Best Buy Co., Inc. (NYSE:BBY) Shares Sold by Janus Henderson Group PLC

Janus Henderson Group PLC reduced its position in Best Buy Co., Inc. (NYSE:BBY) by 0.8% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 30,767 shares of the technology retailer’s stock after selling 252 shares during the period. Janus Henderson Group PLC’s holdings in Best Buy were worth $2,642,000 as of its most recent SEC filing.

A number of other institutional investors have also modified their holdings of BBY. Stevens Capital Management LP lifted its position in Best Buy by 228.7% during the fourth quarter. Stevens Capital Management LP now owns 22,625 shares of the technology retailer’s stock valued at $1,941,000 after buying an additional 15,741 shares in the last quarter. Invesco Ltd. increased its position in shares of Best Buy by 20.5% in the fourth quarter. Invesco Ltd. now owns 3,692,118 shares of the technology retailer’s stock worth $316,784,000 after acquiring an additional 629,180 shares in the last quarter. Vanguard Group Inc. raised its stake in shares of Best Buy by 0.8% in the 4th quarter. Vanguard Group Inc. now owns 22,982,608 shares of the technology retailer’s stock valued at $1,971,908,000 after acquiring an additional 191,161 shares during the period. Pinnacle Financial Partners Inc acquired a new position in shares of Best Buy during the 4th quarter valued at $3,293,000. Finally, APG Asset Management N.V. purchased a new stake in Best Buy during the 4th quarter worth $9,073,000. Hedge funds and other institutional investors own 80.96% of the company’s stock.

Best Buy Trading Down 0.8%

BBY opened at $71.04 on Wednesday. The stock has a market capitalization of $15.04 billion, a PE ratio of 12.14, a P/E/G ratio of 2.10 and a beta of 1.27. 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 Co., Inc. has a 12-month low of $54.99 and a 12-month high of $103.71. The firm’s fifty day moving average price is $67.89 and its 200 day moving average price is $80.01.

Best Buy (NYSE:BBY) last issued its earnings results on Tuesday, March 4th. The technology retailer reported $2.58 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.40 by $0.18. The business had revenue of $13.95 billion for the quarter, compared to analyst estimates of $13.69 billion. Best Buy had a net margin of 3.01% and a return on equity of 45.93%. During the same quarter in the prior year, the business posted $2.72 EPS. As a group, research analysts expect that Best Buy Co., Inc. will post 6.18 EPS for the current fiscal year.

Best Buy Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Tuesday, April 15th. Shareholders of record on Tuesday, March 25th were issued a dividend of $0.95 per share. This represents a $3.80 dividend on an annualized basis and a yield of 5.35%. The ex-dividend date was Tuesday, March 25th. This is an increase from Best Buy’s previous quarterly dividend of $0.94. Best Buy’s dividend payout ratio (DPR) is currently 88.99%.

Wall Street Analyst Weigh In

Several research analysts have commented on BBY shares. Piper Sandler cut their price objective on Best Buy from $102.00 to $92.00 and set an “overweight” rating on the stock in a research report on Wednesday, March 5th. Telsey Advisory Group lowered their target price on Best Buy from $110.00 to $100.00 and set an “outperform” rating for the company in a research note on Wednesday, March 5th. KeyCorp reiterated a “sector weight” rating on shares of Best Buy in a report on Wednesday, March 5th. Truist Financial decreased their price target on Best Buy from $81.00 to $64.00 and set a “hold” rating for the company in a report on Tuesday, April 8th. Finally, Loop Capital reiterated a “negative” rating on shares of Best Buy in a research note on Wednesday, March 5th. Two investment analysts have rated the stock with a sell rating, ten have assigned a hold rating, eight have issued a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, Best Buy presently has an average rating of “Hold” and a consensus price target of $90.72.

Insider Transactions at Best Buy

In other news, CAO Mathew Watson sold 3,182 shares of the firm’s stock in a transaction dated Friday, March 14th. The shares were sold at an average price of $71.29, for a total value of $226,844.78. Following the transaction, the chief accounting officer now directly owns 19,218 shares in the company, valued at approximately $1,370,051.22. This trade represents a 14.21% decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CEO Corie S. Barry acquired 13,500 shares of the stock in a transaction that occurred on Wednesday, March 12th. The shares were acquired at an average cost of $72.92 per share, with a total value of $984,420.00. Following the transaction, the chief executive officer now owns 378,780 shares in the company, valued at approximately $27,620,637.60. The trade was a 3.70% increase in their ownership of the stock. The disclosure for this purchase can be found here. In the last quarter, insiders sold 78,355 shares of company stock worth $5,767,213. 0.47% of the stock is currently owned by corporate insiders.

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.