Best Buy Co., Inc. (NYSE:BBY) Shares Sold by State of Alaska Department of Revenue

State of Alaska Department of Revenue reduced its stake in Best Buy Co., Inc. (NYSE:BBY) by 36.7% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 22,280 shares of the technology retailer’s stock after selling 12,909 shares during the quarter. State of Alaska Department of Revenue’s holdings in Best Buy were worth $1,911,000 at the end of the most recent reporting period.

Several other hedge funds have also recently modified their holdings of the stock. QRG Capital Management Inc. grew its stake in shares of Best Buy by 10.5% during the 3rd quarter. QRG Capital Management Inc. now owns 31,745 shares of the technology retailer’s stock worth $3,279,000 after purchasing an additional 3,025 shares during the period. Asset Management One Co. Ltd. increased its holdings in Best Buy by 27.4% in the third quarter. Asset Management One Co. Ltd. now owns 90,341 shares of the technology retailer’s stock valued at $9,332,000 after buying an additional 19,405 shares in the last quarter. Mirae Asset Global Investments Co. Ltd. lifted its position in shares of Best Buy by 13.3% during the 3rd quarter. Mirae Asset Global Investments Co. Ltd. now owns 154,564 shares of the technology retailer’s stock valued at $15,806,000 after acquiring an additional 18,171 shares during the period. Merit Financial Group LLC purchased a new stake in shares of Best Buy during the 4th quarter worth approximately $453,000. Finally, Nordea Investment Management AB grew its holdings in Best Buy by 563.8% in the fourth quarter. Nordea Investment Management AB now owns 592,460 shares of the technology retailer’s stock valued at $50,643,000 after purchasing an additional 503,204 shares during the last quarter. 80.96% of the stock is owned by institutional investors and hedge funds.

Best Buy Trading Down 0.0 %

NYSE BBY opened at $88.04 on Wednesday. The firm has a market capitalization of $18.82 billion, a price-to-earnings ratio of 15.05, a PEG ratio of 2.01 and a beta of 1.43. The company has a debt-to-equity ratio of 0.37, a quick ratio of 0.22 and a current ratio of 1.00. Best Buy Co., Inc. has a one year low of $69.29 and a one year high of $103.71. The company’s 50 day moving average price is $85.81 and its 200 day moving average price is $90.05.

Best Buy (NYSE:BBY) last announced its quarterly earnings results on Tuesday, November 26th. The technology retailer reported $1.26 earnings per share for the quarter, missing analysts’ consensus estimates of $1.30 by ($0.04). The business had revenue of $9.45 billion for the quarter, compared to analysts’ expectations of $9.63 billion. Best Buy had a return on equity of 45.93% and a net margin of 3.01%. The firm’s revenue for the quarter was down 3.2% on a year-over-year basis. During the same period last year, the company posted $1.29 earnings per share. On average, sell-side analysts predict that Best Buy Co., Inc. will post 6.18 EPS for the current year.

Best Buy Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Tuesday, January 7th. Stockholders of record on Tuesday, December 17th were given a dividend of $0.94 per share. The ex-dividend date was Tuesday, December 17th. This represents a $3.76 dividend on an annualized basis and a dividend yield of 4.27%. Best Buy’s payout ratio is currently 64.27%.

Insider Activity

In other Best Buy news, CFO Matthew M. Bilunas sold 69,166 shares of the business’s stock in a transaction on Wednesday, December 11th. The shares were sold at an average price of $87.46, for a total value of $6,049,258.36. Following the transaction, the chief financial officer now owns 92,070 shares in the company, valued at $8,052,442.20. The trade was a 42.90 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Insiders own 0.59% of the company’s stock.

Wall Street Analysts Forecast Growth

Several brokerages have issued reports on BBY. Morgan Stanley reduced their price target on shares of Best Buy from $105.00 to $100.00 and set an “equal weight” rating on the stock in a report on Tuesday, January 21st. UBS Group lowered their target price on Best Buy from $123.00 to $115.00 and set a “buy” rating on the stock in a report on Wednesday, November 27th. Truist Financial reduced their price objective on Best Buy from $107.00 to $95.00 and set a “hold” rating on the stock in a research report on Wednesday, November 27th. Loop Capital reiterated a “buy” rating and set a $100.00 price objective on shares of Best Buy in a research report on Wednesday, December 18th. Finally, Telsey Advisory Group cut their price objective on shares of Best Buy from $115.00 to $110.00 and set an “outperform” rating for the company in a research report on Tuesday, November 26th. One equities research analyst has rated the stock with a sell rating, eight have given a hold rating, ten have given a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of $101.72.

About Best Buy

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.