BI Asset Management Fondsmaeglerselskab A S Has $1.42 Million Stock Holdings in Best Buy Co., Inc. (NYSE:BBY)

BI Asset Management Fondsmaeglerselskab A S grew its stake in shares of Best Buy Co., Inc. (NYSE:BBY) by 275.9% in the fourth quarter, according to the company in its most recent filing with the SEC. The firm owned 18,153 shares of the technology retailer’s stock after acquiring an additional 13,324 shares during the quarter. BI Asset Management Fondsmaeglerselskab A S’s holdings in Best Buy were worth $1,421,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also modified their holdings of BBY. Cary Street Partners Investment Advisory LLC raised its position in Best Buy by 549.1% in the third quarter. Cary Street Partners Investment Advisory LLC now owns 357 shares of the technology retailer’s stock valued at $25,000 after purchasing an additional 302 shares during the last quarter. Bfsg LLC acquired a new stake in Best Buy in the fourth quarter valued at approximately $25,000. Naples Money Management LLC bought a new position in shares of Best Buy in the fourth quarter valued at approximately $27,000. Access Investment Management LLC bought a new position in shares of Best Buy in the fourth quarter valued at approximately $27,000. Finally, Stonebridge Capital Advisors LLC lifted its holdings in shares of Best Buy by 81.9% in the third quarter. Stonebridge Capital Advisors LLC now owns 411 shares of the technology retailer’s stock valued at $29,000 after purchasing an additional 185 shares in the last quarter. 80.96% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of brokerages recently commented on BBY. Barclays lifted their price target on Best Buy from $69.00 to $88.00 and gave the stock an “equal weight” rating in a report on Friday, March 1st. Truist Financial boosted their target price on Best Buy from $68.00 to $87.00 and gave the stock a “hold” rating in a research report on Friday, March 1st. Telsey Advisory Group raised Best Buy from a “market perform” rating to an “outperform” rating and lifted their price target for the stock from $85.00 to $95.00 in a research note on Wednesday, March 20th. Jefferies Financial Group lowered their target price on Best Buy from $95.00 to $94.00 and set a “buy” rating for the company in a research note on Monday, April 8th. Finally, Morgan Stanley lifted their price objective on Best Buy from $80.00 to $82.00 and gave the stock an “equal weight” rating in a research report on Friday, March 1st. One equities research analyst has rated the stock with a sell rating, eight have given a hold rating and seven have given a buy rating to the stock. According to MarketBeat, the company has a consensus rating of “Hold” and an average target price of $84.00.

Insider Transactions at Best Buy

In other Best Buy news, CEO Corie S. Barry sold 28,042 shares of the stock in a transaction on Friday, March 22nd. The stock was sold at an average price of $81.80, for a total transaction of $2,293,835.60. Following the sale, the chief executive officer now owns 429,159 shares of the company’s stock, valued at approximately $35,105,206.20. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other Best Buy news, CEO Corie S. Barry sold 366 shares of Best Buy stock in a transaction dated Wednesday, April 17th. The stock was sold at an average price of $75.76, for a total transaction of $27,728.16. Following the completion of the transaction, the chief executive officer now owns 431,231 shares in the company, valued at approximately $32,670,060.56. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Corie S. Barry sold 28,042 shares of Best Buy stock in a transaction dated 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 transaction, the chief executive officer now owns 429,159 shares of the company’s stock, valued at approximately $35,105,206.20. The disclosure for this sale can be found here. Over the last three months, insiders have sold 52,023 shares of company stock worth $4,253,900. 0.59% of the stock is currently owned by company insiders.

Best Buy Trading Down 1.7 %

NYSE BBY opened at $72.67 on Wednesday. The stock’s 50 day moving average is $76.87 and its 200 day moving average is $74.85. The firm has a market capitalization of $15.72 billion, a PE ratio of 12.77, a P/E/G ratio of 1.93 and a beta of 1.50. Best Buy Co., Inc. has a twelve month low of $62.30 and a twelve month high of $86.11. 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 (NYSE:BBY) last announced its quarterly earnings data on Thursday, February 29th. The technology retailer reported $2.72 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.51 by $0.21. The business had revenue of $14.65 billion during the quarter, compared to analysts’ expectations 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% compared to the same quarter last year. During the same quarter in the previous year, the business earned $2.61 earnings per share. Research analysts forecast that Best Buy Co., Inc. will post 6.03 earnings per share for the current fiscal year.

Best Buy Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Thursday, April 11th. Stockholders of record on Thursday, March 21st were issued a $0.94 dividend. This represents a $3.76 annualized dividend and a dividend yield of 5.17%. This is an increase from Best Buy’s previous quarterly dividend of $0.92. The ex-dividend date of this dividend was Wednesday, March 20th. Best Buy’s dividend payout ratio is presently 66.08%.

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.