Bank of New York Mellon Corp Lowers Position in Best Buy Co., Inc. (NYSE:BBY)

Bank of New York Mellon Corp lessened its position in Best Buy Co., Inc. (NYSE:BBY – Get Rating) by 3.1% in the third quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 2,230,217 shares of the technology retailer’s stock after selling 72,189 shares during the quarter. Bank of New York Mellon Corp’s holdings in Best Buy were worth $141,260,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors and hedge funds also recently made changes to their positions in BBY. Private Advisor Group LLC lifted its stake in shares of Best Buy by 29.2% in the 1st quarter. Private Advisor Group LLC now owns 5,547 shares of the technology retailer’s stock valued at $504,000 after purchasing an additional 1,252 shares during the period. Yousif Capital Management LLC lifted its stake in shares of Best Buy by 1.1% in the 1st quarter. Yousif Capital Management LLC now owns 39,097 shares of the technology retailer’s stock valued at $3,554,000 after purchasing an additional 415 shares during the period. Aviva PLC lifted its stake in shares of Best Buy by 31.1% in the 1st quarter. Aviva PLC now owns 105,369 shares of the technology retailer’s stock valued at $9,578,000 after purchasing an additional 24,977 shares during the period. Prudential PLC purchased a new position in shares of Best Buy in the 1st quarter valued at approximately $499,000. Finally, Cetera Investment Advisers raised its stake in Best Buy by 6.3% during the first quarter. Cetera Investment Advisers now owns 5,144 shares of the technology retailer’s stock valued at $468,000 after buying an additional 305 shares during the last quarter. Hedge funds and other institutional investors own 78.48% of the company’s stock.

Insider Buying and Selling at Best Buy

In other Best Buy news, EVP Damien Harmon sold 2,500 shares of the business’s stock in a transaction dated Friday, December 23rd. The stock was sold at an average price of $79.99, for a total transaction of $199,975.00. Following the completion of the sale, the executive vice president now owns 42,805 shares of the company’s stock, valued at $3,423,971.95. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. 0.44% of the stock is currently owned by corporate insiders.

Wall Street Analyst Weigh In

A number of research analysts have issued reports on the company. Barclays lowered their price objective on Best Buy from $88.00 to $80.00 and set a “buy” rating for the company in a research note on Friday, March 3rd. The Goldman Sachs Group upgraded Best Buy from a “sell” rating to a “neutral” rating and lifted their price objective for the company from $59.00 to $83.00 in a research note on Monday, December 12th. DA Davidson lowered their price objective on Best Buy from $99.00 to $96.00 and set a “buy” rating for the company in a research note on Friday, March 3rd. Credit Suisse Group lowered their price objective on Best Buy from $90.00 to $85.00 and set a “neutral” rating for the company in a research note on Friday, March 3rd. Finally, Truist Financial lifted their price objective on Best Buy from $80.00 to $88.00 and gave the company a “buy” rating in a research note on Friday, March 3rd. One analyst has rated the stock with a sell rating, nine have assigned a hold rating and eight have given a buy rating to the company’s stock. Based on data from MarketBeat.com, Best Buy has an average rating of “Hold” and a consensus price target of $81.44.

Best Buy Stock Performance

Shares of BBY opened at $76.73 on Friday. The company has a debt-to-equity ratio of 0.42, a current ratio of 0.98 and a quick ratio of 0.41. Best Buy Co., Inc. has a one year low of $60.78 and a one year high of $103.23. The firm has a market capitalization of $16.98 billion, a P/E ratio of 12.20, a PEG ratio of 1.50 and a beta of 1.51. The business has a fifty day moving average of $83.94 and a 200 day moving average of $77.17.

Best Buy (NYSE:BBY – Get Rating) last issued its quarterly earnings data on Thursday, March 2nd. The technology retailer reported $2.61 EPS for the quarter, topping the consensus estimate of $2.09 by $0.52. Best Buy had a return on equity of 55.81% and a net margin of 3.06%. The company had revenue of $14.74 billion during the quarter, compared to analyst estimates of $14.80 billion. During the same quarter in the previous year, the company posted $2.73 earnings per share. Best Buy’s revenue was down 10.0% compared to the same quarter last year. As a group, sell-side analysts anticipate that Best Buy Co., Inc. will post 6.27 EPS for the current year.

Best Buy Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Thursday, April 13th. Shareholders of record on Thursday, March 23rd will be issued a dividend of $0.92 per share. This represents a $3.68 annualized dividend and a yield of 4.80%. The ex-dividend date is Wednesday, March 22nd. This is a positive change from Best Buy’s previous quarterly dividend of $0.88. Best Buy’s payout ratio is currently 55.96%.

Best Buy Company Profile

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Best Buy Co, Inc engages in the provision of consumer technology products and services. It operates through two business segments: Domestic and International. The Domestic segment includes operations in all states, districts, and territories of the U.S., operating under various brand names, including Best Buy, Best Buy Mobile, Geek Squad, Magnolia Audio Video, Napster, and Pacific Sales.