Alerus Financial NA Purchases 655 Shares of Best Buy Co., Inc. (NYSE:BBY)

Alerus Financial NA grew its position in Best Buy Co., Inc. (NYSE:BBY) by 0.7% during the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 92,276 shares of the technology retailer’s stock after purchasing an additional 655 shares during the period. Alerus Financial NA’s holdings in Best Buy were worth $7,917,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently modified their holdings of the company. Daiwa Securities Group Inc. grew its stake in shares of Best Buy by 16.6% during the 3rd quarter. Daiwa Securities Group Inc. now owns 24,720 shares of the technology retailer’s stock worth $2,554,000 after acquiring an additional 3,511 shares in the last quarter. The Manufacturers Life Insurance Company grew its position in Best Buy by 5.1% in the third quarter. The Manufacturers Life Insurance Company now owns 152,985 shares of the technology retailer’s stock valued at $15,803,000 after purchasing an additional 7,430 shares in the last quarter. Quantbot Technologies LP acquired a new stake in Best Buy in the 3rd quarter valued at $1,550,000. Brooklyn Investment Group bought a new stake in Best Buy during the 3rd quarter worth about $44,000. Finally, Avestar Capital LLC acquired a new position in shares of Best Buy during the 3rd quarter worth about $222,000. 80.96% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

BBY has been the topic of a number of recent research reports. UBS Group set a $105.00 target price on Best Buy in a research report on Wednesday, March 5th. Barclays lowered their price target on shares of Best Buy from $95.00 to $89.00 and set an “equal weight” rating on the stock in a report on Thursday, January 9th. Evercore ISI decreased their price objective on Best Buy from $95.00 to $80.00 and set an “in-line” rating on the stock in a report on Wednesday, March 5th. Guggenheim lowered their target price on shares of Best Buy from $105.00 to $90.00 and set a “buy” rating on the stock in a report on Wednesday, March 5th. Finally, Truist Financial cut their price target on Best Buy from $95.00 to $81.00 and set a “hold” rating for the company in a research note on Wednesday, March 5th. Two analysts have rated the stock with a sell rating, nine have assigned a hold rating, nine have given a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, the stock currently has an average rating of “Hold” and an average price target of $93.50.

Best Buy Price Performance

BBY stock opened at $74.89 on Friday. The company has a debt-to-equity ratio of 0.37, a current ratio of 1.00 and a quick ratio of 0.22. The company’s 50-day moving average is $82.70 and its 200-day moving average is $88.48. The stock has a market capitalization of $15.83 billion, a PE ratio of 12.80, a price-to-earnings-growth ratio of 2.10 and a beta of 1.43. Best Buy Co., Inc. has a 1 year low of $69.29 and a 1 year high of $103.71.

Best Buy (NYSE:BBY) last released its quarterly earnings data on Tuesday, March 4th. The technology retailer reported $2.58 EPS for the quarter, beating the consensus estimate 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 company posted $2.72 earnings per share. Equities research analysts expect that Best Buy Co., Inc. will post 6.18 EPS for the current fiscal year.

Best Buy Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Tuesday, April 15th. Investors of record on Tuesday, March 25th will be given a dividend of $0.95 per share. This is a boost 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 dividend yield of 5.07%. Best Buy’s payout ratio is presently 88.99%.

Insider Activity at Best Buy

In other Best Buy news, CFO Matthew M. Bilunas sold 51,000 shares of the company’s stock in a transaction on Monday, March 24th. The stock was sold at an average price of $74.20, for a total value of $3,784,200.00. Following the completion of the transaction, the chief financial officer now owns 55,856 shares in the company, valued at $4,144,515.20. This represents a 47.73 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Todd G. Hartman sold 4,893 shares of Best Buy stock in a transaction on Friday, March 21st. The stock was sold at an average price of $72.65, for a total value of $355,476.45. Following the sale, 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 disclosure for this sale can be found here. In the last three months, insiders sold 78,355 shares of company stock valued at $5,767,213. 0.59% of the stock is owned by 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.