Best Buy Co., Inc. (NYSE:BBY) Shares Bought by Unison Advisors LLC

by · The Markets Daily

Unison Advisors LLC lifted its stake in shares of Best Buy Co., Inc. (NYSE:BBY – Free Report) by 1.0% in the fourth quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 28,892 shares of the technology retailer’s stock after buying an additional 273 shares during the quarter. Unison Advisors LLC’s holdings in Best Buy were worth $2,506,000 at the end of the most recent reporting period.

A number of other large investors have also recently made changes to their positions in BBY. Vanguard Group Inc. grew its holdings in 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. Charles Schwab Investment Management Inc. grew its stake in shares of Best Buy by 6.4% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 6,560,368 shares of the technology retailer’s stock worth $562,880,000 after purchasing an additional 395,415 shares in the last quarter. Raymond James Financial Inc. purchased a new position in Best Buy in the fourth quarter valued at $514,483,000. Geode Capital Management LLC raised its stake in Best Buy by 4.9% in the fourth quarter. Geode Capital Management LLC now owns 5,092,820 shares of the technology retailer’s stock valued at $436,210,000 after buying an additional 239,840 shares in the last quarter. Finally, Bank of New York Mellon Corp lifted its holdings in Best Buy by 13.7% during the 4th quarter. Bank of New York Mellon Corp now owns 3,824,425 shares of the technology retailer’s stock worth $328,136,000 after buying an additional 459,353 shares during the last quarter. 80.96% of the stock is currently owned by hedge funds and other institutional investors.

Best Buy Stock Down 17.8 %

Best Buy stock opened at $62.22 on Friday. The stock’s 50 day moving average price is $81.51 and its 200 day moving average price is $87.58. The company has a market cap of $13.15 billion, a PE ratio of 10.64, a price-to-earnings-growth ratio of 2.10 and a beta of 1.42. The company has a debt-to-equity ratio of 0.37, a current ratio of 1.00 and a quick ratio of 0.22. Best Buy Co., Inc. has a 1-year low of $61.86 and a 1-year high of $103.71.

Best Buy (NYSE:BBY – Get Free Report) last posted its quarterly earnings results on Tuesday, March 4th. The technology retailer reported $2.58 earnings per share for the quarter, topping analysts’ consensus estimates of $2.40 by $0.18. Best Buy had a net margin of 3.01% and a return on equity of 45.93%. The business had revenue of $13.95 billion for the quarter, compared to analysts’ expectations of $13.69 billion. During the same period in the prior year, the company posted $2.72 EPS. On average, sell-side analysts predict that Best Buy Co., Inc. will post 6.18 EPS for the current fiscal year.

Best Buy Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Tuesday, April 15th. Stockholders of record on Tuesday, March 25th will be paid a dividend of $0.95 per share. This is a positive change from Best Buy’s previous quarterly dividend of $0.94. The ex-dividend date is Tuesday, March 25th. This represents a $3.80 annualized dividend and a dividend yield of 6.11%. Best Buy’s payout ratio is 88.99%.

Insider Buying and Selling

In related news, CFO Matthew M. Bilunas sold 51,000 shares of the 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 sale, the chief financial officer now directly owns 55,856 shares of the company’s stock, valued at approximately $4,144,515.20. This represents a 47.73 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Todd G. Hartman sold 4,893 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 transaction of $355,476.45. Following the transaction, the insider now owns 32,320 shares of the company’s stock, valued at $2,348,048. This trade represents a 13.15 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 78,355 shares of company stock worth $5,767,213 in the last quarter. Company insiders own 0.59% of the company’s stock.

Wall Street Analyst Weigh In

Several equities research analysts recently weighed in on BBY shares. Guggenheim decreased their target price on Best Buy from $105.00 to $90.00 and set a “buy” rating for the company in a research note on Wednesday, March 5th. Truist Financial reduced their price objective on shares of Best Buy from $95.00 to $81.00 and set a “hold” rating for the company in a research report on Wednesday, March 5th. Loop Capital reiterated a “negative” rating on shares of Best Buy in a research note on Wednesday, March 5th. Jefferies Financial Group reduced their price target on shares of Best Buy from $106.00 to $92.00 and set a “buy” rating for the company in a research report on Tuesday, March 4th. Finally, JPMorgan Chase & Co. dropped their price objective on Best Buy from $115.00 to $110.00 and set an “overweight” rating on the stock in a report on Wednesday, March 5th. Two equities research analysts have rated the stock with a sell rating, ten have assigned a hold rating, eight have given a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, Best Buy presently has a consensus rating of “Hold” and an average target price of $92.22.

Read Our Latest Stock Report on BBY

About Best Buy

(Free Report)

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.

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