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

State of Alaska Department of Revenue reduced its holdings in Best Buy Co., Inc. (NYSE:BBY) by 36.7% during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 22,280 shares of the technology retailer’s stock after selling 12,909 shares during the period. State of Alaska Department of Revenue’s holdings in Best Buy were worth $1,911,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also made changes to their positions in the business. Bleakley Financial Group LLC increased its holdings in Best Buy by 10.3% in the 4th quarter. Bleakley Financial Group LLC now owns 6,649 shares of the technology retailer’s stock worth $570,000 after acquiring an additional 621 shares in the last quarter. Centennial Wealth Advisory LLC grew its position in shares of Best Buy by 10.2% in the fourth quarter. Centennial Wealth Advisory LLC now owns 4,349 shares of the technology retailer’s stock valued at $373,000 after purchasing an additional 403 shares during the period. Mirae Asset Global Investments Co. Ltd. increased its stake in shares of Best Buy by 21.4% during the fourth quarter. Mirae Asset Global Investments Co. Ltd. now owns 187,582 shares of the technology retailer’s stock worth $16,456,000 after purchasing an additional 33,018 shares in the last quarter. Stratos Wealth Partners LTD. raised its position in shares of Best Buy by 17.3% during the 4th quarter. Stratos Wealth Partners LTD. now owns 2,946 shares of the technology retailer’s stock worth $253,000 after purchasing an additional 435 shares during the last quarter. Finally, Yousif Capital Management LLC lifted its stake in Best Buy by 0.5% in the 4th quarter. Yousif Capital Management LLC now owns 29,904 shares of the technology retailer’s stock valued at $2,566,000 after buying an additional 145 shares in the last quarter. 80.96% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity

In related news, CFO Matthew M. Bilunas sold 69,166 shares of Best Buy stock in a transaction on 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 completion of the transaction, the chief financial officer now directly owns 92,070 shares in the company, valued at approximately $8,052,442.20. This trade represents a 42.90 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Insiders own 0.59% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities analysts have commented on the company. Loop Capital reissued a “buy” rating and set a $100.00 target price on shares of Best Buy in a report on Wednesday, December 18th. Barclays reduced their price objective on Best Buy from $95.00 to $89.00 and set an “equal weight” rating for the company in a research note on Thursday, January 9th. Truist Financial lowered their target price on shares of Best Buy from $107.00 to $95.00 and set a “hold” rating on the stock in a research note on Wednesday, November 27th. Morgan Stanley decreased 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 research note on Tuesday, January 21st. Finally, StockNews.com cut shares of Best Buy from a “buy” rating to a “hold” rating in a research note on Friday, November 15th. One analyst has rated the stock with a sell rating, eight have given a hold rating, ten have assigned a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $101.72.

Best Buy Stock Performance

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

Best Buy (NYSE:BBY) last released its quarterly earnings results on Tuesday, November 26th. The technology retailer reported $1.26 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 firm had revenue of $9.45 billion for the quarter, compared to analysts’ expectations of $9.63 billion. During the same quarter in the prior year, the business earned $1.29 earnings per share. The company’s quarterly revenue was down 3.2% on a year-over-year basis. As a group, equities research analysts predict that Best Buy Co., Inc. will post 6.18 EPS for the current year.

Best Buy Announces Dividend

The firm also recently declared 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 annualized dividend and a dividend yield of 4.27%. Best Buy’s dividend 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.