CIBC Private Wealth Group LLC Has $286,000 Holdings in Best Buy Co., Inc. (NYSE:BBY)

CIBC Private Wealth Group LLC lifted its stake in shares of Best Buy Co., Inc. (NYSE:BBY) by 5.2% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 3,395 shares of the technology retailer’s stock after purchasing an additional 167 shares during the period. CIBC Private Wealth Group LLC’s holdings in Best Buy were worth $286,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also modified their holdings of BBY. Raymond James Financial Inc. acquired a new position in Best Buy during the 4th quarter worth $514,483,000. Norges Bank acquired a new position in shares of Best Buy during the fourth quarter valued at $178,015,000. Arrowstreet Capital Limited Partnership boosted its holdings in Best Buy by 101.4% in the fourth quarter. Arrowstreet Capital Limited Partnership now owns 1,114,928 shares of the technology retailer’s stock valued at $95,661,000 after acquiring an additional 561,413 shares during the last quarter. Nordea Investment Management AB increased its position in Best Buy by 563.8% in the fourth quarter. Nordea Investment Management AB now owns 592,460 shares of the technology retailer’s stock worth $50,643,000 after purchasing an additional 503,204 shares during the period. Finally, National Bank of Canada FI raised its holdings in Best Buy by 817.4% during the 3rd quarter. National Bank of Canada FI now owns 537,886 shares of the technology retailer’s stock worth $55,564,000 after purchasing an additional 479,256 shares during the last quarter. Institutional investors and hedge funds own 80.96% of the company’s stock.

Best Buy Stock Down 3.1 %

Shares of BBY stock opened at $60.28 on Friday. The firm’s fifty day moving average price is $81.02 and its two-hundred day moving average price is $87.23. The company has a current ratio of 1.00, a quick ratio of 0.22 and a debt-to-equity ratio of 0.37. Best Buy Co., Inc. has a 1 year low of $57.34 and a 1 year high of $103.71. The firm has a market capitalization of $12.74 billion, a P/E ratio of 10.30, a PEG ratio of 2.10 and a beta of 1.42.

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

Best Buy Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, April 15th. Stockholders of record on Tuesday, March 25th will be issued a $0.95 dividend. This represents a $3.80 annualized dividend and a dividend yield of 6.30%. The ex-dividend date is Tuesday, March 25th. This is an increase from Best Buy’s previous quarterly dividend of $0.94. Best Buy’s dividend payout ratio is presently 88.99%.

Wall Street Analysts Forecast Growth

BBY has been the subject of several analyst reports. Evercore ISI lowered their price target on shares of Best Buy from $95.00 to $80.00 and set an “in-line” rating for the company in a research report on Wednesday, March 5th. Barclays dropped their target price on shares of Best Buy from $95.00 to $89.00 and set an “equal weight” rating for the company in a research report on Thursday, January 9th. Jefferies Financial Group decreased their price objective on Best Buy from $106.00 to $92.00 and set a “buy” rating for the company in a research note on Tuesday, March 4th. Truist Financial reduced their target price on Best Buy from $95.00 to $81.00 and set a “hold” rating on the stock in a report on Wednesday, March 5th. Finally, JPMorgan Chase & Co. reduced their price objective on shares of 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 investment analysts have rated the stock with a sell rating, ten have issued a hold rating, eight have assigned a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat, Best Buy has an average rating of “Hold” and an average price target of $92.22.

Insider Activity at Best Buy

In other news, CFO Matthew M. Bilunas sold 51,000 shares of Best Buy stock in a transaction dated Monday, March 24th. The shares were sold at an average price of $74.20, for a total value of $3,784,200.00. Following the completion of the transaction, the chief financial officer now owns 55,856 shares of the company’s stock, valued at $4,144,515.20. This trade represents a 47.73 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, CAO Mathew Watson sold 2,951 shares of the company’s stock in a transaction dated Friday, March 21st. The shares were sold at an average price of $72.65, for a total transaction of $214,390.15. Following the completion of the sale, the chief accounting officer now directly owns 21,371 shares in the company, valued at approximately $1,552,603.15. The trade was a 12.13 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders sold 78,355 shares of company stock valued at $5,767,213. 0.59% of the stock is owned by corporate 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.