BI Asset Management Fondsmaeglerselskab A S Buys New Shares in Best Buy Co., Inc. (NYSE:BBY)

BI Asset Management Fondsmaeglerselskab A S purchased a new position in shares of Best Buy Co., Inc. (NYSE:BBY) in the fourth quarter, HoldingsChannel reports. The fund purchased 30,817 shares of the technology retailer’s stock, valued at approximately $2,644,000.

Other large investors have also added to or reduced their stakes in the company. Rakuten Securities Inc. boosted its position in Best Buy by 971.9% in the fourth quarter. Rakuten Securities Inc. now owns 343 shares of the technology retailer’s stock valued at $29,000 after buying an additional 311 shares during the last quarter. Golden State Wealth Management LLC purchased a new stake in shares of Best Buy in the 4th quarter valued at $32,000. Atlas Capital Advisors Inc. increased its stake in shares of Best Buy by 186.9% in the fourth quarter. Atlas Capital Advisors Inc. now owns 373 shares of the technology retailer’s stock worth $32,000 after acquiring an additional 243 shares during the period. OFI Invest Asset Management acquired a new stake in shares of Best Buy in the fourth quarter worth $34,000. Finally, Trust Co. of Vermont raised its holdings 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 during the last quarter. Hedge funds and other institutional investors own 80.96% of the company’s stock.

Best Buy Price Performance

Shares of NYSE BBY opened at $61.97 on Monday. The firm has a 50-day simple moving average of $74.93 and a 200-day simple moving average of $83.96. 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 $13.10 billion, a price-to-earnings ratio of 10.59, a price-to-earnings-growth ratio of 2.10 and a beta of 1.42. Best Buy Co., Inc. has a 52 week low of $54.99 and a 52 week high of $103.71.

Best Buy (NYSE:BBY) last released its earnings results on Tuesday, March 4th. The technology retailer reported $2.58 earnings per share for the quarter, topping analysts’ consensus estimates of $2.40 by $0.18. Best Buy had a net margin of 3.01% and a return on equity of 45.93%. The business 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 posted $2.72 EPS. On average, equities analysts predict 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 was paid on Tuesday, April 15th. Stockholders of record on Tuesday, March 25th were 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 was Tuesday, March 25th. This represents a $3.80 annualized dividend and a dividend yield of 6.13%. Best Buy’s payout ratio is presently 88.99%.

Analyst Upgrades and Downgrades

Several equities research analysts have commented on the stock. Citigroup reaffirmed a “neutral” rating and issued a $70.00 price target (down from $93.00) on shares of Best Buy in a report on Thursday, April 3rd. Morgan Stanley dropped their target price on Best Buy from $100.00 to $85.00 and set an “equal weight” rating on the stock in a report on Wednesday, March 5th. Loop Capital reissued a “negative” rating on shares of Best Buy in a report on Wednesday, March 5th. Guggenheim dropped their price objective on shares of Best Buy from $105.00 to $90.00 and set a “buy” rating on the stock in a research note on Wednesday, March 5th. Finally, Telsey Advisory Group decreased their target price on shares of Best Buy from $110.00 to $100.00 and set an “outperform” rating for the company in a research note on Wednesday, March 5th. Two investment analysts have rated the stock with a sell rating, ten have issued a hold rating, eight have assigned a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat, the stock presently has a consensus rating of “Hold” and an average target price of $91.28.

Insider Activity at Best Buy

In other Best Buy news, 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 transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CAO Mathew Watson sold 2,951 shares of the stock in a transaction on Friday, March 21st. The stock was sold at an average price of $72.65, for a total value of $214,390.15. Following the transaction, the chief accounting officer now owns 21,371 shares of the company’s stock, valued at approximately $1,552,603.15. This represents a 12.13 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders sold 78,355 shares of company stock valued at $5,767,213. 0.59% of the stock is owned by company 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.