O Shaughnessy Asset Management LLC Sells 102,023 Shares of Best Buy Co., Inc. (NYSE:BBY)

O Shaughnessy Asset Management LLC reduced its stake in shares of Best Buy Co., Inc. (NYSE:BBY) by 31.6% in the fourth quarter, Holdings Channel reports. The fund owned 221,121 shares of the technology retailer’s stock after selling 102,023 shares during the quarter. O Shaughnessy Asset Management LLC’s holdings in Best Buy were worth $18,972,000 as of its most recent filing with the Securities & Exchange Commission.

Other large investors also recently modified their holdings of the company. Vanguard Group Inc. increased its position in Best Buy by 0.8% in the fourth quarter. Vanguard Group Inc. now owns 22,982,608 shares of the technology retailer’s stock worth $1,971,908,000 after buying an additional 191,161 shares during the last quarter. Charles Schwab Investment Management Inc. grew its stake in shares of Best Buy by 6.4% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 6,560,368 shares of the technology retailer’s stock worth $562,880,000 after acquiring an additional 395,415 shares during the period. Raymond James Financial Inc. purchased a new stake in Best Buy in the 4th quarter worth about $514,483,000. Geode Capital Management LLC raised its stake in Best Buy by 2.5% in the 3rd quarter. Geode Capital Management LLC now owns 4,852,980 shares of the technology retailer’s stock valued at $499,954,000 after acquiring an additional 120,185 shares during the period. Finally, Bank of New York Mellon Corp lifted its holdings in Best Buy by 13.7% during the fourth quarter. Bank of New York Mellon Corp now owns 3,824,425 shares of the technology retailer’s stock valued at $328,136,000 after purchasing an additional 459,353 shares during the last quarter. Hedge funds and other institutional investors own 80.96% of the company’s stock.

Insider Buying and Selling at Best Buy

In other news, CEO Corie S. Barry bought 13,500 shares of the business’s stock in a transaction dated Wednesday, March 12th. The shares were purchased at an average price of $72.92 per share, for a total transaction of $984,420.00. Following the completion of the acquisition, the chief executive officer now owns 378,780 shares of the company’s stock, valued at approximately $27,620,637.60. This trade represents a 3.70 % increase in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, insider Todd G. Hartman sold 4,893 shares of the stock in a transaction on Friday, March 21st. The shares were sold at an average price of $72.65, for a total transaction of $355,476.45. Following the sale, the insider now directly owns 32,320 shares of the company’s stock, valued at $2,348,048. The trade was a 13.15 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 78,355 shares of company stock worth $5,767,213 over the last three months. Company insiders own 0.59% of the company’s stock.

Wall Street Analyst Weigh In

Several equities analysts have recently weighed in on BBY shares. UBS Group set a $105.00 target price on shares of Best Buy in a research note on Wednesday, March 5th. Truist Financial lowered their target price on shares of Best Buy from $95.00 to $81.00 and set a “hold” rating on the stock in a report on Wednesday, March 5th. Piper Sandler cut their price target on Best Buy from $102.00 to $92.00 and set an “overweight” rating for the company in a report on Wednesday, March 5th. DA Davidson decreased their price objective on Best Buy from $117.00 to $110.00 and set a “buy” rating on the stock in a research note on Wednesday, March 5th. Finally, Loop Capital restated a “negative” rating on shares of Best Buy 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 given a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, the stock currently has an average rating of “Hold” and an average target price of $93.50.

Best Buy Price Performance

BBY opened at $72.28 on Monday. The company has a current ratio of 1.00, a quick ratio of 0.22 and a debt-to-equity ratio of 0.37. The stock has a market capitalization of $15.28 billion, a P/E ratio of 12.36, a PEG ratio of 2.10 and a beta of 1.43. The stock has a 50-day moving average price of $82.51 and a 200-day moving average price of $88.18. Best Buy Co., Inc. has a 12-month low of $69.29 and a 12-month high of $103.71.

Best Buy (NYSE:BBY) last issued its earnings results on Tuesday, March 4th. The technology retailer reported $2.58 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.40 by $0.18. The business had revenue of $13.95 billion during 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 firm earned $2.72 earnings per share. Equities analysts predict that Best Buy Co., Inc. will post 6.18 earnings per share for the current fiscal year.

Best Buy Increases Dividend

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

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.