United Super Pty Ltd in its capacity as Trustee for the Construction & Building Unions Superannuation Fund Buys Shares of 4,100 Best Buy Co., Inc. (NYSE:BBY)

United Super Pty Ltd in its capacity as Trustee for the Construction & Building Unions Superannuation Fund bought a new position in Best Buy Co., Inc. (NYSE:BBY - Free Report) in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund bought 4,100 shares of the technology retailer's stock, valued at approximately $352,000.

Other institutional investors have also modified their holdings of the company. Rakuten Securities Inc. raised its stake in Best Buy by 971.9% during the fourth quarter. Rakuten Securities Inc. now owns 343 shares of the technology retailer's stock valued at $29,000 after buying an additional 311 shares in the last quarter. Golden State Wealth Management LLC acquired a new stake in shares of Best Buy during the 4th quarter valued at approximately $32,000. OFI Invest Asset Management bought a new position in Best Buy during the fourth quarter worth $34,000. Trust Co. of Vermont lifted its stake in Best Buy by 1,200.0% during the fourth quarter. Trust Co. of Vermont now owns 416 shares of the technology retailer's stock worth $36,000 after purchasing an additional 384 shares during the last quarter. Finally, LRI Investments LLC boosted its holdings in Best Buy by 632.1% in the third quarter. LRI Investments LLC now owns 388 shares of the technology retailer's stock worth $40,000 after purchasing an additional 335 shares during the period. Institutional investors and hedge funds own 80.96% of the company's stock.

Insider Buying and Selling at Best Buy

In related news, CEO Corie S. Barry purchased 13,500 shares of the company's stock in a transaction that occurred on 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 purchase, the chief executive officer now owns 378,780 shares of the company's stock, valued at $27,620,637.60. This trade represents a 3.70 % increase in their position. The acquisition was disclosed in a document filed with the SEC, which is available at the SEC website. Also, CFO Matthew M. Bilunas sold 51,000 shares of the company's stock in a transaction dated Monday, March 24th. The shares were sold at an average price of $74.20, for a total transaction of $3,784,200.00. Following the sale, the chief financial officer now directly owns 55,856 shares of the company's stock, valued at $4,144,515.20. This represents a 47.73 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 78,355 shares of company stock valued at $5,767,213. Corporate insiders own 0.59% of the company's stock.

Remove Ads

Best Buy Stock Up 1.8 %

BBY opened at $73.73 on Tuesday. The stock's fifty day moving average is $82.34 and its 200-day moving average is $88.01. Best Buy Co., Inc. has a one year low of $69.29 and a one year high of $103.71. The company has a market capitalization of $15.58 billion, a PE ratio of 12.60, a P/E/G ratio of 2.10 and a beta of 1.43. 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 issued its quarterly earnings results 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 company had revenue of $13.95 billion during the quarter, compared to the consensus estimate 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 prior year, the company earned $2.72 EPS. On average, equities analysts predict that Best Buy Co., Inc. will post 6.18 EPS for the current fiscal year.

Best Buy Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, April 15th. Shareholders of record on Tuesday, March 25th will be given a $0.95 dividend. This is a positive change from Best Buy's previous quarterly dividend of $0.94. The ex-dividend date is Tuesday, March 25th. This represents a $3.80 annualized dividend and a yield of 5.15%. Best Buy's payout ratio is 88.99%.

Wall Street Analysts Forecast Growth

A number of research analysts have recently issued reports on BBY shares. KeyCorp restated a "sector weight" rating on shares of Best Buy in a research report on Wednesday, March 5th. Wedbush reaffirmed a "neutral" rating and set a $90.00 target price on shares of Best Buy in a report on Monday, March 3rd. Piper Sandler dropped their price target on Best Buy from $102.00 to $92.00 and set an "overweight" rating on the stock in a research report on Wednesday, March 5th. UBS Group set a $105.00 price objective on Best Buy in a research report on Wednesday, March 5th. Finally, Evercore ISI dropped their target price on Best Buy from $95.00 to $80.00 and set an "in-line" rating on the stock in a research report on Wednesday, March 5th. Two equities research analysts have rated the stock with a sell rating, nine have assigned a hold rating, nine have assigned a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of "Hold" and an average target price of $93.50.

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.