Bank of Nova Scotia Reduces Holdings in Best Buy Co., Inc. (NYSE:BBY)

Posted by Defense World Staff on May 23rd, 2023

Bank of Nova Scotia reduced its position in shares of Best Buy Co., Inc. (NYSE:BBY – Get Rating) by 1.6% in the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 17,515 shares of the technology retailer’s stock after selling 285 shares during the period. Bank of Nova Scotia’s holdings in Best Buy were worth $1,405,000 at the end of the most recent quarter.

A number of other hedge funds have also modified their holdings of the business. International Assets Investment Management LLC acquired a new stake in shares of Best Buy during the 4th quarter worth about $26,000. Mitsubishi UFJ Morgan Stanley Securities Co. Ltd. acquired a new stake in shares of Best Buy during the 4th quarter valued at approximately $30,000. Exos TFP Holdings LLC purchased a new position in shares of Best Buy in the third quarter valued at $29,000. Hanson & Doremus Investment Management purchased a new position in shares of Best Buy in the fourth quarter valued at $37,000. Finally, McElhenny Sheffield Capital Management LLC purchased a new position in shares of Best Buy in the fourth quarter valued at $49,000. 78.48% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several analysts have recently issued reports on the company. Barclays reduced their price objective on Best Buy from $88.00 to $80.00 and set a “buy” rating on the stock in a research report on Friday, March 3rd. Telsey Advisory Group downgraded Best Buy from an “outperform” rating to a “market perform” rating and dropped their price objective for the stock from $88.00 to $83.00 in a report on Monday, February 27th. DA Davidson reduced their target price on shares of Best Buy from $99.00 to $96.00 and set a “buy” rating on the stock in a report on Friday, March 3rd. UBS Group increased their price target on shares of Best Buy from $80.00 to $87.00 and gave the stock a “buy” rating in a research report on Friday, February 24th. Finally, 58.com restated a “maintains” rating on shares of Best Buy in a research report on Thursday, May 11th. One equities research analyst has rated the stock with a sell rating, nine have assigned a hold rating and eight have given a buy rating to the company. According to MarketBeat.com, Best Buy currently has an average rating of “Hold” and an average target price of $80.00.

Insiders Place Their Bets

In other news, EVP Damien Harmon sold 5,500 shares of the stock in a transaction dated Friday, April 14th. The shares were sold at an average price of $73.21, for a total value of $402,655.00. Following the completion of the sale, the executive vice president now directly owns 41,489 shares in the company, valued at $3,037,409.69. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. In other Best Buy news, insider Jason J. Bonfig sold 10,963 shares of the company’s stock in a transaction dated Tuesday, March 21st. The shares were sold at an average price of $77.95, for a total value of $854,565.85. Following the sale, the insider now owns 46,250 shares of the company’s stock, valued at $3,605,187.50. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP Damien Harmon sold 5,500 shares of the company’s stock in a transaction on Friday, April 14th. The shares were sold at an average price of $73.21, for a total value of $402,655.00. Following the completion of the transaction, the executive vice president now owns 41,489 shares of the company’s stock, valued at $3,037,409.69. The disclosure for this sale can be found here. In the last ninety days, insiders sold 57,774 shares of company stock valued at $4,477,413. 0.56% of the stock is owned by insiders.

Best Buy Price Performance

BBY opened at $70.32 on Tuesday. Best Buy Co., Inc. has a 52-week low of $60.78 and a 52-week high of $93.32. The stock has a market capitalization of $15.38 billion, a PE ratio of 11.18, a price-to-earnings-growth ratio of 1.42 and a beta of 1.50. The stock’s 50 day moving average price is $74.00 and its 200-day moving average price is $79.08. The company has a debt-to-equity ratio of 0.42, a quick ratio of 0.41 and a current ratio of 0.98.

Best Buy (NYSE:BBY – Get Rating) last posted its earnings results on Thursday, March 2nd. The technology retailer reported $2.61 EPS 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 the consensus estimate of $14.80 billion. Best Buy had a net margin of 3.06% and a return on equity of 55.81%. The firm’s revenue was down 10.0% on a year-over-year basis. During the same quarter in the previous year, the firm posted $2.73 EPS. On average, equities research analysts predict that Best Buy Co., Inc. will post 6.19 EPS for the current year.

Best Buy Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Thursday, April 13th. Stockholders of record on Thursday, March 23rd were given a $0.92 dividend. The ex-dividend date was Wednesday, March 22nd. This represents a $3.68 dividend on an annualized basis and a dividend yield of 5.23%. This is an increase from Best Buy’s previous quarterly dividend of $0.88. Best Buy’s payout ratio is presently 58.51%.

About Best Buy

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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.