Alerus Financial NA Purchases 655 Shares of Best Buy Co., Inc. (NYSE:BBY)

Alerus Financial NA grew its holdings in shares of Best Buy Co., Inc. (NYSE:BBY) by 0.7% in the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 92,276 shares of the technology retailer’s stock after purchasing an additional 655 shares during the quarter. Alerus Financial NA’s holdings in Best Buy were worth $7,917,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors also recently modified their holdings of the business. Vanguard Group Inc. increased its stake in Best Buy by 0.8% in the fourth 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 last quarter. Charles Schwab Investment Management Inc. boosted its position in Best Buy by 6.4% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 6,560,368 shares of the technology retailer’s stock valued at $562,880,000 after buying an additional 395,415 shares during the period. Raymond James Financial Inc. bought a new stake in Best Buy in the 4th quarter worth $514,483,000. Geode Capital Management LLC increased its position in shares of Best Buy by 2.5% in the third quarter. Geode Capital Management LLC now owns 4,852,980 shares of the technology retailer’s stock valued at $499,954,000 after acquiring an additional 120,185 shares during the period. Finally, Bank of New York Mellon Corp raised its stake in shares of Best Buy by 13.7% during the fourth quarter. Bank of New York Mellon Corp now owns 3,824,425 shares of the technology retailer’s stock valued at $328,136,000 after acquiring an additional 459,353 shares during the last quarter. Institutional investors own 80.96% of the company’s stock.

Best Buy Stock Performance

Shares of BBY stock opened at $74.89 on Friday. The firm has a market capitalization of $15.83 billion, a PE ratio of 12.80, a P/E/G ratio of 2.10 and a beta of 1.43. The company has a 50 day moving average price of $82.70 and a 200-day moving average price of $88.48. Best Buy Co., Inc. has a 52 week low of $69.29 and a 52 week high of $103.71. The company has a quick ratio of 0.22, a current ratio of 1.00 and a debt-to-equity ratio of 0.37.

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

Best Buy Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, April 15th. Investors of record on Tuesday, March 25th will be paid a dividend of $0.95 per share. This represents a $3.80 annualized dividend and a yield of 5.07%. The ex-dividend date is 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 88.99%.

Analysts Set New Price Targets

BBY has been the topic of a number of research analyst reports. Piper Sandler reduced their price target on Best Buy from $102.00 to $92.00 and set an “overweight” rating on the stock in a report on Wednesday, March 5th. Guggenheim cut their price objective on Best Buy from $105.00 to $90.00 and set a “buy” rating on the stock in a research report on Wednesday, March 5th. KeyCorp restated a “sector weight” rating on shares of Best Buy in a research note on Wednesday, March 5th. Barclays decreased their price objective on Best Buy from $95.00 to $89.00 and set an “equal weight” rating for the company in a report on Thursday, January 9th. Finally, Loop Capital restated a “negative” rating on shares of Best Buy in a report on Wednesday, March 5th. Two investment analysts have rated the stock with a sell rating, nine have given a hold rating, nine have given a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of “Hold” and an average target price of $93.50.

Insider Activity

In related news, CEO Corie S. Barry purchased 13,500 shares of the firm’s stock in a transaction dated Wednesday, March 12th. The stock was purchased at an average price of $72.92 per share, with a total value of $984,420.00. Following the completion of the purchase, the chief executive officer now owns 378,780 shares of the company’s stock, valued at approximately $27,620,637.60. The trade was a 3.70 % increase in their position. The acquisition was disclosed in a filing with the SEC, which is available at the SEC website. Also, CFO Matthew M. Bilunas sold 51,000 shares of the firm’s stock in a transaction dated Monday, March 24th. The shares were sold at an average price of $74.20, for a total transaction of $3,784,200.00. Following the transaction, the chief financial officer now directly owns 55,856 shares in the company, valued at $4,144,515.20. This trade represents a 47.73 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 78,355 shares of company stock worth $5,767,213 over the last quarter. Insiders own 0.59% of the company’s stock.

Best Buy 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.