Cibc World Markets Corp Acquires 4,053 Shares of Best Buy Co., Inc. (NYSE:BBY)

Cibc World Markets Corp increased its holdings in shares of Best Buy Co., Inc. (NYSE:BBY) by 14.9% during the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 31,227 shares of the technology retailer’s stock after acquiring an additional 4,053 shares during the period. Cibc World Markets Corp’s holdings in Best Buy were worth $2,679,000 at the end of the most recent quarter.

A number of other large investors have also bought and sold shares of BBY. Rakuten Securities Inc. grew its position in Best Buy by 971.9% during the 4th quarter. Rakuten Securities Inc. now owns 343 shares of the technology retailer’s stock worth $29,000 after acquiring an additional 311 shares during the last quarter. Golden State Wealth Management LLC bought a new position in Best Buy in the 4th quarter valued at $32,000. OFI Invest Asset Management bought a new position in Best Buy in the 4th quarter valued at $34,000. Trust Co. of Vermont boosted its position in Best Buy by 1,200.0% in the 4th quarter. Trust Co. of Vermont now owns 416 shares of the technology retailer’s stock valued at $36,000 after buying an additional 384 shares during the last quarter. Finally, LRI Investments LLC boosted its position in Best Buy by 632.1% in the 3rd quarter. LRI Investments LLC now owns 388 shares of the technology retailer’s stock valued at $40,000 after buying an additional 335 shares during the last quarter. 80.96% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

BBY has been the topic of a number of recent research reports. Barclays decreased their price objective on Best Buy from $95.00 to $89.00 and set an “equal weight” rating on the stock in a research report on Thursday, January 9th. Telsey Advisory Group decreased their price objective on Best Buy from $110.00 to $100.00 and set an “outperform” rating on the stock in a research report on Wednesday, March 5th. Jefferies Financial Group decreased their price objective on Best Buy from $106.00 to $92.00 and set a “buy” rating on the stock in a research report on Tuesday, March 4th. DA Davidson cut their price target on Best Buy from $117.00 to $110.00 and set a “buy” rating on the stock in a research note on Wednesday, March 5th. Finally, Morgan Stanley cut their price target on Best Buy from $100.00 to $85.00 and set an “equal weight” rating on the stock in a research note on Wednesday, March 5th. Two equities research analysts have rated the stock with a sell rating, nine have given a hold rating, nine have issued a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, Best Buy presently has an average rating of “Hold” and a consensus target price of $93.50.

Best Buy Stock Performance

BBY opened at $73.52 on Friday. The business’s 50-day moving average price is $83.54 and its two-hundred day moving average price is $89.36. Best Buy Co., Inc. has a 1 year low of $69.29 and a 1 year high of $103.71. The company has a market capitalization of $15.72 billion, a price-to-earnings ratio of 12.57, 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 released its quarterly earnings results on Tuesday, March 4th. The technology retailer reported $2.58 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.40 by $0.18. Best Buy had a return on equity of 45.93% and a net margin of 3.01%. The firm had revenue of $13.95 billion for the quarter, compared to the consensus estimate of $13.69 billion. During the same quarter last year, the business posted $2.72 EPS. Equities analysts expect that Best Buy Co., Inc. will post 6.18 EPS for the current fiscal year.

Best Buy Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, April 15th. Stockholders of record on Tuesday, March 25th will be issued a $0.95 dividend. This is a boost from Best Buy’s previous quarterly dividend of $0.94. The ex-dividend date of this dividend is Tuesday, March 25th. This represents a $3.80 annualized dividend and a dividend yield of 5.17%. Best Buy’s dividend payout ratio (DPR) is presently 88.99%.

Insider Activity

In related news, CEO Corie S. Barry acquired 13,500 shares of the firm’s stock in a transaction dated Wednesday, March 12th. The stock was bought at an average price of $72.92 per share, for a total transaction of $984,420.00. Following the acquisition, the chief executive officer now directly 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 ownership of the stock. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, 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 completion of the transaction, the chief accounting officer now owns 19,218 shares of the company’s stock, valued at $1,370,051.22. The trade was a 14.21 % decrease in their position. The disclosure for this sale can be found here. 0.59% of the stock is owned by corporate insiders.

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.