Daiwa Securities Group Inc. Acquires 1,005 Shares of Best Buy Co., Inc. (NYSE:BBY)

Daiwa Securities Group Inc. increased its position in shares of Best Buy Co., Inc. (NYSE:BBY) by 6.1% during the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 17,456 shares of the technology retailer’s stock after buying an additional 1,005 shares during the period. Daiwa Securities Group Inc.’s holdings in Best Buy were worth $1,366,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors have also added to or reduced their stakes in BBY. Cary Street Partners Investment Advisory LLC increased its holdings in Best Buy by 549.1% during the third quarter. Cary Street Partners Investment Advisory LLC now owns 357 shares of the technology retailer’s stock worth $25,000 after buying an additional 302 shares during the last quarter. Stonebridge Capital Advisors LLC increased its holdings in Best Buy by 81.9% during the third quarter. Stonebridge Capital Advisors LLC now owns 411 shares of the technology retailer’s stock worth $29,000 after buying an additional 185 shares during the last quarter. Hartford Financial Management Inc. increased its holdings in Best Buy by 56.5% during the fourth quarter. Hartford Financial Management Inc. now owns 388 shares of the technology retailer’s stock worth $30,000 after buying an additional 140 shares during the last quarter. CENTRAL TRUST Co increased its holdings in Best Buy by 72.5% during the fourth quarter. CENTRAL TRUST Co now owns 1,004 shares of the technology retailer’s stock worth $79,000 after buying an additional 422 shares during the last quarter. Finally, NBC Securities Inc. acquired a new position in Best Buy during the third quarter worth $80,000. 80.96% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

BBY has been the topic of a number of recent analyst reports. Telsey Advisory Group upgraded shares of Best Buy from a “market perform” rating to an “outperform” rating and boosted their target price for the stock from $85.00 to $95.00 in a report on Wednesday, March 20th. UBS Group upped their price objective on shares of Best Buy from $82.00 to $85.00 and gave the company a “neutral” rating in a report on Friday, March 1st. Truist Financial upped their price objective on shares of Best Buy from $68.00 to $87.00 and gave the company a “hold” rating in a report on Friday, March 1st. JPMorgan Chase & Co. upgraded shares of Best Buy from a “neutral” rating to an “overweight” rating and upped their price objective for the company from $89.00 to $101.00 in a report on Friday, March 22nd. Finally, TheStreet upgraded shares of Best Buy from a “c” rating to a “b-” rating in a report on Thursday, February 29th. One equities research analyst has rated the stock with a sell rating, eight have assigned a hold rating and seven have assigned a buy rating to the company. According to data from MarketBeat.com, the company has a consensus rating of “Hold” and a consensus price target of $84.60.

Best Buy Trading Down 0.1 %

BBY stock opened at $75.05 on Wednesday. Best Buy Co., Inc. has a 52 week low of $62.30 and a 52 week high of $86.11. The company’s 50-day simple moving average is $77.98 and its 200 day simple moving average is $74.07. The company has a debt-to-equity ratio of 0.38, a quick ratio of 0.37 and a current ratio of 1.00. The company has a market capitalization of $16.16 billion, a PE ratio of 13.19, a price-to-earnings-growth ratio of 1.99 and a beta of 1.49.

Best Buy (NYSE:BBY) last posted its quarterly earnings data on Thursday, February 29th. The technology retailer reported $2.72 earnings per share for the quarter, topping the consensus estimate of $2.51 by $0.21. Best Buy had a net margin of 2.86% and a return on equity of 48.45%. The business had revenue of $14.65 billion during the quarter, compared to analysts’ expectations of $14.58 billion. During the same quarter in the prior year, the business posted $2.61 earnings per share. Best Buy’s revenue was down .6% compared to the same quarter last year. As a group, sell-side analysts anticipate that Best Buy Co., Inc. will post 6.03 earnings per share for the current year.

Best Buy Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Thursday, April 11th. Investors of record on Thursday, March 21st were given a dividend of $0.94 per share. This is a boost from Best Buy’s previous quarterly dividend of $0.92. The ex-dividend date was Wednesday, March 20th. This represents a $3.76 annualized dividend and a yield of 5.01%. Best Buy’s dividend payout ratio is currently 66.08%.

Insider Buying and Selling

In related news, CEO Corie S. Barry sold 28,042 shares of the company’s stock in a transaction dated Friday, March 22nd. The shares were sold at an average price of $81.80, for a total transaction of $2,293,835.60. Following the completion of the sale, the chief executive officer now owns 429,159 shares of the company’s stock, valued at $35,105,206.20. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. In other news, CEO Corie S. Barry sold 28,042 shares of the stock in a transaction dated Friday, March 22nd. The shares were sold at an average price of $81.80, for a total value of $2,293,835.60. Following the completion of the transaction, the chief executive officer now owns 429,159 shares of the company’s stock, valued at $35,105,206.20. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CAO Mathew Watson sold 2,505 shares of the stock in a transaction dated Friday, March 22nd. The stock was sold at an average price of $81.80, for a total transaction of $204,909.00. Following the completion of the transaction, the chief accounting officer now directly owns 25,638 shares of the company’s stock, valued at approximately $2,097,188.40. The disclosure for this sale can be found here. Insiders sold 52,023 shares of company stock valued at $4,253,900 over the last quarter. 0.56% of the stock is owned by company insiders.

Best Buy 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.