Prudential Financial Inc. Decreases Position in Best Buy Co., Inc. (NYSE:BBY)

Prudential Financial Inc. reduced its stake in shares of Best Buy Co., Inc. (NYSE:BBY) by 18.7% during the 4th quarter, HoldingsChannel.com reports. The institutional investor owned 116,436 shares of the technology retailer’s stock after selling 26,728 shares during the period. Prudential Financial Inc.’s holdings in Best Buy were worth $9,990,000 as of its most recent SEC filing.

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

Insider Buying and Selling at Best Buy

In related news, CAO Mathew Watson sold 2,951 shares of the firm’s stock in a transaction that occurred on Friday, March 21st. The stock was sold at an average price of $72.65, for a total value of $214,390.15. Following the sale, the chief accounting officer now directly owns 21,371 shares in the company, valued at $1,552,603.15. This trade represents a 12.13 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CFO Matthew M. Bilunas sold 51,000 shares of the business’s stock in a transaction on Monday, March 24th. The stock was sold at an average price of $74.20, for a total value of $3,784,200.00. Following the transaction, the chief financial officer now 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 disclosure for this sale can be found here. Insiders sold 78,355 shares of company stock valued at $5,767,213 in the last ninety days. Company insiders own 0.59% of the company’s stock.

Best Buy Stock Down 3.5 %

NYSE:BBY opened at $72.28 on Friday. The company has a current ratio of 1.00, a quick ratio of 0.22 and a debt-to-equity ratio of 0.37. The stock has a 50 day moving average of $82.51 and a 200-day moving average of $88.31. The firm has a market capitalization of $15.28 billion, a PE ratio of 12.36, a price-to-earnings-growth ratio of 2.10 and a beta of 1.43. Best Buy Co., Inc. has a 52 week low of $69.29 and a 52 week high of $103.71.

Best Buy (NYSE:BBY) last issued its quarterly earnings data on Tuesday, March 4th. The technology retailer reported $2.58 EPS for the quarter, topping analysts’ consensus estimates of $2.40 by $0.18. The firm had revenue of $13.95 billion during the quarter, compared to the consensus estimate of $13.69 billion. Best Buy had a return on equity of 45.93% and a net margin of 3.01%. During the same period in the prior year, the business earned $2.72 EPS. Analysts predict that Best Buy Co., Inc. will post 6.18 EPS for the current year.

Best Buy Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, April 15th. Investors of record on Tuesday, March 25th will be given a $0.95 dividend. The ex-dividend date is Tuesday, March 25th. This is an increase from Best Buy’s previous quarterly dividend of $0.94. This represents a $3.80 annualized dividend and a yield of 5.26%. Best Buy’s dividend payout ratio (DPR) is currently 88.99%.

Analysts Set New Price Targets

A number of brokerages have recently issued reports on BBY. Piper Sandler dropped 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. Guggenheim dropped their price objective on Best Buy from $105.00 to $90.00 and set a “buy” rating on the stock in a report on Wednesday, March 5th. Wells Fargo & Company reduced their target price on Best Buy from $89.00 to $85.00 and set an “equal weight” rating for the company in a research note on Wednesday, March 5th. Barclays dropped their price target on shares of Best Buy from $95.00 to $89.00 and set an “equal weight” rating for the company in a research note on Thursday, January 9th. Finally, KeyCorp reiterated a “sector weight” rating on shares of Best Buy in a research note on Wednesday, March 5th. Two research analysts have rated the stock with a sell rating, nine have given a hold rating, nine have given a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of “Hold” and an average price target of $93.50.

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.