Arjuna Capital Reduces Position in Best Buy Co., Inc. (NYSE:BBY)

Arjuna Capital reduced its holdings in Best Buy Co., Inc. (NYSE:BBY) by 3.0% during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 22,284 shares of the technology retailer’s stock after selling 685 shares during the period. Arjuna Capital’s holdings in Best Buy were worth $1,912,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. Golden State Wealth Management LLC purchased a new position in Best Buy in the 4th quarter worth approximately $32,000. Harbor Capital Advisors Inc. acquired a new stake in shares of Best Buy in the third quarter valued at approximately $40,000. LRI Investments LLC lifted its position in Best Buy by 632.1% during the third 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. Trust Co. of Vermont boosted its stake in Best Buy by 1,200.0% during the fourth 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 last quarter. Finally, Brooklyn Investment Group purchased a new stake in Best Buy in the 3rd quarter valued at $44,000. 80.96% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several research analysts have recently commented on BBY shares. UBS Group reiterated a “buy” rating and set a $105.00 price target (down previously from $115.00) on shares of Best Buy in a report on Friday, February 28th. Piper Sandler reduced their target price on shares of Best Buy from $102.00 to $92.00 and set an “overweight” rating on the stock in a research note on Wednesday. Bank of America dropped their price target on shares of Best Buy from $80.00 to $75.00 and set an “underperform” rating for the company in a research note on Wednesday. KeyCorp reaffirmed a “sector weight” rating on shares of Best Buy in a research report on Wednesday. Finally, Telsey Advisory Group decreased their price objective on Best Buy from $110.00 to $100.00 and set an “outperform” rating on the stock in a report on Wednesday. One analyst has rated the stock with a sell rating, nine have assigned a hold rating, ten have given a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $93.50.

Best Buy Stock Performance

NYSE:BBY opened at $79.66 on Friday. Best Buy Co., Inc. has a 52 week low of $69.29 and a 52 week high of $103.71. The company has a fifty day simple moving average of $85.58 and a two-hundred day simple moving average of $90.39. The company has a quick ratio of 0.22, a current ratio of 1.00 and a debt-to-equity ratio of 0.37. The company has a market cap of $17.03 billion, a price-to-earnings ratio of 13.62, a price-to-earnings-growth ratio of 2.10 and a beta of 1.43.

Best Buy (NYSE:BBY) last released its earnings results on Tuesday, March 4th. The technology retailer reported $2.58 EPS for the quarter, topping the consensus estimate of $2.40 by $0.18. The firm had revenue of $13.95 billion during the quarter, compared to analysts’ expectations 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 previous year, the firm posted $2.72 EPS. As a group, equities analysts anticipate that Best Buy Co., Inc. will post 6.18 earnings per share for the current fiscal year.

Best Buy Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Tuesday, April 15th. Investors of record on Tuesday, March 25th will be paid a $0.95 dividend. The ex-dividend date of this dividend is Tuesday, March 25th. This represents a $3.80 dividend on an annualized basis and a yield of 4.77%. This is an increase from Best Buy’s previous quarterly dividend of $0.94. Best Buy’s payout ratio is currently 88.99%.

Insiders Place Their Bets

In other news, CFO Matthew M. Bilunas sold 69,166 shares of the firm’s stock in a transaction on Wednesday, December 11th. The shares were sold at an average price of $87.46, for a total value of $6,049,258.36. Following the sale, the chief financial officer now directly owns 92,070 shares in the company, valued at approximately $8,052,442.20. This trade represents a 42.90 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. 0.59% of the stock is currently owned by company insiders.

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.