Saxon Interests Inc. Invests $484,000 in Best Buy Co., Inc. (NYSE:BBY)

Saxon Interests Inc. purchased a new stake in shares of Best Buy Co., Inc. (NYSE:BBY) in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund purchased 6,188 shares of the technology retailer’s stock, valued at approximately $484,000.

Other institutional investors have also added to or reduced their stakes in the company. Mirabella Financial Services LLP bought a new stake in Best Buy during the third quarter valued at about $831,000. Van ECK Associates Corp lifted its holdings in shares of Best Buy by 35.6% in the third quarter. Van ECK Associates Corp now owns 94,282 shares of the technology retailer’s stock worth $6,550,000 after buying an additional 24,763 shares in the last quarter. Dai ichi Life Insurance Company Ltd boosted its position in shares of Best Buy by 1,405.3% during the third quarter. Dai ichi Life Insurance Company Ltd now owns 214,232 shares of the technology retailer’s stock worth $14,883,000 after acquiring an additional 200,000 shares during the last quarter. Klein Pavlis & Peasley Financial Inc. bought a new stake in Best Buy in the 4th quarter valued at $1,589,000. Finally, Banco Santander S.A. bought a new position in Best Buy during the third quarter valued at approximately $3,885,000. 80.96% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

BBY has been the subject of several research reports. Barclays increased their price objective on shares of Best Buy from $69.00 to $88.00 and gave the company an “equal weight” rating in a research report on Friday, March 1st. The Goldman Sachs Group lifted their price objective on shares of Best Buy from $81.00 to $90.00 and gave the stock a “buy” rating in a research note on Friday, March 1st. Jefferies Financial Group raised shares of Best Buy from a “hold” rating to a “buy” rating and lifted their price target for the stock from $69.00 to $89.00 in a research note on Monday, December 11th. Citigroup upped their target price on Best Buy from $67.00 to $76.00 and gave the company a “sell” rating in a research note on Friday, March 1st. Finally, Truist Financial upped their price objective on Best Buy from $68.00 to $87.00 and gave the company a “hold” rating in a research report on Friday, March 1st. One research analyst has rated the stock with a sell rating, eight have assigned a hold rating and seven have issued a buy rating to the company’s stock. Based on data from MarketBeat, Best Buy currently has an average rating of “Hold” and a consensus price target of $84.27.

Best Buy Stock Up 0.2 %

Shares of BBY traded up $0.16 during mid-day trading on Friday, hitting $82.03. 2,571,276 shares of the company traded hands, compared to its average volume of 4,142,347. The company has a quick ratio of 0.37, a current ratio of 1.00 and a debt-to-equity ratio of 0.38. Best Buy Co., Inc. has a 1-year low of $62.30 and a 1-year high of $86.11. The company has a market capitalization of $17.67 billion, a PE ratio of 14.42, a price-to-earnings-growth ratio of 2.13 and a beta of 1.49. The business has a 50 day moving average of $76.22 and a 200 day moving average of $72.91.

Best Buy (NYSE:BBY) last issued its earnings results on Thursday, February 29th. The technology retailer reported $2.72 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.51 by $0.21. The company had revenue of $14.65 billion during the quarter, compared to analyst estimates of $14.58 billion. Best Buy had a return on equity of 48.45% and a net margin of 2.86%. The firm’s quarterly revenue was down .6% on a year-over-year basis. During the same quarter last year, the business posted $2.61 EPS. Equities research analysts anticipate that Best Buy Co., Inc. will post 6.03 EPS for the current year.

Best Buy Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, April 11th. Stockholders of record on Thursday, March 21st will be paid a $0.94 dividend. The ex-dividend date is Wednesday, March 20th. This represents a $3.76 dividend on an annualized basis and a dividend yield of 4.58%. This is a positive change from Best Buy’s previous quarterly dividend of $0.92. Best Buy’s dividend payout ratio is presently 66.08%.

Insider Buying and Selling

In other Best Buy news, EVP Kathleen Scarlett sold 5,096 shares of the company’s stock in a transaction on Friday, March 22nd. The shares were sold at an average price of $81.80, for a total value of $416,852.80. Following the sale, the executive vice president now directly owns 76,226 shares of the company’s stock, valued at $6,235,286.80. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. In other Best Buy news, CEO Corie S. Barry sold 28,042 shares of Best Buy stock in a transaction on Friday, March 22nd. The shares were sold at an average price of $81.80, for a total value of $2,293,835.60. Following the completion of the transaction, the chief executive officer now owns 429,159 shares of the company’s stock, valued at $35,105,206.20. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, EVP Kathleen Scarlett sold 5,096 shares of the stock in a transaction dated Friday, March 22nd. The stock was sold at an average price of $81.80, for a total transaction of $416,852.80. Following the sale, the executive vice president now directly owns 76,226 shares in the company, valued at $6,235,286.80. The disclosure for this sale can be found here. Insiders sold a total of 47,874 shares of company stock valued at $3,916,093 over the last 90 days. Insiders own 0.56% of the company’s stock.

About Best Buy

Best Buy Co, Inc engages in the retail of technology products in the United States and Canada. The company operates in two segments, Domestic 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, home theater, portable audio comprising headphones and portable speakers, and smart home products.