Best Buy Co., Inc. (NYSE:BBY) Shares Sold by Prudential Financial Inc.

Prudential Financial Inc. lessened its holdings in shares of Best Buy Co., Inc. (NYSE:BBY) by 18.7% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 116,436 shares of the technology retailer’s stock after selling 26,728 shares during the period. Prudential Financial Inc. owned approximately 0.05% of Best Buy worth $9,990,000 as of its most recent SEC filing.

Other large investors have also recently bought and sold shares of the company. IFP Advisors Inc grew its stake in shares of Best Buy by 5.2% during the 4th quarter. IFP Advisors Inc now owns 2,538 shares of the technology retailer’s stock worth $218,000 after purchasing an additional 125 shares during the period. Rothschild Investment LLC grew its position in Best Buy by 19.7% during the fourth quarter. Rothschild Investment LLC now owns 861 shares of the technology retailer’s stock worth $74,000 after buying an additional 142 shares during the period. Independent Advisor Alliance grew its position in Best Buy by 5.0% during the fourth quarter. Independent Advisor Alliance now owns 3,002 shares of the technology retailer’s stock worth $258,000 after buying an additional 142 shares during the period. Yousif Capital Management LLC increased its holdings in Best Buy by 0.5% in the fourth quarter. Yousif Capital Management LLC now owns 29,904 shares of the technology retailer’s stock valued at $2,566,000 after buying an additional 145 shares in the last quarter. Finally, Claro Advisors LLC lifted its position in shares of Best Buy by 5.7% during the 4th quarter. Claro Advisors LLC now owns 2,861 shares of the technology retailer’s stock valued at $246,000 after acquiring an additional 154 shares during the period. Hedge funds and other institutional investors own 80.96% of the company’s stock.

Insider Buying and Selling at Best Buy

In related news, CFO Matthew M. Bilunas sold 51,000 shares of the stock in a transaction that occurred on Monday, March 24th. The shares were sold at an average price of $74.20, for a total transaction of $3,784,200.00. Following the completion of the sale, the chief financial officer now owns 55,856 shares of the company’s stock, valued at approximately $4,144,515.20. This represents a 47.73 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Corie S. Barry purchased 13,500 shares of Best Buy stock in a transaction on Wednesday, March 12th. The shares were acquired at an average cost of $72.92 per share, for a total transaction of $984,420.00. Following the completion of the transaction, the chief executive officer now owns 378,780 shares of the company’s stock, valued at $27,620,637.60. This represents a 3.70 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders have sold a total of 78,355 shares of company stock worth $5,767,213 in the last quarter. 0.59% of the stock is owned by insiders.

Best Buy Price Performance

BBY stock opened at $72.28 on Friday. Best Buy Co., Inc. has a 52-week low of $69.29 and a 52-week high of $103.71. The stock’s fifty day simple moving average is $82.51 and its 200-day simple moving average is $88.31. 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 stock has a market capitalization of $15.28 billion, a price-to-earnings ratio of 12.36, a price-to-earnings-growth ratio of 2.10 and a beta of 1.43.

Best Buy (NYSE:BBY) last issued its quarterly earnings results on Tuesday, March 4th. The technology retailer reported $2.58 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.40 by $0.18. Best Buy had a return on equity of 45.93% and a net margin of 3.01%. The firm had revenue of $13.95 billion for the quarter, compared to analyst estimates of $13.69 billion. During the same period last year, the company earned $2.72 EPS. Equities research analysts expect that Best Buy Co., Inc. will post 6.18 EPS for the current year.

Best Buy Increases Dividend

The business also recently declared 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 positive change from Best Buy’s previous quarterly dividend of $0.94. The ex-dividend date is Tuesday, March 25th. This represents a $3.80 annualized dividend and a yield of 5.26%. Best Buy’s dividend payout ratio is 88.99%.

Analysts Set New Price Targets

Several equities analysts recently issued reports on the company. Evercore ISI reduced their price objective on Best Buy from $95.00 to $80.00 and set an “in-line” rating for the company in a report on Wednesday, March 5th. Truist Financial dropped their price target on Best Buy from $95.00 to $81.00 and set a “hold” rating for the company in a research report on Wednesday, March 5th. Wedbush reaffirmed a “neutral” rating and set a $90.00 price target on shares of Best Buy in a research note on Monday, March 3rd. Piper Sandler lowered their price objective 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, March 5th. Finally, Bank of America cut their target price on shares of Best Buy from $80.00 to $75.00 and set an “underperform” rating for the company in a research report on Wednesday, March 5th. Two equities research 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 company. According to MarketBeat.com, Best Buy presently has an average rating of “Hold” and an average target price of $93.50.

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.