Best Buy Co., Inc. (NYSE:BBY) Shares Sold by Arjuna Capital

Arjuna Capital reduced its stake in Best Buy Co., Inc. (NYSE:BBY) by 3.0% during the 4th quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 22,284 shares of the technology retailer’s stock after selling 685 shares during the period. Arjuna Capital’s holdings in Best Buy were worth $1,912,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Golden State Wealth Management LLC purchased a new position in shares of Best Buy in the 4th quarter valued at $32,000. Trust Co. of Vermont boosted its stake in Best Buy by 1,200.0% in the fourth quarter. Trust Co. of Vermont now owns 416 shares of the technology retailer’s stock valued at $36,000 after acquiring an additional 384 shares in the last quarter. Harbor Capital Advisors Inc. purchased a new position in shares of Best Buy during the third quarter worth about $40,000. LRI Investments LLC increased its position in shares of Best Buy by 632.1% during the third quarter. LRI Investments LLC now owns 388 shares of the technology retailer’s stock worth $40,000 after purchasing an additional 335 shares in the last quarter. Finally, Brooklyn Investment Group purchased a new stake in shares of Best Buy in the 3rd quarter valued at about $44,000. Institutional investors and hedge funds own 80.96% of the company’s stock.

Best Buy Stock Up 1.3 %

BBY opened at $79.66 on Friday. The business has a 50 day simple moving average of $85.58 and a 200-day simple moving average of $90.39. Best Buy Co., Inc. has a 12 month low of $69.29 and a 12 month high of $103.71. The stock has a market capitalization of $17.03 billion, a P/E ratio of 13.62, a P/E/G ratio of 2.10 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 issued its earnings results on Tuesday, March 4th. The technology retailer reported $2.58 EPS for the quarter, topping the consensus estimate of $2.40 by $0.18. Best Buy had a net margin of 3.01% and a return on equity of 45.93%. The company had revenue of $13.95 billion for the quarter, compared to analyst estimates of $13.69 billion. During the same period in the previous year, the firm earned $2.72 EPS. On average, equities analysts anticipate that Best Buy Co., Inc. will post 6.18 earnings per share for the current fiscal year.

Best Buy Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Tuesday, April 15th. Shareholders of record on Tuesday, March 25th will be given a dividend of $0.95 per share. This is a positive change from Best Buy’s previous quarterly dividend of $0.94. This represents a $3.80 annualized dividend and a yield of 4.77%. The ex-dividend date is Tuesday, March 25th. Best Buy’s dividend payout ratio is presently 88.99%.

Wall Street Analysts Forecast Growth

A number of research analysts recently issued reports on BBY shares. Piper Sandler dropped their price target on Best Buy from $102.00 to $92.00 and set an “overweight” rating on the stock in a research note on Wednesday. Evercore ISI decreased their price objective on Best Buy from $95.00 to $80.00 and set an “in-line” rating for the company in a report on Wednesday. Barclays cut their target price on shares of Best Buy from $95.00 to $89.00 and set an “equal weight” rating on the stock in a report on Thursday, January 9th. Bank of America decreased their price target on shares of Best Buy from $80.00 to $75.00 and set an “underperform” rating for the company in a research note on Wednesday. Finally, Guggenheim dropped their price objective on shares of Best Buy from $105.00 to $90.00 and set a “buy” rating on the stock in a research note on Wednesday. One research analyst has rated the stock with a sell rating, nine have issued a hold rating, ten have issued a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat, Best Buy currently has an average rating of “Moderate Buy” and an average price target of $93.50.

Insider Buying and Selling at Best Buy

In related news, CFO Matthew M. Bilunas sold 69,166 shares of the company’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 value of $6,049,258.36. Following the sale, the chief financial officer now owns 92,070 shares in the company, valued at $8,052,442.20. This represents a 42.90 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. 0.59% of the stock is currently owned by corporate insiders.

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.