Best Buy Co., Inc. (NYSE:BBY) Shares Purchased by Nordea Investment Management AB

Nordea Investment Management AB raised its holdings in Best Buy Co., Inc. (NYSE:BBY) by 563.8% in the 4th quarter, according to its most recent 13F filing with the SEC. The fund owned 592,460 shares of the technology retailer’s stock after acquiring an additional 503,204 shares during the period. Nordea Investment Management AB owned 0.28% of Best Buy worth $50,643,000 at the end of the most recent reporting period.

Other large investors also recently made changes to their positions in the company. TD Asset Management Inc boosted its stake in Best Buy by 2.1% in the 2nd quarter. TD Asset Management Inc now owns 137,071 shares of the technology retailer’s stock worth $11,554,000 after buying an additional 2,822 shares during the last quarter. National Bank of Canada FI grew its holdings in Best Buy by 22.4% in the second quarter. National Bank of Canada FI now owns 58,630 shares of the technology retailer’s stock valued at $4,824,000 after purchasing an additional 10,712 shares during the period. Private Advisor Group LLC increased its position in Best Buy by 94.9% during the second quarter. Private Advisor Group LLC now owns 5,829 shares of the technology retailer’s stock worth $491,000 after purchasing an additional 2,839 shares during the last quarter. Savant Capital LLC raised its stake in Best Buy by 214.1% during the second quarter. Savant Capital LLC now owns 25,699 shares of the technology retailer’s stock worth $2,166,000 after purchasing an additional 17,517 shares during the period. Finally, Ballentine Partners LLC boosted its holdings in shares of Best Buy by 34.8% in the 2nd quarter. Ballentine Partners LLC now owns 7,615 shares of the technology retailer’s stock valued at $642,000 after purchasing an additional 1,967 shares during the last quarter. Hedge funds and other institutional investors own 80.96% of the company’s stock.

Best Buy Stock Down 0.6 %

Shares of Best Buy stock opened at $84.29 on Wednesday. The business has a 50-day moving average price of $88.37 and a 200 day moving average price of $90.27. Best Buy Co., Inc. has a fifty-two week low of $69.29 and a fifty-two week high of $103.71. The firm has a market cap of $18.02 billion, a P/E ratio of 14.41, a P/E/G ratio of 2.19 and a beta of 1.43. The company has a quick ratio of 0.22, a current ratio of 1.00 and a debt-to-equity ratio of 0.37.

Best Buy (NYSE:BBY) last issued its quarterly earnings results on Tuesday, November 26th. The technology retailer reported $1.26 earnings per share for the quarter, missing analysts’ consensus estimates of $1.30 by ($0.04). The firm had revenue of $9.45 billion during the quarter, compared to the consensus estimate of $9.63 billion. Best Buy had a net margin of 3.01% and a return on equity of 45.93%. Best Buy’s revenue was down 3.2% compared to the same quarter last year. During the same quarter last year, the firm posted $1.29 earnings per share. On average, sell-side analysts forecast that Best Buy Co., Inc. will post 6.18 earnings per share for the current fiscal year.

Best Buy Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Tuesday, January 7th. Stockholders of record on Tuesday, December 17th were issued a $0.94 dividend. This represents a $3.76 annualized dividend and a dividend yield of 4.46%. The ex-dividend date of this dividend was Tuesday, December 17th. Best Buy’s dividend payout ratio (DPR) is presently 64.27%.

Insider Buying and Selling

In other Best Buy news, CFO Matthew M. Bilunas sold 69,166 shares of the stock in a transaction 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 sale, the chief financial officer now directly owns 92,070 shares of the company’s stock, valued at $8,052,442.20. This trade represents a 42.90 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. 0.59% of the stock is owned by company insiders.

Analysts Set New Price Targets

A number of analysts have recently commented on the company. Truist Financial dropped their price objective on Best Buy from $107.00 to $95.00 and set a “hold” rating for the company in a report on Wednesday, November 27th. JPMorgan Chase & Co. lifted their price objective on Best Buy from $111.00 to $117.00 and gave the company an “overweight” rating in a research note on Friday, November 22nd. StockNews.com downgraded shares of Best Buy from a “buy” rating to a “hold” rating in a research report on Friday, November 15th. Loop Capital reaffirmed a “buy” rating and set a $100.00 price target on shares of Best Buy in a research report on Wednesday, December 18th. Finally, Guggenheim cut their target price on shares of Best Buy from $110.00 to $105.00 and set a “buy” rating on the stock in a research note on Friday, November 29th. One analyst has rated the stock with a sell rating, eight have given a hold rating, ten have assigned a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $101.06.

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.