Best Buy from $89.00 to $85.00 and set an "equal weight" rating on the stock in a report on Wednesday, March 5th. Finally, UBS Group set a $105.00 price target on shares of Best Buy in a report on Wednesday, March 5th. Two analysts have rated the stock with a sell rating, nine have assigned a hold rating, nine have given a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of "Hold" and an average price target of $93.50.

Insider Activity

In related news, CEO Corie S. Barry purchased 13,500 shares of the company's stock in a transaction dated Wednesday, March 12th. The shares were purchased at an average price of $72.92 per share, with a total value of $984,420.00. Following the acquisition, 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 position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CAO Mathew Watson sold 3,182 shares of the firm's stock in a transaction that occurred 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 directly owns 19,218 shares in the company, valued at approximately $1,370,051.22. The trade was a 14.21 % decrease in their position. The disclosure for this sale can be found here. Insiders own 0.59% of the company's stock.

About Best Buy

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.