Avanza Fonder AB Invests $1.85 Million in Best Buy Co., Inc. (NYSE:BBY)

Avanza Fonder AB acquired a new stake in shares of Best Buy Co., Inc. (NYSE:BBY) in the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund acquired 21,537 shares of the technology retailer’s stock, valued at approximately $1,848,000.

A number of other hedge funds and other institutional investors have also bought and sold shares of BBY. Edgestream Partners L.P. bought a new stake in Best Buy in the second quarter worth $680,000. Amalgamated Bank increased its holdings in shares of Best Buy by 1.7% in the second quarter. Amalgamated Bank now owns 65,227 shares of the technology retailer’s stock worth $5,498,000 after buying an additional 1,084 shares during the period. Blair William & Co. IL lifted its stake in shares of Best Buy by 4.5% in the 2nd quarter. Blair William & Co. IL now owns 47,759 shares of the technology retailer’s stock valued at $4,026,000 after acquiring an additional 2,055 shares during the last quarter. XTX Topco Ltd grew its position in Best Buy by 238.0% during the 2nd quarter. XTX Topco Ltd now owns 16,798 shares of the technology retailer’s stock worth $1,416,000 after acquiring an additional 11,828 shares during the last quarter. Finally, Brighton Jones LLC increased its stake in Best Buy by 8.6% in the 2nd quarter. Brighton Jones LLC now owns 2,737 shares of the technology retailer’s stock worth $231,000 after purchasing an additional 217 shares during the period. Institutional investors own 80.96% of the company’s stock.

Analysts Set New Price Targets

Several research analysts have recently issued reports on the stock. StockNews.com cut shares of Best Buy from a “buy” rating to a “hold” rating in a report on Friday, November 15th. Loop Capital reissued a “buy” rating and issued a $100.00 price target on shares of Best Buy in a report on Wednesday, December 18th. Guggenheim lowered their price objective on shares of Best Buy from $110.00 to $105.00 and set a “buy” rating for the company in a research note on Friday, November 29th. Wells Fargo & Company cut their target price on Best Buy from $95.00 to $89.00 and set an “equal weight” rating on the stock in a research note on Wednesday, November 27th. Finally, Truist Financial lowered their price target on Best Buy from $107.00 to $95.00 and set a “hold” rating for the company in a research report on Wednesday, November 27th. One research analyst has rated the stock with a sell rating, eight have assigned a hold rating, ten have given a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, Best Buy currently has an average rating of “Moderate Buy” and an average target price of $100.72.

Best Buy Trading Down 0.4 %

Shares of NYSE BBY opened at $81.91 on Friday. Best Buy Co., Inc. has a 1 year low of $69.29 and a 1 year high of $103.71. 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 firm has a 50-day moving average of $87.17 and a 200 day moving average of $90.10. The stock has a market cap of $17.51 billion, a P/E ratio of 14.00, a price-to-earnings-growth ratio of 2.09 and a beta of 1.43.

Best Buy (NYSE:BBY) last released its earnings results on Tuesday, November 26th. The technology retailer reported $1.26 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.30 by ($0.04). Best Buy had a net margin of 3.01% and a return on equity of 45.93%. The business had revenue of $9.45 billion for the quarter, compared to analysts’ expectations of $9.63 billion. During the same quarter in the previous year, the business posted $1.29 earnings per share. Best Buy’s revenue for the quarter was down 3.2% on a year-over-year basis. As a group, sell-side analysts expect that Best Buy Co., Inc. will post 6.18 EPS for the current fiscal year.

Best Buy Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Tuesday, January 7th. Stockholders of record on Tuesday, December 17th were given a $0.94 dividend. This represents a $3.76 annualized dividend and a dividend yield of 4.59%. The ex-dividend date of this dividend was Tuesday, December 17th. Best Buy’s dividend payout ratio is presently 64.27%.

Insider Buying and Selling

In related news, CFO Matthew M. Bilunas sold 69,166 shares of the company’s stock in a transaction that occurred on Wednesday, December 11th. The stock was sold at an average price of $87.46, for a total value of $6,049,258.36. Following the transaction, the chief financial officer now directly owns 92,070 shares of the company’s stock, valued at approximately $8,052,442.20. This represents a 42.90 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. 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.