CIBC Asset Management Inc Increases Stock Holdings in Best Buy Co., Inc. (NYSE:BBY)

CIBC Asset Management Inc lifted its stake in Best Buy Co., Inc. (NYSE:BBY) by 2.1% in the fourth quarter, Holdings Channel.com reports. The firm owned 34,976 shares of the technology retailer’s stock after buying an additional 727 shares during the period. CIBC Asset Management Inc’s holdings in Best Buy were worth $3,001,000 at the end of the most recent quarter.

A number of other large investors also recently bought and sold shares of BBY. Foundations Investment Advisors LLC boosted its holdings in Best Buy by 3.6% during the 3rd quarter. Foundations Investment Advisors LLC now owns 6,758 shares of the technology retailer’s stock valued at $698,000 after acquiring an additional 237 shares during the period. Sequoia Financial Advisors LLC purchased a new position in Best Buy during the 3rd quarter valued at $278,000. Signaturefd LLC boosted its holdings in Best Buy by 14.4% during the 3rd quarter. Signaturefd LLC now owns 2,411 shares of the technology retailer’s stock valued at $249,000 after acquiring an additional 303 shares during the period. Private Advisor Group LLC boosted its holdings in Best Buy by 9.1% during the 3rd quarter. Private Advisor Group LLC now owns 6,359 shares of the technology retailer’s stock valued at $657,000 after acquiring an additional 530 shares during the period. Finally, Greenleaf Trust boosted its holdings in Best Buy by 1.2% during the 3rd quarter. Greenleaf Trust now owns 9,454 shares of the technology retailer’s stock valued at $977,000 after acquiring an additional 108 shares during the period. Hedge funds and other institutional investors own 80.96% of the company’s stock.

Best Buy Trading Down 0.1 %

Shares of NYSE:BBY opened at $90.98 on Friday. The business’s 50-day moving average is $86.00 and its 200 day moving average is $90.23. Best Buy Co., Inc. has a 1 year low of $69.29 and a 1 year high of $103.71. The firm has a market capitalization of $19.45 billion, a P/E ratio of 15.55, a P/E/G ratio of 2.13 and a beta of 1.43. The company has a debt-to-equity ratio of 0.37, a current ratio of 1.00 and a quick ratio of 0.22.

Best Buy (NYSE:BBY) last announced its 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 net margin of 3.01% and a return on equity of 45.93%. The business had revenue of $9.45 billion for the quarter, compared to analyst estimates of $9.63 billion. During the same period in the prior year, the company earned $1.29 earnings per share. The company’s quarterly revenue was down 3.2% on a year-over-year basis. On average, research analysts predict that Best Buy Co., Inc. will post 6.18 earnings per share for the current fiscal year.

Best Buy Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, January 7th. Stockholders of record on Tuesday, December 17th were issued a $0.94 dividend. This represents a $3.76 dividend on an annualized basis and a dividend yield of 4.13%. The ex-dividend date was Tuesday, December 17th. Best Buy’s dividend payout ratio is presently 64.27%.

Analyst Ratings Changes

A number of equities analysts recently issued reports on BBY shares. UBS Group dropped their price objective on Best Buy from $123.00 to $115.00 and set a “buy” rating for the company in a report on Wednesday, November 27th. Loop Capital reiterated a “buy” rating and issued a $100.00 target price on shares of Best Buy in a report on Wednesday, December 18th. Truist Financial lowered their target price on Best Buy from $107.00 to $95.00 and set a “hold” rating for the company in a report on Wednesday, November 27th. Guggenheim lowered their target price on Best Buy from $110.00 to $105.00 and set a “buy” rating for the company in a report on Friday, November 29th. Finally, Telsey Advisory Group lowered their target price on Best Buy from $115.00 to $110.00 and set an “outperform” rating for the company in a report on Tuesday, November 26th. One analyst has rated the stock with a sell rating, eight have given a hold rating, ten have given a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $101.72.

Insider Activity

In other news, CFO Matthew M. Bilunas sold 69,166 shares of the stock in a transaction dated Wednesday, December 11th. The stock was 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 directly owns 92,070 shares of the company’s stock, valued at approximately $8,052,442.20. This represents a 42.90 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Corporate insiders own 0.59% of the company’s stock.

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.