Corebridge Financial Inc. Trims Stake in Best Buy Co., Inc. (NYSE:BBY)

Corebridge Financial Inc. lessened its stake in Best Buy Co., Inc. (NYSE:BBY) by 5.1% during the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 46,408 shares of the technology retailer’s stock after selling 2,474 shares during the period. Corebridge Financial Inc.’s holdings in Best Buy were worth $3,982,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also made changes to their positions in the company. United Services Automobile Association grew its position in Best Buy by 0.4% during the fourth quarter. United Services Automobile Association now owns 92,610 shares of the technology retailer’s stock valued at $7,946,000 after buying an additional 373 shares during the period. Vanguard Group Inc. boosted its stake in shares of Best Buy by 0.8% during the 4th quarter. Vanguard Group Inc. now owns 22,982,608 shares of the technology retailer’s stock worth $1,971,908,000 after acquiring an additional 191,161 shares in the last quarter. Stevens Capital Management LP grew its position in shares of Best Buy by 228.7% during the 4th quarter. Stevens Capital Management LP now owns 22,625 shares of the technology retailer’s stock valued at $1,941,000 after acquiring an additional 15,741 shares during the period. LPL Financial LLC increased its stake in shares of Best Buy by 26.9% in the 4th quarter. LPL Financial LLC now owns 117,075 shares of the technology retailer’s stock valued at $10,045,000 after purchasing an additional 24,785 shares in the last quarter. Finally, KLP Kapitalforvaltning AS acquired a new position in Best Buy in the 4th quarter worth about $10,644,000. Institutional investors and hedge funds own 80.96% of the company’s stock.

Wall Street Analyst Weigh In

BBY has been the subject of a number of recent analyst reports. Loop Capital restated a “negative” rating on shares of Best Buy in a research report on Wednesday, March 5th. Wells Fargo & Company reduced their price target on shares of Best Buy from $89.00 to $85.00 and set an “equal weight” rating for the company in a research report on Wednesday, March 5th. Piper Sandler lowered their price objective on Best Buy from $102.00 to $92.00 and set an “overweight” rating on the stock in a report on Wednesday, March 5th. Barclays reduced their target price on Best Buy from $95.00 to $89.00 and set an “equal weight” rating for the company in a report on Thursday, January 9th. Finally, JPMorgan Chase & Co. lowered their price target on Best Buy from $115.00 to $110.00 and set an “overweight” rating on the stock in a research note on Wednesday, March 5th. Two analysts have rated the stock with a sell rating, nine have given a hold rating, nine have assigned a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, Best Buy currently has a consensus rating of “Hold” and a consensus price target of $93.50.

Best Buy Stock Down 3.5 %

BBY stock opened at $72.28 on Monday. The firm has a market cap of $15.28 billion, a PE ratio of 12.36, a PEG ratio of 2.10 and a beta of 1.43. Best Buy Co., Inc. has a one year low of $69.29 and a one year high of $103.71. The company has a debt-to-equity ratio of 0.37, a quick ratio of 0.22 and a current ratio of 1.00. The firm’s 50 day moving average price is $82.51 and its 200-day moving average price is $88.18.

Best Buy (NYSE:BBY) last announced its quarterly earnings results on Tuesday, March 4th. The technology retailer reported $2.58 EPS for the quarter, beating the consensus estimate of $2.40 by $0.18. The business had revenue of $13.95 billion for the quarter, compared to analyst estimates of $13.69 billion. Best Buy had a return on equity of 45.93% and a net margin of 3.01%. During the same quarter in the prior year, the company posted $2.72 EPS. On average, equities research analysts anticipate that Best Buy Co., Inc. will post 6.18 EPS for the current year.

Best Buy Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, April 15th. Shareholders of record on Tuesday, March 25th will be given a dividend of $0.95 per share. The ex-dividend date of this dividend is Tuesday, March 25th. This is a boost from Best Buy’s previous quarterly dividend of $0.94. This represents a $3.80 dividend on an annualized basis and a dividend yield of 5.26%. Best Buy’s dividend payout ratio (DPR) is currently 88.99%.

Insider Activity

In related news, insider Todd G. Hartman sold 4,893 shares of the business’s stock in a transaction on Friday, March 21st. The stock was sold at an average price of $72.65, for a total value of $355,476.45. Following the sale, the insider now owns 32,320 shares in the company, valued at approximately $2,348,048. The trade was a 13.15 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CFO Matthew M. Bilunas sold 9,482 shares of the firm’s stock in a transaction dated Friday, March 21st. The shares were sold at an average price of $72.65, for a total value of $688,867.30. Following the transaction, the chief financial officer now owns 106,856 shares of the company’s stock, valued at $7,763,088.40. This trade represents a 8.15 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 78,355 shares of company stock valued at $5,767,213. Company insiders own 0.59% of the company’s stock.

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.