Raymond James Financial Inc. Takes $514.48 Million Position in Best Buy Co., Inc. (NYSE:BBY)

Raymond James Financial Inc. bought a new stake in shares of Best Buy Co., Inc. (NYSE:BBY) in the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor bought 5,996,305 shares of the technology retailer’s stock, valued at approximately $514,483,000.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. QRG Capital Management Inc. boosted its position in shares of Best Buy by 10.5% during the 3rd quarter. QRG Capital Management Inc. now owns 31,745 shares of the technology retailer’s stock valued at $3,279,000 after acquiring an additional 3,025 shares during the last quarter. Asset Management One Co. Ltd. boosted its position in shares of Best Buy by 27.4% during the 3rd quarter. Asset Management One Co. Ltd. now owns 90,341 shares of the technology retailer’s stock valued at $9,332,000 after acquiring an additional 19,405 shares during the last quarter. Pinnacle Financial Partners Inc bought a new stake in Best Buy in the fourth quarter worth $3,293,000. Klein Pavlis & Peasley Financial Inc. lifted its position in Best Buy by 48.6% in the fourth quarter. Klein Pavlis & Peasley Financial Inc. now owns 26,400 shares of the technology retailer’s stock worth $2,265,000 after buying an additional 8,640 shares during the last quarter. Finally, Alberta Investment Management Corp lifted its position in Best Buy by 424.0% in the fourth quarter. Alberta Investment Management Corp now owns 26,200 shares of the technology retailer’s stock worth $2,248,000 after buying an additional 21,200 shares during the last quarter. 80.96% of the stock is currently owned by institutional investors.

Insider Buying and Selling at Best Buy

In other Best Buy news, CFO Matthew M. Bilunas sold 69,166 shares of Best Buy 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 owns 92,070 shares in the company, valued at $8,052,442.20. The trade was a 42.90 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. 0.59% of the stock is owned by insiders.

Best Buy Stock Performance

Shares of Best Buy stock opened at $75.36 on Thursday. The firm has a market cap of $16.11 billion, a P/E ratio of 12.88, a P/E/G ratio of 2.10 and a beta of 1.43. The company has a current ratio of 1.00, a quick ratio of 0.22 and a debt-to-equity ratio of 0.37. Best Buy Co., Inc. has a 12 month low of $69.29 and a 12 month high of $103.71. The stock’s fifty day moving average price is $85.97 and its 200-day moving average price is $90.51.

Best Buy (NYSE:BBY) last announced its quarterly earnings results on Tuesday, March 4th. The technology retailer reported $2.58 EPS for the quarter, beating the consensus estimate of $2.40 by $0.18. The firm had revenue of $13.95 billion for the quarter, compared to analyst estimates of $13.69 billion. Best Buy had a return on equity of 45.93% and a net margin of 3.01%. During the same quarter last year, the firm posted $2.72 earnings per share. On average, equities research analysts expect 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 paid a $0.95 dividend. This represents a $3.80 annualized dividend and a yield of 5.04%. The ex-dividend date of this dividend is Tuesday, March 25th. This is a positive change from Best Buy’s previous quarterly dividend of $0.94. Best Buy’s payout ratio is 88.99%.

Analysts Set New Price Targets

A number of brokerages recently issued reports on BBY. Piper Sandler lowered their price target on Best Buy from $102.00 to $92.00 and set an “overweight” rating for the company in a research report on Wednesday. Bank of America lowered their price target on Best Buy from $80.00 to $75.00 and set an “underperform” rating for the company in a research report on Wednesday. Loop Capital lowered their price target on Best Buy from $100.00 to $90.00 and set a “buy” rating for the company in a research report on Wednesday. DA Davidson lowered their price target on Best Buy from $117.00 to $110.00 and set a “buy” rating for the company in a research report on Wednesday. Finally, Telsey Advisory Group lowered their price target on Best Buy from $110.00 to $100.00 and set an “outperform” rating for the company in a research report on Wednesday. One research analyst has rated the stock with a sell rating, nine have issued a hold rating, ten have given a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $93.50.

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.