United Super Pty Ltd in its capacity as Trustee for the Construction & Building Unions Superannuation Fund Acquires New Holdings in Best Buy Co., Inc. (NYSE:BBY)

United Super Pty Ltd in its capacity as Trustee for the Construction & Building Unions Superannuation Fund bought a new position in shares of Best Buy Co., Inc. (NYSE:BBY) during the fourth quarter, Holdings Channel reports. The fund bought 4,100 shares of the technology retailer’s stock, valued at approximately $352,000.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in BBY. IFP Advisors Inc lifted its holdings in shares of Best Buy by 5.2% during the fourth quarter. IFP Advisors Inc now owns 2,538 shares of the technology retailer’s stock worth $218,000 after purchasing an additional 125 shares during the period. Rothschild Investment LLC raised its position in shares of Best Buy by 19.7% during the fourth quarter. Rothschild Investment LLC now owns 861 shares of the technology retailer’s stock worth $74,000 after acquiring an additional 142 shares during the last quarter. Independent Advisor Alliance lifted its stake in shares of Best Buy by 5.0% in the fourth quarter. Independent Advisor Alliance now owns 3,002 shares of the technology retailer’s stock worth $258,000 after acquiring an additional 142 shares during the period. Yousif Capital Management LLC lifted its stake in shares of Best Buy by 0.5% in the fourth quarter. Yousif Capital Management LLC now owns 29,904 shares of the technology retailer’s stock worth $2,566,000 after acquiring an additional 145 shares during the period. Finally, Claro Advisors LLC increased its position in Best Buy by 5.7% during the 4th quarter. Claro Advisors LLC now owns 2,861 shares of the technology retailer’s stock valued at $246,000 after purchasing an additional 154 shares during the period. 80.96% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of research analysts have recently issued reports on the stock. JPMorgan Chase & Co. dropped their price target on shares of Best Buy from $115.00 to $110.00 and set an “overweight” rating on the stock in a research report on Wednesday, March 5th. Evercore ISI cut their price target on shares of Best Buy from $95.00 to $80.00 and set an “in-line” rating on the stock in a research report on Wednesday, March 5th. Bank of America decreased their price target on Best Buy from $80.00 to $75.00 and set an “underperform” rating for the company in a report on Wednesday, March 5th. Piper Sandler cut their target price on Best Buy from $102.00 to $92.00 and set an “overweight” rating on the stock in a research report on Wednesday, March 5th. Finally, Morgan Stanley lowered their target price on Best Buy from $100.00 to $85.00 and set an “equal weight” rating for the company in a report on Wednesday, March 5th. Two equities research analysts have rated the stock with a sell rating, nine have issued a hold rating, nine have given a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus target price of $93.50.

Best Buy Stock Performance

BBY opened at $74.78 on Thursday. 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 cap of $15.81 billion, a price-to-earnings ratio of 12.78, a PEG ratio of 2.10 and a beta of 1.43. The company’s fifty day moving average price is $82.84 and its two-hundred day moving average price is $88.58. 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 (NYSE:BBY) last posted its quarterly earnings data on Tuesday, March 4th. The technology retailer reported $2.58 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.40 by $0.18. The firm had revenue of $13.95 billion for the quarter, compared to the consensus estimate of $13.69 billion. Best Buy had a net margin of 3.01% and a return on equity of 45.93%. During the same period in the previous year, the firm earned $2.72 EPS. On average, analysts expect that Best Buy Co., Inc. will post 6.18 EPS for the current fiscal year.

Best Buy Increases Dividend

The company also recently disclosed 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 is a positive change 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 yield of 5.08%. Best Buy’s dividend payout ratio (DPR) is 88.99%.

Insider Transactions at Best Buy

In other news, CFO Matthew M. Bilunas sold 51,000 shares of the firm’s stock in a transaction on Monday, March 24th. The stock was sold at an average price of $74.20, for a total transaction of $3,784,200.00. Following the completion of the sale, the chief financial officer now directly owns 55,856 shares of the company’s stock, valued at $4,144,515.20. This trade represents a 47.73 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, CAO Mathew Watson sold 3,182 shares of the business’s stock in a transaction dated Friday, March 14th. The stock was sold at an average price of $71.29, for a total transaction of $226,844.78. Following the completion of the transaction, the chief accounting officer now directly owns 19,218 shares in the company, valued at $1,370,051.22. This trade represents a 14.21 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 78,355 shares of company stock worth $5,767,213 in the last 90 days. Insiders own 0.59% of the company’s stock.

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.