Brandywine Global Investment Management LLC Acquires 50,353 Shares of Best Buy Co., Inc. (NYSE:BBY)

Brandywine Global Investment Management LLC grew its stake in shares of Best Buy Co., Inc. (NYSE:BBY) by 35.6% in the fourth quarter, according to its most recent filing with the SEC. The institutional investor owned 191,662 shares of the technology retailer’s stock after purchasing an additional 50,353 shares during the period. Brandywine Global Investment Management LLC’s holdings in Best Buy were worth $16,445,000 as of its most recent filing with the SEC.

Several other institutional investors and hedge funds have also recently modified their holdings of the stock. Raymond James Financial Inc. bought a new stake in Best Buy during the fourth quarter worth $514,483,000. Norges Bank bought a new stake in shares of Best Buy in the 4th quarter worth $178,015,000. Arrowstreet Capital Limited Partnership raised its holdings in shares of Best Buy by 101.4% in the fourth quarter. Arrowstreet Capital Limited Partnership now owns 1,114,928 shares of the technology retailer’s stock valued at $95,661,000 after purchasing an additional 561,413 shares during the last quarter. Nordea Investment Management AB lifted its position in shares of Best Buy by 563.8% during the fourth quarter. Nordea Investment Management AB now owns 592,460 shares of the technology retailer’s stock valued at $50,643,000 after purchasing an additional 503,204 shares in the last quarter. Finally, National Bank of Canada FI boosted its holdings in Best Buy by 817.4% during the third quarter. National Bank of Canada FI now owns 537,886 shares of the technology retailer’s stock worth $55,564,000 after purchasing an additional 479,256 shares during the last quarter. 80.96% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling at Best Buy

In other Best Buy news, CEO Corie S. Barry acquired 13,500 shares of the company’s stock in a transaction that occurred on Wednesday, March 12th. The stock was bought 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. This represents a 3.70 % increase in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this link. 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 value of $226,844.78. Following the transaction, the chief accounting officer now owns 19,218 shares of the company’s stock, valued at approximately $1,370,051.22. The trade was a 14.21 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 78,355 shares of company stock valued at $5,767,213 in the last three months. Company insiders own 0.59% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research firms have commented on BBY. Truist Financial dropped their target price on shares of Best Buy from $95.00 to $81.00 and set a “hold” rating on the stock in a research report on Wednesday, March 5th. DA Davidson cut their price objective on Best Buy from $117.00 to $110.00 and set a “buy” rating on the stock in a research report on Wednesday, March 5th. Piper Sandler decreased their target price on Best Buy from $102.00 to $92.00 and set an “overweight” rating for the company in a research report on Wednesday, March 5th. Wells Fargo & Company reduced their price target on shares of Best Buy from $89.00 to $85.00 and set an “equal weight” rating for the company in a research report on Wednesday, March 5th. Finally, Loop Capital reaffirmed a “negative” rating on shares of Best Buy in a research report on Wednesday, March 5th. Two 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 stock. Based on data from MarketBeat.com, the company has an average rating of “Hold” and an average price target of $93.50.

Best Buy Price Performance

Shares of NYSE BBY opened at $72.28 on Monday. The company has a debt-to-equity ratio of 0.37, a quick ratio of 0.22 and a current ratio of 1.00. Best Buy Co., Inc. has a fifty-two week low of $69.29 and a fifty-two week high of $103.71. The stock has a market cap 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. The stock has a fifty day moving average of $82.51 and a 200-day moving average of $88.18.

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 business had revenue of $13.95 billion during the quarter, compared to analyst estimates of $13.69 billion. During the same quarter in the previous year, the firm earned $2.72 EPS. Equities research analysts anticipate that Best Buy Co., Inc. will post 6.18 earnings per share for the current year.

Best Buy Increases Dividend

The company 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. The ex-dividend date is Tuesday, March 25th. This is a boost 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 is currently 88.99%.

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.