State of Tennessee Department of Treasury Has $6.45 Million Stake in Best Buy Co., Inc. (NYSE:BBY)

State of Tennessee Department of Treasury reduced its position in shares of Best Buy Co., Inc. (NYSE:BBY) by 21.4% during the 4th quarter, Holdings Channel.com reports. The firm owned 75,137 shares of the technology retailer’s stock after selling 20,446 shares during the period. State of Tennessee Department of Treasury’s holdings in Best Buy were worth $6,447,000 as of its most recent SEC filing.

A number of other hedge funds also recently modified their holdings of BBY. TD Waterhouse Canada Inc. boosted its position in Best Buy by 130.8% during the 4th quarter. TD Waterhouse Canada Inc. now owns 921 shares of the technology retailer’s stock worth $79,000 after acquiring an additional 522 shares during the period. Tower Research Capital LLC TRC grew its position in Best Buy by 706.8% during the fourth quarter. Tower Research Capital LLC TRC now owns 33,214 shares of the technology retailer’s stock valued at $2,850,000 after purchasing an additional 29,097 shares in the last quarter. Tradition Wealth Management LLC increased its stake in Best Buy by 13.5% in the 4th quarter. Tradition Wealth Management LLC now owns 3,196 shares of the technology retailer’s stock valued at $274,000 after buying an additional 379 shares during the period. MML Investors Services LLC increased its stake in Best Buy by 2.7% in the 4th quarter. MML Investors Services LLC now owns 15,169 shares of the technology retailer’s stock valued at $1,301,000 after buying an additional 400 shares during the period. Finally, MetLife Investment Management LLC lifted its position in Best Buy by 1.3% in the 4th quarter. MetLife Investment Management LLC now owns 52,069 shares of the technology retailer’s stock worth $4,468,000 after buying an additional 693 shares in the last quarter. Hedge funds and other institutional investors own 80.96% of the company’s stock.

Wall Street Analysts Forecast Growth

BBY has been the subject of several recent research reports. Citigroup reiterated a “neutral” rating and set a $70.00 price objective (down from $93.00) on shares of Best Buy in a report on Thursday, April 3rd. Bank of America lowered their price target on Best Buy from $80.00 to $75.00 and set an “underperform” rating for the company in a research note on Wednesday, March 5th. Truist Financial decreased their target price on shares of Best Buy from $81.00 to $64.00 and set a “hold” rating for the company in a research report on Tuesday, April 8th. Barclays cut their price target on shares of Best Buy from $95.00 to $89.00 and set an “equal weight” rating on the stock in a report on Thursday, January 9th. Finally, Wells Fargo & Company decreased their price objective on shares of Best Buy from $89.00 to $85.00 and set an “equal weight” rating for the company 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 given a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, Best Buy has an average rating of “Hold” and an average target price of $91.28.

Best Buy Price Performance

Shares of Best Buy stock opened at $65.97 on Friday. 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 company has a market cap of $13.94 billion, a PE ratio of 11.28, a price-to-earnings-growth ratio of 2.10 and a beta of 1.42. The firm has a fifty day moving average price of $72.86 and a two-hundred day moving average price of $83.20. Best Buy Co., Inc. has a fifty-two week low of $54.99 and a fifty-two 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. The business had revenue of $13.95 billion for the quarter, compared to the consensus estimate of $13.69 billion. Best Buy had a return on equity of 45.93% and a net margin of 3.01%. During the same period last year, the business earned $2.72 earnings per share. Analysts expect that Best Buy Co., Inc. will post 6.18 EPS for the current year.

Best Buy Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Tuesday, April 15th. Investors of record on Tuesday, March 25th were given a $0.95 dividend. This is a boost from Best Buy’s previous quarterly dividend of $0.94. This represents a $3.80 annualized dividend and a yield of 5.76%. The ex-dividend date of this dividend was Tuesday, March 25th. Best Buy’s dividend payout ratio (DPR) is 88.99%.

Insider Buying and Selling at Best Buy

In other Best Buy news, CAO Mathew Watson sold 3,182 shares of the company’s stock in a transaction on Friday, March 14th. The stock was sold at an average price of $71.29, for a total value of $226,844.78. Following the sale, the chief accounting officer now directly owns 19,218 shares in the company, valued at $1,370,051.22. This represents a 14.21 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, CEO Corie S. Barry acquired 13,500 shares of the company’s stock in a transaction on Wednesday, March 12th. The shares were bought at an average price of $72.92 per share, with a total value of $984,420.00. Following the completion of the purchase, the chief executive officer now directly owns 378,780 shares of the company’s stock, valued at approximately $27,620,637.60. This represents a 3.70 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders have sold 78,355 shares of company stock valued at $5,767,213 in the last 90 days. 0.59% of the stock is currently owned by company insiders.

Best Buy Company 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.