Chevy Chase Trust Holdings LLC Has $8.80 Million Position in Best Buy Co., Inc. (NYSE:BBY)

Chevy Chase Trust Holdings LLC reduced its stake in Best Buy Co., Inc. (NYSE:BBY) by 2.6% in the 4th quarter, Holdings Channel reports. The firm owned 102,538 shares of the technology retailer’s stock after selling 2,719 shares during the period. Chevy Chase Trust Holdings LLC’s holdings in Best Buy were worth $8,798,000 as of its most recent filing with the SEC.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in BBY. Nordea Investment Management AB lifted its holdings in shares of Best Buy by 563.8% during the fourth quarter. Nordea Investment Management AB now owns 592,460 shares of the technology retailer’s stock worth $50,643,000 after buying an additional 503,204 shares during the last quarter. National Bank of Canada FI lifted its holdings in shares of Best Buy by 817.4% during the third quarter. National Bank of Canada FI now owns 537,886 shares of the technology retailer’s stock worth $55,564,000 after buying an additional 479,256 shares during the last quarter. Charles Schwab Investment Management Inc. lifted its holdings in shares of Best Buy by 4.1% during the third quarter. Charles Schwab Investment Management Inc. now owns 6,164,953 shares of the technology retailer’s stock worth $636,840,000 after buying an additional 241,988 shares during the last quarter. Franklin Resources Inc. lifted its holdings in shares of Best Buy by 36.5% during the third quarter. Franklin Resources Inc. now owns 753,471 shares of the technology retailer’s stock worth $73,016,000 after buying an additional 201,562 shares during the last quarter. Finally, TCW Group Inc. lifted its holdings in shares of Best Buy by 156.6% during the third quarter. TCW Group Inc. now owns 316,593 shares of the technology retailer’s stock worth $32,704,000 after buying an additional 193,209 shares during the last quarter. 80.96% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

BBY has been the subject of a number of research analyst reports. Truist Financial cut their price target on Best Buy from $107.00 to $95.00 and set a “hold” rating for the company in a report on Wednesday, November 27th. StockNews.com cut Best Buy from a “buy” rating to a “hold” rating in a research report on Friday, November 15th. JPMorgan Chase & Co. boosted their price objective on Best Buy from $111.00 to $117.00 and gave the company an “overweight” rating in a research report on Friday, November 22nd. Morgan Stanley lowered their price objective on Best Buy from $105.00 to $100.00 and set an “equal weight” rating on the stock in a research report on Tuesday, January 21st. Finally, Wells Fargo & Company lowered their price objective on Best Buy from $95.00 to $89.00 and set an “equal weight” rating on the stock in a research report on Wednesday, November 27th. One research analyst has rated the stock with a sell rating, eight have assigned a hold rating, ten have issued a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $101.72.

Insider Buying and Selling

In other Best Buy news, CFO Matthew M. Bilunas sold 69,166 shares of the business’s stock in a transaction that occurred on Wednesday, December 11th. The stock was sold at an average price of $87.46, for a total transaction of $6,049,258.36. Following the transaction, the chief financial officer now owns 92,070 shares of the company’s stock, valued at $8,052,442.20. The trade was a 42.90 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. 0.59% of the stock is owned by corporate insiders.

Best Buy Trading Up 2.2 %

NYSE:BBY opened at $91.16 on Tuesday. Best Buy Co., Inc. has a 1-year low of $69.29 and a 1-year high of $103.71. The business’s 50-day moving average price is $85.76 and its two-hundred day moving average price is $90.13. The company has a current ratio of 1.00, a quick ratio of 0.22 and a debt-to-equity ratio of 0.37. The firm has a market capitalization of $19.49 billion, a price-to-earnings ratio of 15.58, a PEG ratio of 2.01 and a beta of 1.43.

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

Best Buy Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, January 7th. Investors of record on Tuesday, December 17th were issued a dividend of $0.94 per share. The ex-dividend date of this dividend was Tuesday, December 17th. This represents a $3.76 dividend on an annualized basis and a dividend yield of 4.12%. Best Buy’s payout ratio is presently 64.27%.

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.