Danske Bank A S raised its stake in Best Buy Co., Inc. (NYSE:BBY – Free Report) by 12.6% during the 4th quarter, Holdings Channel reports. The fund owned 123,620 shares of the technology retailer’s stock after acquiring an additional 13,823 shares during the period. Danske Bank A S’s holdings in Best Buy were worth $8,274,000 as of its most recent filing with the Securities & Exchange Commission.
Other large investors have also recently bought and sold shares of the company. Palisade Asset Management LLC bought a new position in Best Buy in the 3rd quarter valued at about $25,000. Torren Management LLC bought a new position in Best Buy during the 4th quarter worth $25,000. Root Financial Partners LLC bought a new position in Best Buy during the 3rd quarter worth $32,000. Quest 10 Wealth Builders Inc. increased its position in Best Buy by 239.2% during the 4th quarter. Quest 10 Wealth Builders Inc. now owns 441 shares of the technology retailer’s stock worth $30,000 after buying an additional 311 shares during the period. Finally, Activest Wealth Management increased its position in Best Buy by 1,247.1% during the 4th quarter. Activest Wealth Management now owns 458 shares of the technology retailer’s stock worth $31,000 after buying an additional 424 shares during the period. 80.96% of the stock is owned by institutional investors.
Best Buy Stock Performance
Best Buy stock opened at $57.71 on Tuesday. Best Buy Co., Inc. has a 12-month low of $57.52 and a 12-month high of $84.99. The company has a quick ratio of 0.43, a current ratio of 1.11 and a debt-to-equity ratio of 0.39. The business’s 50-day moving average price is $63.32 and its two-hundred day moving average price is $69.48. The stock has a market cap of $12.07 billion, a PE ratio of 11.45, a P/E/G ratio of 1.48 and a beta of 1.22.
Best Buy Increases Dividend
The business also recently announced a quarterly dividend, which was paid on Tuesday, April 14th. Shareholders of record on Tuesday, March 24th were paid a dividend of $0.96 per share. The ex-dividend date of this dividend was Tuesday, March 24th. This is a boost from Best Buy’s previous quarterly dividend of $0.95. This represents a $3.84 dividend on an annualized basis and a dividend yield of 6.7%. Best Buy’s payout ratio is presently 76.19%.
Insider Activity at Best Buy
In other news, CAO Mathew Watson sold 3,298 shares of the business’s stock in a transaction dated Monday, March 23rd. The stock was sold at an average price of $64.02, for a total transaction of $211,137.96. Following the sale, the chief accounting officer directly owned 23,192 shares in the company, valued at approximately $1,484,751.84. The trade was a 12.45% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, EVP Jason J. Bonfig sold 6,336 shares of the business’s stock in a transaction dated Monday, March 23rd. The stock was sold at an average price of $64.02, for a total value of $405,630.72. Following the sale, the executive vice president owned 79,137 shares in the company, valued at approximately $5,066,350.74. This trade represents a 7.41% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. In the last 90 days, insiders sold 77,247 shares of company stock valued at $4,945,353. Corporate insiders own 0.59% of the company’s stock.
Wall Street Analysts Forecast Growth
BBY has been the topic of several recent research reports. Piper Sandler reaffirmed a “buy” rating on shares of Best Buy in a report on Wednesday, March 4th. KeyCorp reaffirmed a “sector weight” rating on shares of Best Buy in a report on Wednesday, March 4th. Guggenheim reaffirmed a “buy” rating and set a $90.00 target price on shares of Best Buy in a report on Wednesday, March 4th. Citigroup raised their price target on Best Buy from $67.00 to $69.00 and gave the stock a “neutral” rating in a research report on Wednesday, March 4th. Finally, The Goldman Sachs Group cut Best Buy from a “buy” rating to a “sell” rating and set a $59.00 price target on the stock. in a research report on Monday, April 13th. Nine analysts have rated the stock with a Buy rating, eleven have issued a Hold rating and two have assigned a Sell rating to the company. According to MarketBeat, the stock has an average rating of “Hold” and a consensus price target of $71.75.
Get Our Latest Research Report on Best Buy
About Best Buy
Best Buy Co, Inc is a leading North American consumer electronics retailer that sells a broad range of products including computers, mobile phones, televisions and home theater systems, major appliances, smart-home devices, gaming hardware and software, wearables and related accessories. The company operates through a mix of large-format stores, smaller specialty locations and an e-commerce platform, offering national and private-brand merchandise from major consumer-technology manufacturers as well as third-party sellers.
Beyond product retailing, Best Buy provides a suite of services aimed at installation, repair and ongoing technical support.
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