Treasurer of the State of North Carolina Raises Stake in Best Buy Co., Inc. (NYSE:BBY)

Treasurer of the State of North Carolina increased its stake in Best Buy Co., Inc. (NYSE:BBY - Free Report) by 5.7% during the fourth quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 102,226 shares of the technology retailer's stock after purchasing an additional 5,540 shares during the quarter. Treasurer of the State of North Carolina's holdings in Best Buy were worth $8,771,000 at the end of the most recent quarter.

Several other hedge funds have also bought and sold shares of BBY. Rakuten Securities Inc. boosted its holdings in Best Buy by 971.9% in the 4th quarter. Rakuten Securities Inc. now owns 343 shares of the technology retailer's stock worth $29,000 after buying an additional 311 shares during the period. Golden State Wealth Management LLC bought a new position in shares of Best Buy in the fourth quarter worth about $32,000. Atlas Capital Advisors Inc. grew its position in shares of Best Buy by 186.9% during the fourth quarter. Atlas Capital Advisors Inc. now owns 373 shares of the technology retailer's stock worth $32,000 after purchasing an additional 243 shares in the last quarter. OFI Invest Asset Management bought a new stake in Best Buy during the 4th quarter valued at approximately $34,000. Finally, Trust Co. of Vermont lifted its holdings in Best Buy by 1,200.0% in the 4th quarter. Trust Co. of Vermont now owns 416 shares of the technology retailer's stock worth $36,000 after purchasing an additional 384 shares in the last quarter. Institutional investors own 80.96% of the company's stock.

Analyst Upgrades and Downgrades

Several equities research analysts have recently issued reports on the stock. KeyCorp reiterated a "sector weight" rating on shares of Best Buy in a research report on Wednesday, March 5th. Piper Sandler cut their target price on shares of Best Buy from $102.00 to $92.00 and set an "overweight" rating for the company in a research note on Wednesday, March 5th. DA Davidson reiterated a "buy" rating and issued a $110.00 price target on shares of Best Buy in a research note on Monday, April 14th. UBS Group set a $105.00 price objective on Best Buy in a research report on Wednesday, March 5th. Finally, Loop Capital reiterated a "negative" rating on shares of Best Buy in a research report on Wednesday, March 5th. Two research analysts have rated the stock with a sell rating, ten have given a hold rating, eight have assigned a buy rating and one has issued a strong buy rating to the company's stock. According to data from MarketBeat.com, the company has a consensus rating of "Hold" and an average target price of $91.28.

Best Buy Trading Up 3.9 %

Best Buy stock traded up $2.34 during trading hours on Friday, hitting $61.97. The company had a trading volume of 3,861,900 shares, compared to its average volume of 3,266,844. The firm has a market cap of $13.10 billion, a P/E ratio of 10.59, a P/E/G ratio of 2.10 and a beta of 1.42. The company has a 50-day moving average price of $74.93 and a two-hundred day moving average price of $84.17. Best Buy Co., Inc. has a 1 year low of $54.99 and a 1 year high of $103.71. 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 (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, topping the consensus estimate of $2.40 by $0.18. The company 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 earned $2.72 earnings per share. On average, sell-side analysts anticipate that Best Buy Co., Inc. will post 6.18 earnings per share for the current year.

Best Buy Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Tuesday, April 15th. Shareholders of record on Tuesday, March 25th were issued a dividend of $0.95 per share. This represents a $3.80 annualized dividend and a yield of 6.13%. This is a boost from Best Buy's previous quarterly dividend of $0.94. The ex-dividend date was Tuesday, March 25th. Best Buy's dividend payout ratio is presently 88.99%.

Insider Buying and Selling at Best Buy

In other news, CFO Matthew M. Bilunas sold 51,000 shares of the firm's stock in a transaction dated Monday, March 24th. The shares were sold at an average price of $74.20, for a total value of $3,784,200.00. Following the sale, the chief financial officer now directly owns 55,856 shares in the company, valued at approximately $4,144,515.20. This trade represents a 47.73 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Corie S. Barry bought 13,500 shares of the firm's stock in a transaction that occurred on Wednesday, March 12th. The shares were purchased at an average cost of $72.92 per share, with a total value of $984,420.00. Following the transaction, the chief executive officer now directly owns 378,780 shares of the company's stock, valued at $27,620,637.60. The trade was a 3.70 % increase in their ownership of the stock. The disclosure for this purchase can be found here. In the last quarter, insiders have sold 78,355 shares of company stock valued at $5,767,213. Company insiders own 0.59% of the company's stock.

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.