Meeder Asset Management Inc. Cuts Position in Best Buy Co., Inc. (NYSE:BBY)

Meeder Asset Management Inc. reduced its stake in shares of Best Buy Co., Inc. (NYSE:BBY) by 84.8% during the 4th quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 4,222 shares of the technology retailer’s stock after selling 23,623 shares during the period. Meeder Asset Management Inc.’s holdings in Best Buy were worth $362,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also made changes to their positions in the company. The Manufacturers Life Insurance Company grew its position in Best Buy by 5.1% during the third quarter. The Manufacturers Life Insurance Company now owns 152,985 shares of the technology retailer’s stock worth $15,803,000 after buying an additional 7,430 shares during the period. Public Sector Pension Investment Board grew its holdings in shares of Best Buy by 4.2% in the 3rd quarter. Public Sector Pension Investment Board now owns 7,420 shares of the technology retailer’s stock worth $766,000 after acquiring an additional 300 shares during the period. Captrust Financial Advisors increased its stake in Best Buy by 7.1% in the 3rd quarter. Captrust Financial Advisors now owns 25,735 shares of the technology retailer’s stock valued at $2,658,000 after purchasing an additional 1,698 shares in the last quarter. Erste Asset Management GmbH purchased a new stake in Best Buy during the third quarter worth $7,537,000. Finally, Benjamin Edwards Inc. boosted its position in Best Buy by 15,481.3% during the third quarter. Benjamin Edwards Inc. now owns 76,816 shares of the technology retailer’s stock worth $7,935,000 after purchasing an additional 76,323 shares in the last quarter. 80.96% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

BBY has been the subject of several research reports. Guggenheim cut their price target on Best Buy from $105.00 to $90.00 and set a “buy” rating for the company in a research note on Wednesday, March 5th. Truist Financial cut their target price on shares of Best Buy from $95.00 to $81.00 and set a “hold” rating for the company in a research report on Wednesday, March 5th. Wells Fargo & Company lowered their price target on shares of Best Buy from $89.00 to $85.00 and set an “equal weight” rating on the stock in a research report on Wednesday, March 5th. Barclays reduced their target price on Best Buy from $95.00 to $89.00 and set an “equal weight” rating on the stock in a research note on Thursday, January 9th. Finally, Citigroup dropped their price target on Best Buy from $105.00 to $93.00 and set a “buy” rating for the company 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 assigned a strong buy rating to the company’s stock. According to data from MarketBeat, the company currently has an average rating of “Hold” and a consensus target price of $93.50.

Insider Buying and Selling at Best Buy

In other Best Buy news, insider Todd G. Hartman sold 4,893 shares of the business’s stock in a transaction dated Friday, March 21st. The stock was sold at an average price of $72.65, for a total transaction of $355,476.45. Following the transaction, the insider now owns 32,320 shares in the company, valued at $2,348,048. The trade was a 13.15 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CEO Corie S. Barry bought 13,500 shares of the stock in a transaction dated 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 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 position. The disclosure for this purchase can be found here. Insiders have sold a total of 78,355 shares of company stock valued at $5,767,213 over the last ninety days. Corporate insiders own 0.59% of the company’s stock.

Best Buy Stock Up 1.8 %

Shares of BBY opened at $73.73 on Tuesday. Best Buy Co., Inc. has a fifty-two week low of $69.29 and a fifty-two week high of $103.71. The company’s fifty day moving average is $82.34 and its two-hundred day moving average is $88.01. The firm has a market cap of $15.58 billion, a PE ratio of 12.60, a price-to-earnings-growth ratio of 2.10 and a beta of 1.43. The company has a quick ratio of 0.22, a current ratio of 1.00 and a debt-to-equity ratio of 0.37.

Best Buy (NYSE:BBY) last posted its quarterly earnings results on Tuesday, March 4th. The technology retailer reported $2.58 earnings per share (EPS) for the quarter, beating 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 quarter in the previous year, the business earned $2.72 earnings per share. Analysts forecast that Best Buy Co., Inc. will post 6.18 earnings per share for the current year.

Best Buy Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, April 15th. Investors of record on Tuesday, March 25th will be issued 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 5.15%. Best Buy’s dividend payout ratio (DPR) is presently 88.99%.

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.