Sterling Capital Management LLC Has $1.11 Million Position in Best Buy Co., Inc. (NYSE:BBY)

Sterling Capital Management LLC reduced its holdings in shares of Best Buy Co., Inc. (NYSE:BBY) by 31.8% in the 4th quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 12,877 shares of the technology retailer’s stock after selling 5,992 shares during the quarter. Sterling Capital Management LLC’s holdings in Best Buy were worth $1,105,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also recently modified their holdings of BBY. MML Investors Services LLC grew its holdings in Best Buy by 8.8% in the 3rd quarter. MML Investors Services LLC now owns 14,769 shares of the technology retailer’s stock valued at $1,526,000 after buying an additional 1,193 shares in the last quarter. World Investment Advisors LLC acquired a new position in shares of Best Buy during the 3rd quarter worth $5,234,000. Wilmington Savings Fund Society FSB bought a new position in shares of Best Buy in the third quarter worth about $247,000. Tidal Investments LLC lifted its stake in Best Buy by 24.5% in the 3rd quarter. Tidal Investments LLC now owns 22,210 shares of the technology retailer’s stock valued at $2,294,000 after purchasing an additional 4,370 shares during the last quarter. Finally, Franklin Resources Inc. lifted its stake in shares of Best Buy by 36.5% in the 3rd quarter. Franklin Resources Inc. now owns 753,471 shares of the technology retailer’s stock valued at $73,016,000 after acquiring an additional 201,562 shares during the last quarter. 80.96% of the stock is currently owned by institutional investors and hedge funds.

Best Buy Stock Performance

NYSE:BBY opened at $61.11 on Wednesday. Best Buy Co., Inc. has a 1-year low of $54.99 and a 1-year high of $103.71. 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 business has a 50 day moving average of $76.47 and a 200 day moving average of $84.90. The company has a market capitalization of $12.92 billion, a price-to-earnings ratio of 10.45, a PEG ratio of 2.10 and a beta of 1.42.

Best Buy (NYSE:BBY) last announced its quarterly earnings data on Tuesday, March 4th. The technology retailer reported $2.58 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.40 by $0.18. The company had revenue of $13.95 billion during the quarter, compared to analysts’ expectations of $13.69 billion. Best Buy had a net margin of 3.01% and a return on equity of 45.93%. During the same quarter in the prior year, the company earned $2.72 EPS. On average, sell-side analysts predict that Best Buy Co., Inc. will post 6.18 earnings per share for the current fiscal year.

Best Buy Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, April 15th. Stockholders of record on Tuesday, March 25th were issued a $0.95 dividend. The ex-dividend date was Tuesday, March 25th. This represents a $3.80 annualized dividend and a dividend yield of 6.22%. This is an increase from Best Buy’s previous quarterly dividend of $0.94. Best Buy’s payout ratio is currently 88.99%.

Analyst Ratings Changes

BBY has been the topic of several recent research reports. Barclays cut their target price on shares of Best Buy from $95.00 to $89.00 and set an “equal weight” rating on the stock in a research report on Thursday, January 9th. Wells Fargo & Company decreased their target price on Best Buy from $89.00 to $85.00 and set an “equal weight” rating for the company in a research note on Wednesday, March 5th. Truist Financial decreased their price target on shares of Best Buy from $81.00 to $64.00 and set a “hold” rating for the company in a research note on Tuesday, April 8th. Guggenheim decreased their price objective on Best Buy from $105.00 to $90.00 and set a “buy” rating for the company in a report on Wednesday, March 5th. Finally, JPMorgan Chase & Co. lowered their target price on shares of Best Buy from $115.00 to $110.00 and set an “overweight” rating on the stock in a report on Wednesday, March 5th. Two analysts have rated the stock with a sell rating, ten have assigned a hold rating, eight have assigned a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of “Hold” and a consensus price target of $91.28.

Insider Activity

In other news, insider Todd G. Hartman sold 4,893 shares of the stock in a transaction that occurred on Friday, March 21st. The stock was sold at an average price of $72.65, for a total transaction of $355,476.45. Following the completion of the sale, the insider now owns 32,320 shares of the company’s stock, valued at approximately $2,348,048. This represents a 13.15 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CFO Matthew M. Bilunas sold 51,000 shares of the firm’s stock in a transaction that occurred 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 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 disclosure for this sale can be found here. In the last quarter, insiders sold 78,355 shares of company stock valued at $5,767,213. Insiders own 0.59% of the company’s stock.

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.