Meeder Asset Management Inc. Lowers Position in Best Buy Co., Inc. (NYSE:BBY)

Meeder Asset Management Inc. trimmed its holdings in shares of Best Buy Co., Inc. (NYSE:BBY) by 84.8% in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 4,222 shares of the technology retailer’s stock after selling 23,623 shares during the quarter. Meeder Asset Management Inc.’s holdings in Best Buy were worth $362,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. Rakuten Securities Inc. boosted its position in shares of Best Buy by 971.9% during the fourth quarter. Rakuten Securities Inc. now owns 343 shares of the technology retailer’s stock worth $29,000 after buying an additional 311 shares during the period. Golden State Wealth Management LLC acquired a new position in Best Buy in the 4th quarter valued at about $32,000. OFI Invest Asset Management purchased a new stake in Best Buy during the fourth quarter worth about $34,000. Trust Co. of Vermont lifted its position in shares of 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 purchasing an additional 384 shares in the last quarter. Finally, LRI Investments LLC boosted its stake in shares of Best Buy by 632.1% in the third quarter. LRI Investments LLC now owns 388 shares of the technology retailer’s stock valued at $40,000 after purchasing an additional 335 shares during the period. 80.96% of the stock is currently owned by hedge funds and other institutional investors.

Best Buy Stock Up 1.8 %

Shares of NYSE BBY opened at $73.73 on Tuesday. The stock has a market cap of $15.58 billion, a PE ratio of 12.60, a price-to-earnings-growth ratio of 2.10 and a beta of 1.43. Best Buy Co., Inc. has a 52-week low of $69.29 and a 52-week high of $103.71. The business has a 50-day moving average price of $82.34 and a 200 day moving average price of $88.01. The company has a quick ratio of 0.22, a current ratio of 1.00 and a debt-to-equity ratio of 0.37.

Best Buy (NYSE:BBY) last posted its quarterly earnings data on Tuesday, March 4th. The technology retailer reported $2.58 earnings per share for the quarter, beating the consensus estimate of $2.40 by $0.18. Best Buy had a return on equity of 45.93% and a net margin of 3.01%. The business had revenue of $13.95 billion during the quarter, compared to the consensus estimate of $13.69 billion. During the same period in the prior year, the company earned $2.72 earnings per share. Equities research analysts forecast that Best Buy Co., Inc. will post 6.18 earnings per share for the current year.

Best Buy Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, April 15th. Stockholders of record on Tuesday, March 25th will be issued a $0.95 dividend. This represents a $3.80 dividend on an annualized basis and a dividend yield of 5.15%. 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. Best Buy’s dividend payout ratio is presently 88.99%.

Analyst Ratings Changes

Several equities research analysts recently weighed in on BBY shares. Wedbush reaffirmed a “neutral” rating and set a $90.00 target price on shares of Best Buy in a research note on Monday, March 3rd. JPMorgan Chase & Co. reduced their price objective on Best Buy from $115.00 to $110.00 and set an “overweight” rating on the stock in a research note on Wednesday, March 5th. Truist Financial lowered their target price 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. Morgan Stanley reduced their price target on Best Buy from $100.00 to $85.00 and set an “equal weight” rating on the stock in a research report on Wednesday, March 5th. Finally, Loop Capital reissued a “negative” rating on shares of Best Buy in a research report on Wednesday, March 5th. Two analysts have rated the stock with a sell rating, nine have issued a hold rating, nine have given a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, Best Buy has a consensus rating of “Hold” and a consensus target price of $93.50.

Insider Buying and Selling

In other Best Buy news, insider Todd G. Hartman sold 4,893 shares of the business’s stock in a transaction on Friday, March 21st. The shares were sold at an average price of $72.65, for a total value of $355,476.45. Following the transaction, the insider now directly owns 32,320 shares of the company’s stock, valued at approximately $2,348,048. The trade was a 13.15 % decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CFO Matthew M. Bilunas sold 51,000 shares of the firm’s stock in a transaction on Monday, March 24th. The stock was 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 $4,144,515.20. This trade represents a 47.73 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 78,355 shares of company stock valued at $5,767,213 over the last quarter. 0.59% of the stock is currently owned by insiders.

About Best Buy

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.