Best Buy Co., Inc. (NYSE:BBY) Shares Purchased by Tobam

Tobam boosted its holdings in Best Buy Co., Inc. (NYSE:BBY - Free Report) by 656.3% during the fourth quarter, according to its most recent Form 13F filing with the SEC. The fund owned 9,197 shares of the technology retailer's stock after acquiring an additional 7,981 shares during the period. Tobam's holdings in Best Buy were worth $789,000 at the end of the most recent reporting period.

Several other hedge funds also recently added to or reduced their stakes in the business. Park Avenue Securities LLC lifted its stake in shares of Best Buy by 1.3% in the 3rd quarter. Park Avenue Securities LLC now owns 8,281 shares of the technology retailer's stock valued at $855,000 after purchasing an additional 103 shares during the last quarter. Greenleaf Trust increased its position in shares of Best Buy by 1.2% during the third quarter. Greenleaf Trust now owns 9,454 shares of the technology retailer's stock valued at $977,000 after acquiring an additional 108 shares during the last quarter. SeaCrest Wealth Management LLC raised its stake in shares of Best Buy by 4.6% in the 3rd quarter. SeaCrest Wealth Management LLC now owns 2,675 shares of the technology retailer's stock valued at $276,000 after acquiring an additional 118 shares during the period. Yousif Capital Management LLC boosted its position in shares of 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 purchasing an additional 145 shares during the period. Finally, Access Investment Management LLC increased its holdings in Best Buy by 12.2% in the 3rd quarter. Access Investment Management LLC now owns 1,380 shares of the technology retailer's stock valued at $143,000 after purchasing an additional 150 shares during the last quarter. 80.96% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of brokerages have recently weighed in on BBY. Wells Fargo & Company dropped their price objective on Best Buy from $95.00 to $89.00 and set an "equal weight" rating for the company in a research note on Wednesday, November 27th. Truist Financial cut their price target on shares of Best Buy from $107.00 to $95.00 and set a "hold" rating on the stock in a research note on Wednesday, November 27th. Loop Capital reissued a "buy" rating and issued a $100.00 price objective on shares of Best Buy in a research note on Wednesday, December 18th. StockNews.com downgraded shares of Best Buy from a "buy" rating to a "hold" rating in a research note on Friday, November 15th. Finally, Barclays decreased their price target on shares of Best Buy from $95.00 to $89.00 and set an "equal weight" rating for the company in a research report on Thursday, January 9th. One analyst has rated the stock with a sell rating, eight have issued a hold rating, ten have assigned a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, Best Buy presently has a consensus rating of "Moderate Buy" and an average price target of $101.72.

Insiders Place Their Bets

In related news, CFO Matthew M. Bilunas sold 69,166 shares of the stock in a transaction dated Wednesday, December 11th. The shares were sold at an average price of $87.46, for a total transaction of $6,049,258.36. Following the completion of the transaction, the chief financial officer now directly owns 92,070 shares of the company's stock, valued at $8,052,442.20. This represents a 42.90 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this link. 0.59% of the stock is owned by insiders.

Best Buy Stock Performance

BBY traded up $0.19 during trading on Tuesday, hitting $88.26. 726,916 shares of the stock were exchanged, compared to its average volume of 2,379,622. 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 1-year low of $69.29 and a 1-year high of $103.71. The stock has a fifty day moving average price of $85.81 and a two-hundred day moving average price of $90.05. The firm has a market capitalization of $18.87 billion, a P/E ratio of 15.09, a PEG ratio of 2.01 and a beta of 1.43.

Best Buy (NYSE:BBY - Get Free Report) last released its quarterly earnings results on Tuesday, November 26th. The technology retailer reported $1.26 EPS for the quarter, missing the consensus estimate of $1.30 by ($0.04). The business had revenue of $9.45 billion during the quarter, compared to analysts' expectations of $9.63 billion. Best Buy had a net margin of 3.01% and a return on equity of 45.93%. The firm's revenue for the quarter was down 3.2% compared to the same quarter last year. During the same quarter last year, the company earned $1.29 EPS. As a group, sell-side analysts predict that Best Buy Co., Inc. will post 6.18 earnings per share for the current year.

Best Buy Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Tuesday, January 7th. Investors of record on Tuesday, December 17th were given a $0.94 dividend. This represents a $3.76 annualized dividend and a yield of 4.26%. The ex-dividend date was Tuesday, December 17th. Best Buy's dividend payout ratio (DPR) is presently 64.27%.

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.