Viking Fund Management LLC Raises Stake in Best Buy Co., Inc. (NYSE:BBY)

Viking Fund Management LLC increased its stake in shares of Best Buy Co., Inc. (NYSE:BBY) by 900.0% in the first quarter, according to its most recent Form 13F filing with the SEC. The fund owned 2,000 shares of the technology retailer’s stock after buying an additional 1,800 shares during the period. Viking Fund Management LLC’s holdings in Best Buy were worth $164,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Dimensional Fund Advisors LP grew its holdings in Best Buy by 4.0% during the fourth quarter. Dimensional Fund Advisors LP now owns 2,791,561 shares of the technology retailer’s stock valued at $218,527,000 after purchasing an additional 107,926 shares during the period. Northern Trust Corp raised its stake in shares of Best Buy by 7.7% during the 3rd quarter. Northern Trust Corp now owns 2,787,163 shares of the technology retailer’s stock valued at $193,624,000 after purchasing an additional 199,749 shares during the period. Federated Hermes Inc. lifted its holdings in Best Buy by 6.4% during the 4th quarter. Federated Hermes Inc. now owns 2,752,920 shares of the technology retailer’s stock worth $215,499,000 after purchasing an additional 166,478 shares in the last quarter. Norges Bank purchased a new stake in shares of Best Buy in the fourth quarter worth about $165,164,000. Finally, HS Management Partners LLC purchased a new position in Best Buy during the fourth quarter valued at approximately $103,854,000. 80.96% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several equities analysts recently commented on BBY shares. Loop Capital boosted their target price on Best Buy from $93.00 to $100.00 and gave the stock a “buy” rating in a research report on Friday, June 7th. DA Davidson raised their price objective on shares of Best Buy from $90.00 to $95.00 and gave the company a “buy” rating in a research report on Friday, May 31st. Citigroup upgraded shares of Best Buy from a “sell” rating to a “buy” rating and upped their target price for the stock from $67.00 to $100.00 in a research report on Monday, June 3rd. Truist Financial cut their price objective on Best Buy from $87.00 to $86.00 and set a “hold” rating for the company in a report on Friday, May 31st. Finally, Wedbush reissued a “neutral” rating and set a $85.00 price objective on shares of Best Buy in a report on Tuesday, May 28th. Seven analysts have rated the stock with a hold rating and nine have given a buy rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $90.87.

Insider Buying and Selling at Best Buy

In other Best Buy news, CAO Mathew Watson sold 3,520 shares of the business’s stock in a transaction dated Tuesday, April 9th. The stock was sold at an average price of $82.43, for a total value of $290,153.60. Following the completion of the transaction, the chief accounting officer now owns 22,118 shares of the company’s stock, valued at approximately $1,823,186.74. The sale was disclosed in a legal filing with the SEC, which is available through this link. In other news, CAO Mathew Watson sold 3,520 shares of the firm’s stock in a transaction on Tuesday, April 9th. The stock was sold at an average price of $82.43, for a total value of $290,153.60. Following the transaction, the chief accounting officer now directly owns 22,118 shares in the company, valued at approximately $1,823,186.74. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Also, CEO Corie S. Barry sold 366 shares of the business’s stock in a transaction dated Wednesday, April 17th. The shares were sold at an average price of $75.76, for a total value of $27,728.16. Following the sale, the chief executive officer now owns 431,231 shares of the company’s stock, valued at $32,670,060.56. The disclosure for this sale can be found here. In the last three months, insiders have sold 2,004,149 shares of company stock worth $166,397,807. Insiders own 0.59% of the company’s stock.

Best Buy Stock Up 0.1 %

NYSE:BBY traded up $0.06 during mid-day trading on Thursday, hitting $84.32. 2,345,404 shares of the company’s stock were exchanged, compared to its average volume of 3,180,583. The company has a market cap of $18.19 billion, a PE ratio of 14.75, a P/E/G ratio of 2.79 and a beta of 1.49. The company has a debt-to-equity ratio of 0.37, a current ratio of 1.01 and a quick ratio of 0.33. Best Buy Co., Inc. has a one year low of $62.30 and a one year high of $93.72. The business has a fifty day moving average price of $79.41 and a 200 day moving average price of $77.57.

Best Buy (NYSE:BBY) last posted its quarterly earnings data on Thursday, May 30th. The technology retailer reported $1.20 earnings per share for the quarter, beating analysts’ consensus estimates of $1.08 by $0.12. Best Buy had a return on equity of 47.56% and a net margin of 2.90%. The company had revenue of $8.85 billion during the quarter, compared to analyst estimates of $8.96 billion. During the same quarter last year, the company earned $1.15 EPS. The firm’s revenue for the quarter was down 6.5% on a year-over-year basis. Equities analysts predict that Best Buy Co., Inc. will post 6.11 EPS for the current year.

Best Buy Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, July 11th. Investors of record on Thursday, June 20th will be issued a $0.94 dividend. The ex-dividend date is Thursday, June 20th. This represents a $3.76 dividend on an annualized basis and a yield of 4.46%. Best Buy’s payout ratio is currently 65.85%.

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.