Toronto Dominion Bank Purchases 46,152 Shares of Best Buy Co., Inc. (NYSE:BBY)

Toronto Dominion Bank boosted its stake in shares of Best Buy Co., Inc. (NYSE:BBY - Free Report) by 82.2% during the 3rd quarter, according to its most recent 13F filing with the SEC. The firm owned 102,292 shares of the technology retailer's stock after buying an additional 46,152 shares during the period. Toronto Dominion Bank's holdings in Best Buy were worth $10,567,000 as of its most recent filing with the SEC.

A number of other institutional investors have also recently bought and sold shares of the stock. QRG Capital Management Inc. raised its holdings in shares of Best Buy by 10.5% during the third quarter. QRG Capital Management Inc. now owns 31,745 shares of the technology retailer's stock worth $3,279,000 after acquiring an additional 3,025 shares during the period. Asset Management One Co. Ltd. raised its stake in shares of Best Buy by 27.4% in the 3rd quarter. Asset Management One Co. Ltd. now owns 90,341 shares of the technology retailer's stock valued at $9,332,000 after purchasing an additional 19,405 shares during the period. Mirae Asset Global Investments Co. Ltd. lifted its holdings in shares of Best Buy by 13.3% in the third quarter. Mirae Asset Global Investments Co. Ltd. now owns 154,564 shares of the technology retailer's stock valued at $15,806,000 after purchasing an additional 18,171 shares in the last quarter. Oppenheimer Asset Management Inc. acquired a new position in shares of Best Buy during the third quarter worth about $2,384,000. Finally, Charles Schwab Investment Management Inc. grew its holdings in shares of Best Buy by 4.1% during the third quarter. Charles Schwab Investment Management Inc. now owns 6,164,953 shares of the technology retailer's stock worth $636,840,000 after buying an additional 241,988 shares in the last quarter. Institutional investors own 80.96% of the company's stock.

Analysts Set New Price Targets

BBY has been the subject of a number of recent research reports. BNP Paribas raised Best Buy to a "strong-buy" rating in a research report on Thursday, August 29th. Truist Financial decreased their target price on shares of Best Buy from $107.00 to $95.00 and set a "hold" rating for the company in a research report on Wednesday, November 27th. Evercore ISI boosted their price target on shares of Best Buy from $90.00 to $94.00 and gave the stock an "in-line" rating in a research report on Friday, August 30th. Piper Sandler restated an "overweight" rating and issued a $114.00 price objective (up previously from $100.00) on shares of Best Buy in a report on Friday, August 30th. Finally, Barclays lifted their target price on Best Buy from $81.00 to $95.00 and gave the company an "equal weight" rating in a research report on Friday, August 30th. One analyst has rated the stock with a sell rating, eight have given a hold rating, ten have issued a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, the stock has an average rating of "Moderate Buy" and a consensus price target of $101.06.

Insider Buying and Selling

In other Best Buy news, CFO Matthew M. Bilunas sold 69,166 shares of the firm's stock in a transaction that occurred on 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 owns 92,070 shares in the company, valued at approximately $8,052,442.20. This trade represents a 42.90 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. 0.59% of the stock is currently owned by corporate insiders.

Best Buy Stock Performance

BBY stock traded down $0.80 during trading hours on Friday, hitting $87.60. 2,238,124 shares of the stock were exchanged, compared to its average volume of 3,080,782. The company has a 50-day simple moving average of $91.54 and a two-hundred day simple moving average of $90.28. The firm has a market capitalization of $18.73 billion, a P/E ratio of 14.97, a P/E/G ratio of 2.19 and a beta of 1.44. Best Buy Co., Inc. has a 12 month low of $69.29 and a 12 month high of $103.71. 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 (NYSE:BBY - Get Free Report) last issued its quarterly earnings data on Tuesday, November 26th. The technology retailer reported $1.26 earnings per share 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 analyst estimates of $9.63 billion. Best Buy had a return on equity of 45.93% and a net margin of 3.01%. Best Buy's revenue for the quarter was down 3.2% compared to the same quarter last year. During the same quarter last year, the firm earned $1.29 EPS. On average, analysts forecast that Best Buy Co., Inc. will post 6.18 earnings per share for the current fiscal year.

Best Buy Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, January 7th. Investors of record on Tuesday, December 17th will be issued a dividend of $0.94 per share. This represents a $3.76 annualized dividend and a dividend yield of 4.29%. The ex-dividend date is Tuesday, December 17th. Best Buy's dividend payout ratio (DPR) is 64.27%.

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.