Vanguard Group Inc. Has $1.97 Billion Stock Position in Best Buy Co., Inc. (NYSE:BBY)

Vanguard Group Inc. boosted its holdings in shares of Best Buy Co., Inc. (NYSE:BBY - Free Report) by 0.8% in the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 22,982,608 shares of the technology retailer's stock after purchasing an additional 191,161 shares during the period. Vanguard Group Inc. owned 10.75% of Best Buy worth $1,971,908,000 as of its most recent SEC filing.

Other institutional investors have also recently bought and sold shares of the company. Charles Schwab Investment Management Inc. raised its holdings in shares of Best Buy by 6.4% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 6,560,368 shares of the technology retailer's stock valued at $562,880,000 after buying an additional 395,415 shares during the last quarter. Raymond James Financial Inc. acquired a new stake in Best Buy in the 4th quarter valued at about $514,483,000. Geode Capital Management LLC raised its stake in shares of Best Buy by 2.5% in the third quarter. Geode Capital Management LLC now owns 4,852,980 shares of the technology retailer's stock worth $499,954,000 after acquiring an additional 120,185 shares during the last quarter. Bank of New York Mellon Corp lifted its position in shares of Best Buy by 13.7% during the fourth quarter. Bank of New York Mellon Corp now owns 3,824,425 shares of the technology retailer's stock worth $328,136,000 after purchasing an additional 459,353 shares in the last quarter. Finally, Allianz Asset Management GmbH lifted its position in shares of Best Buy by 17.3% during the fourth quarter. Allianz Asset Management GmbH now owns 1,606,242 shares of the technology retailer's stock worth $137,816,000 after purchasing an additional 236,524 shares in the last quarter. Institutional investors own 80.96% of the company's stock.

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Analyst Ratings Changes

Several research analysts recently weighed in on the stock. Evercore ISI dropped their price objective on shares of Best Buy from $95.00 to $80.00 and set an "in-line" rating for the company in a research report on Wednesday, March 5th. Morgan Stanley cut their price target on Best Buy from $100.00 to $85.00 and set an "equal weight" rating on the stock in a research note on Wednesday, March 5th. Truist Financial lowered their price objective on Best Buy from $95.00 to $81.00 and set a "hold" rating for the company in a research report on Wednesday, March 5th. Guggenheim cut their target price on shares of Best Buy from $105.00 to $90.00 and set a "buy" rating on the stock in a research report on Wednesday, March 5th. Finally, KeyCorp reiterated a "sector weight" 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, nine have issued a hold rating, nine have given a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, the stock currently has an average rating of "Hold" and a consensus target price of $93.50.

Insider Buying and Selling at Best Buy

In other Best Buy news, CEO Corie S. Barry purchased 13,500 shares of the firm's stock in a transaction dated Wednesday, March 12th. The stock was bought at an average cost of $72.92 per share, with a total value of $984,420.00. Following the purchase, 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 acquisition was disclosed in a filing with the SEC, which can be accessed through this link. Also, insider Todd G. Hartman sold 4,893 shares of Best Buy stock in a transaction that occurred on Friday, March 21st. The shares were sold at an average price of $72.65, for a total transaction of $355,476.45. Following the completion of the sale, the insider now owns 32,320 shares in the company, valued at $2,348,048. This trade represents a 13.15 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 78,355 shares of company stock valued at $5,767,213 in the last 90 days. 0.59% of the stock is currently owned by company insiders.

Best Buy Stock Up 1.8 %

Shares of NYSE BBY traded up $1.28 during mid-day trading on Monday, reaching $73.73. 3,529,015 shares of the company's stock were exchanged, compared to its average volume of 3,052,801. The company has a current ratio of 1.00, a quick ratio of 0.22 and a debt-to-equity ratio of 0.37. The business has a fifty day simple moving average of $82.34 and a 200 day simple moving average of $88.01. Best Buy Co., Inc. has a twelve month low of $69.29 and a twelve month high of $103.71. The firm has a market capitalization of $15.58 billion, a price-to-earnings ratio of 12.60, a PEG ratio of 2.10 and a beta of 1.43.

Best Buy (NYSE:BBY - Get Free Report) last announced 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. Best Buy had a net margin of 3.01% and a return on equity of 45.93%. The firm had revenue of $13.95 billion for the quarter, compared to analyst estimates of $13.69 billion. During the same quarter in the previous year, the firm posted $2.72 earnings per share. As a group, equities analysts expect that Best Buy Co., Inc. will post 6.18 EPS for the current fiscal year.

Best Buy Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, April 15th. Shareholders 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 yield of 5.15%. The ex-dividend date is Tuesday, March 25th. This is a boost from Best Buy's previous quarterly dividend of $0.94. Best Buy's dividend payout ratio is 88.99%.

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.