CIBC World Markets Inc. lifted its stake in Best Buy Co., Inc. (NYSE: BBY – Get Rating) by 297.1% during the 4th quarter, according to its most recent disclosure with the SEC. The institutional investor owned 13,600 shares of the technology retailer’s stock after buying an additional 10,175 shares during the quarter. CIBC World Markets Inc.’s holdings in Best Buy were worth $ 1,382,000 at the end of the most recent reporting period.
Several other hedge funds also recently added to or reduced their stakes in the company. Credit Agricole SA lifted its holdings in shares of Best Buy by 25.6% in the fourth quarter. Credit Agricole SA now owns 8,204 shares of the technology retailer’s stock worth $ 834,000 after buying an additional 1,673 shares in the last quarter. Cetera Investment Advisers lifted its holdings in shares of Best Buy by 11.7% in the fourth quarter. Cetera Investment Advisers now owns 4,839 shares of the technology retailer’s stock worth $ 492,000 after buying an additional 507 shares in the last quarter. Caisse DE Depot ET Placement DU Quebec lifted its holdings in shares of Best Buy by 66.2% in the fourth quarter. Caisse DE Depot ET Placement DU Quebec now owns 306,641 shares of the technology retailer’s stock worth $ 31,155,000 after buying an additional 122,116 shares in the last quarter. Canada Pension Plan Investment Board purchased a new position in shares of Best Buy in the fourth quarter worth $ 4,954,000. Finally, Lombard Odier Asset Management Switzerland SA purchased a new position in shares of Best Buy in the fourth quarter worth $ 504,000. 80.79% of the stock is currently owned by hedge funds and other institutional investors.
In related news, CEO Corie S. Barry sold 44,619 shares of the company stock in a transaction dated Wednesday, June 1st. The shares were sold at an average price of $ 80.68, for a total value of $ 3,599,860.92. Following the completion of the sale, the chief executive officer now directly owns 319,701 shares of the company stock, valued at $ 25,793,476.68. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, EVP Kathleen Scarlett sold 6,237 shares of the company stock in a transaction dated Wednesday, June 1st. The stock was sold at an average price of $ 80.68, for a total transaction of $ 503,201.16. Following the completion of the sale, the executive vice president now directly owns 69,538 shares of the company stock, valued at $ 5,610,325.84. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 93,522 shares of company stock worth $ 8,183,822. Company insiders own 0.44% of the company stock.
BBY has been the topic of several research analyst reports. Piper Sandler lowered their target price on shares of Best Buy to $ 91.00 in a report on Wednesday, May 25th. Bank of America decreased their price target on shares of Best Buy from $ 175.00 to $ 147.00 and set a “buy” rating on the stock in a research note on Monday, February 28th. DA Davidson upped their price target on shares of Best Buy from $ 107.00 to $ 110.00 and gave the company a “buy” rating in a research note on Wednesday, May 25th. Wells Fargo & Company decreased their price target on shares of Best Buy to $ 82.00 in a research note on Wednesday, May 25th. Finally, Truist Financial decreased their price target on shares of Best Buy to $ 83.00 and set a “hold” rating on the stock in a research note on Thursday, May 19th. Two investment analysts have rated the stock with a sell rating, five have assigned a hold rating and nine have assigned a buy rating to the company stock. Based on data from MarketBeat.com, Best Buy has an average rating of “Hold” and an average target price of $ 96.06.
BBY stock opened at $ 72.60 on Friday. The company has a quick ratio of 0.24, a current ratio of 0.96 and a debt-to-equity ratio of 0.42. Best Buy Co., Inc. has a twelve month low of $ 69.07 and a twelve month high of $ 141.97. The stock has a market capitalization of $ 16.35 billion, a price-to-earnings ratio of 8.06, a price-to-earnings-growth ratio of 0.87 and a beta of 1.42. The firm’s fifty day simple moving average is $ 86.89 and its two-hundred day simple moving average is $ 95.52.
Best Buy (NYSE: BBY – Get Rating) last posted its quarterly earnings results on Tuesday, May 24th. The technology retailer reported $ 1.57 EPS for the quarter, missing analysts’ consensus estimates of $ 1.61 by ($ 0.04). The company had revenue of $ 10.65 billion during the quarter, compared to the estimate consensus of $ 10.43 billion. Best Buy had a return on equity of 63.39% and a net margin of 4.33%. The company revenue for the quarter was down 8.5% on a year-over-year basis. During the same quarter in the previous year, the company posted $ 2.23 earnings per share. As a group, equities research analysts expect that Best Buy Co., Inc. will post 8.68 EPS for the current year.
The business also recently announced a quarterly dividend, which will be paid on Tuesday, July 5th. Stockholders of record on Tuesday, June 14th will be issued a $ 0.88 dividend. This represents a $ 3.52 dividend on an annualized basis and a dividend yield of 4.85%. The ex-dividend date is Monday, June 13th. Best Buy’s payout ratio is presently 39.07%.
Best Buy Profile: (Get Rating)
Best Buy Co, Inc retails technology products in the United States and Canada. The company operates in two segments, Domestic and International. Its stores provide computing 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, home theater, portable audio comprising headphones and portable speakers, and smart home products.
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