Best Buy Co., Inc. (NYSE:BBY) Shares Sold by Amalgamated Bank

Amalgamated Bank cut its position in Best Buy Co., Inc. (NYSE:BBY) by 4.6% during the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 49,409 shares of the technology retailer’s stock after selling 2,401 shares during the period. Amalgamated Bank’s holdings in Best Buy were worth $3,868,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other large investors have also recently made changes to their positions in BBY. Los Angeles Capital Management LLC acquired a new stake in shares of Best Buy in the fourth quarter valued at about $434,000. Natixis Advisors L.P. lifted its stake in Best Buy by 23.3% in the 4th quarter. Natixis Advisors L.P. now owns 101,340 shares of the technology retailer’s stock worth $7,932,000 after purchasing an additional 19,119 shares in the last quarter. Berry Wealth Group LP acquired a new position in shares of Best Buy during the 4th quarter worth approximately $1,508,000. Avory & Company LLC grew its position in shares of Best Buy by 2.6% in the fourth quarter. Avory & Company LLC now owns 6,011 shares of the technology retailer’s stock valued at $471,000 after purchasing an additional 154 shares in the last quarter. Finally, Van ECK Associates Corp increased its holdings in shares of Best Buy by 3.1% in the fourth quarter. Van ECK Associates Corp now owns 97,173 shares of the technology retailer’s stock valued at $7,607,000 after purchasing an additional 2,891 shares during the last quarter. 80.96% of the stock is currently owned by hedge funds and other institutional investors.

Best Buy Stock Performance

NYSE:BBY opened at $73.22 on Thursday. The company has a market cap of $15.84 billion, a price-to-earnings ratio of 12.87, a price-to-earnings-growth ratio of 1.94 and a beta of 1.50. The company has a quick ratio of 0.37, a current ratio of 1.00 and a debt-to-equity ratio of 0.38. Best Buy Co., Inc. has a 52 week low of $62.30 and a 52 week high of $86.11. The company has a fifty day simple moving average of $77.75 and a two-hundred day simple moving average of $74.34.

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

Best Buy Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Thursday, April 11th. Investors of record on Thursday, March 21st were issued a $0.94 dividend. This represents a $3.76 annualized dividend and a yield of 5.14%. The ex-dividend date was Wednesday, March 20th. This is a positive change from Best Buy’s previous quarterly dividend of $0.92. Best Buy’s dividend payout ratio is 66.08%.

Insiders Place Their Bets

In other news, CEO Corie S. Barry sold 28,042 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 value of $2,293,835.60. Following the transaction, the chief executive officer now owns 429,159 shares in the company, valued at approximately $35,105,206.20. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. In related news, CEO Corie S. Barry sold 366 shares of the stock in a transaction on Wednesday, April 17th. The shares were sold at an average price of $75.76, for a total value of $27,728.16. Following the transaction, the chief executive officer now directly owns 431,231 shares of the company’s stock, valued at approximately $32,670,060.56. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, CEO Corie S. Barry sold 28,042 shares of the business’s stock in a transaction on 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 directly owns 429,159 shares of the company’s stock, valued at $35,105,206.20. The disclosure for this sale can be found here. Insiders sold 52,023 shares of company stock valued at $4,253,900 in the last ninety days. Insiders own 0.59% of the company’s stock.

Wall Street Analysts Forecast Growth

Several analysts have issued reports on the company. Barclays upped their target price on Best Buy from $69.00 to $88.00 and gave the company an “equal weight” rating in a report on Friday, March 1st. The Goldman Sachs Group lifted their target price on shares of Best Buy from $81.00 to $90.00 and gave the stock a “buy” rating in a research note on Friday, March 1st. Jefferies Financial Group dropped their price target on shares of Best Buy from $95.00 to $94.00 and set a “buy” rating for the company in a research note on Monday, April 8th. Truist Financial lifted their price target on shares of Best Buy from $68.00 to $87.00 and gave the company a “hold” rating in a research report on Friday, March 1st. Finally, UBS Group increased their price objective on Best Buy from $82.00 to $85.00 and gave the stock a “neutral” rating in a research report on Friday, March 1st. One 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 stock. According to MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus target price of $84.00.

Best Buy Company 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.