AIA Group Ltd grew its position in Best Buy Co., Inc. (NYSE:BBY – Get Rating) by 8.4% in the 4th quarter, according to its most recent disclosure with the SEC. The fund owned 4,124 shares of the technology retailer’s stock after buying an additional 318 shares during the period. AIA Group Ltd’s holdings in Best Buy were worth $331,000 as of its most recent SEC filing.
Other large investors have also bought and sold shares of the company. International Assets Investment Management LLC purchased a new position in Best Buy in the fourth quarter worth about $26,000. Mitsubishi UFJ Morgan Stanley Securities Co. Ltd. purchased a new position in Best Buy in the fourth quarter worth about $30,000. Exos TFP Holdings LLC purchased a new position in Best Buy in the third quarter worth about $29,000. Hanson & Doremus Investment Management purchased a new position in Best Buy in the fourth quarter worth about $37,000. Finally, McElhenny Sheffield Capital Management LLC purchased a new position in Best Buy in the fourth quarter worth about $49,000. 78.48% of the stock is owned by hedge funds and other institutional investors.
Analyst Upgrades and Downgrades
Several research analysts have recently weighed in on the stock. StockNews.com assumed coverage on shares of Best Buy in a report on Thursday, March 16th. They set a “hold” rating for the company. Credit Suisse Group decreased their price objective on shares of Best Buy from $90.00 to $85.00 and set a “neutral” rating for the company in a report on Friday, March 3rd. Barclays decreased their price objective on shares of Best Buy from $88.00 to $80.00 and set a “buy” rating for the company in a report on Friday, March 3rd. UBS Group boosted their price objective on shares of Best Buy from $80.00 to $87.00 and gave the company a “buy” rating in a report on Friday, February 24th. Finally, BNP Paribas cut shares of Best Buy from an “outperform” rating to a “neutral” rating in a report on Thursday, January 12th. One investment analyst has rated the stock with a sell rating, nine have issued a hold rating and eight have assigned a buy rating to the company. Based on data from MarketBeat, Best Buy currently has an average rating of “Hold” and an average target price of $81.44.
Best Buy Stock Performance
Best Buy (NYSE:BBY – Get Rating) last posted its quarterly earnings results on Thursday, March 2nd. The technology retailer reported $2.61 earnings per share for the quarter, topping analysts’ consensus estimates of $2.09 by $0.52. The business had revenue of $14.74 billion during the quarter, compared to analyst estimates of $14.80 billion. Best Buy had a net margin of 3.06% and a return on equity of 55.81%. The company’s revenue was down 10.0% on a year-over-year basis. During the same period in the prior year, the business posted $2.73 earnings per share. Equities analysts forecast that Best Buy Co., Inc. will post 6.25 earnings per share for the current fiscal year.
Best Buy Increases Dividend
The business also recently announced a quarterly dividend, which was paid on Thursday, April 13th. Investors of record on Thursday, March 23rd were given a dividend of $0.92 per share. This is a positive change from Best Buy’s previous quarterly dividend of $0.88. The ex-dividend date was Wednesday, March 22nd. This represents a $3.68 dividend on an annualized basis and a dividend yield of 5.01%. Best Buy’s dividend payout ratio is currently 58.51%.
Insider Buying and Selling
In related news, insider Jason J. Bonfig sold 10,963 shares of the company’s stock in a transaction on Tuesday, March 21st. The shares were sold at an average price of $77.95, for a total transaction of $854,565.85. Following the completion of the transaction, the insider now owns 46,250 shares in the company, valued at $3,605,187.50. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. In related news, insider Jason J. Bonfig sold 10,963 shares of the company’s stock in a transaction on Tuesday, March 21st. The shares were sold at an average price of $77.95, for a total transaction of $854,565.85. Following the completion of the transaction, the insider now owns 46,250 shares in the company, valued at $3,605,187.50. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CEO Corie S. Barry sold 25,511 shares of the company’s stock in a transaction on Tuesday, March 21st. The shares were sold at an average price of $77.95, for a total transaction of $1,988,582.45. Following the sale, the chief executive officer now directly owns 364,041 shares in the company, valued at approximately $28,376,995.95. The disclosure for this sale can be found here. Over the last quarter, insiders sold 52,274 shares of company stock worth $4,074,758. 0.44% of the stock is owned by insiders.
Best Buy Company Profile
Best Buy Co, Inc engages in the provision of consumer technology products and services. It operates through two business segments: Domestic and International. The Domestic segment includes operations in all states, districts, and territories of the U.S., operating under various brand names, including Best Buy, Best Buy Mobile, Geek Squad, Magnolia Audio Video, Napster, and Pacific Sales.
Featured Stories
- Get a free copy of the StockNews.com research report on Best Buy (BBY)
- MarketBeat Week in Review – 4/10 – 4/14
- What is an IRA Account? All About IRAs
- Investing in Quantum Computing: A Guide
- Earnings Beat Proves Citigroup to be The Cheaper Bank Stock
- How to Invest in an IRA in 7 Simple Steps
Receive News & Ratings for Best Buy Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Best Buy and related companies with MarketBeat.com's FREE daily email newsletter.
