Norges Bank Acquires Shares of 2,109,913 Best Buy Co., Inc. (NYSE:BBY)

Norges Bank bought a new position in Best Buy Co., Inc. (NYSE:BBY) during the fourth quarter, according to its most recent disclosure with the SEC. The institutional investor bought 2,109,913 shares of the technology retailer’s stock, valued at approximately $165,164,000. Norges Bank owned 0.98% of Best Buy at the end of the most recent reporting period.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Charles Schwab Investment Management Inc. lifted its stake in shares of Best Buy by 1.5% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 4,478,759 shares of the technology retailer’s stock valued at $311,139,000 after buying an additional 66,770 shares in the last quarter. Invesco Ltd. boosted its stake in Best Buy by 8.7% in the 3rd quarter. Invesco Ltd. now owns 3,450,910 shares of the technology retailer’s stock worth $239,735,000 after purchasing an additional 276,366 shares during the period. Dimensional Fund Advisors LP grew its holdings in Best Buy by 4.0% during the 4th quarter. Dimensional Fund Advisors LP now owns 2,791,561 shares of the technology retailer’s stock valued at $218,527,000 after buying an additional 107,926 shares in the last quarter. Northern Trust Corp lifted its holdings in shares of Best Buy by 7.7% in the third quarter. Northern Trust Corp now owns 2,787,163 shares of the technology retailer’s stock worth $193,624,000 after buying an additional 199,749 shares in the last quarter. Finally, Federated Hermes Inc. grew its stake in Best Buy by 6.4% during the fourth quarter. Federated Hermes Inc. now owns 2,752,920 shares of the technology retailer’s stock valued at $215,499,000 after acquiring an additional 166,478 shares in the last quarter. Hedge funds and other institutional investors own 80.96% of the company’s stock.

Best Buy Stock Down 3.0 %

NYSE:BBY opened at $70.50 on Thursday. The company has a debt-to-equity ratio of 0.38, a current ratio of 1.00 and a quick ratio of 0.37. Best Buy Co., Inc. has a 1-year low of $62.30 and a 1-year high of $86.11. The company has a 50-day moving average of $76.72 and a 200 day moving average of $74.82. The firm has a market cap of $15.25 billion, a PE ratio of 12.39, a price-to-earnings-growth ratio of 1.93 and a beta of 1.50.

Best Buy (NYSE:BBY) last announced its quarterly earnings results 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. The firm had revenue of $14.65 billion during the quarter, compared to analysts’ expectations of $14.58 billion. Best Buy had a net margin of 2.86% and a return on equity of 48.45%. The company’s revenue was down .6% compared to the same quarter last year. During the same quarter in the prior year, the company earned $2.61 EPS. As a group, research analysts anticipate that Best Buy Co., Inc. will post 6.03 EPS for the current fiscal year.

Best Buy Increases Dividend

The company also recently announced 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 of this dividend was Wednesday, March 20th. This represents a $3.76 dividend on an annualized basis and a yield of 5.33%. Best Buy’s dividend payout ratio is presently 66.08%.

Insider Buying and Selling at Best Buy

In other news, CAO Mathew Watson sold 2,505 shares of the stock in a transaction on 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 sale, the chief accounting officer now owns 25,638 shares in the company, valued at approximately $2,097,188.40. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. In other news, CAO Mathew Watson sold 2,505 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 $204,909.00. Following the sale, the chief accounting officer now directly owns 25,638 shares of the company’s stock, valued at $2,097,188.40. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, CEO Corie S. Barry sold 28,042 shares of the firm’s 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 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 disclosure for this sale can be found here. Insiders sold a total of 52,023 shares of company stock worth $4,253,900 over the last three months. Corporate insiders own 0.59% of the company’s stock.

Analysts Set New Price Targets

Several research analysts have commented on BBY shares. Citigroup dropped their price objective on shares of Best Buy from $76.00 to $67.00 and set a “sell” rating for the company in a report on Tuesday, May 7th. Jefferies Financial Group lowered their target price on Best Buy from $95.00 to $94.00 and set a “buy” rating for the company in a research report on Monday, April 8th. Barclays boosted their price target on shares of Best Buy from $69.00 to $88.00 and gave the stock an “equal weight” rating in a research report on Friday, March 1st. JPMorgan Chase & Co. raised shares of Best Buy from a “neutral” rating to an “overweight” rating and lifted their price objective for the stock from $89.00 to $101.00 in a research note on Friday, March 22nd. Finally, Wedbush upped their target price on shares of Best Buy from $75.00 to $85.00 and gave the company a “neutral” rating in a research report on Friday, March 1st. One investment analyst has rated the stock with a sell rating, eight have given a hold rating and seven have given a buy rating to the company’s stock. According to data from MarketBeat, the company presently has a consensus rating of “Hold” and a consensus price target of $84.00.

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.