KLP Kapitalforvaltning AS Makes New $10.64 Million Investment in Best Buy Co., Inc. (NYSE:BBY)

KLP Kapitalforvaltning AS acquired a new stake in shares of Best Buy Co., Inc. (NYSE:BBY) during the 4th quarter, Holdings Channel.com reports. The firm acquired 122,914 shares of the technology retailer’s stock, valued at approximately $10,644,000.

Several other institutional investors and hedge funds have also modified their holdings of BBY. Raymond James Financial Inc. bought a new position in Best Buy in the fourth quarter valued at approximately $514,483,000. Nordea Investment Management AB lifted its position in Best Buy by 563.8% in the 4th quarter. Nordea Investment Management AB now owns 592,460 shares of the technology retailer’s stock valued at $50,643,000 after acquiring an additional 503,204 shares in the last quarter. National Bank of Canada FI boosted its stake in Best Buy by 817.4% in 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 period. Bank of New York Mellon Corp increased 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 purchasing an additional 459,353 shares in the last quarter. Finally, Charles Schwab Investment Management Inc. lifted its holdings in shares of Best Buy by 6.4% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 6,560,368 shares of the technology retailer’s stock valued at $562,880,000 after purchasing an additional 395,415 shares in the last quarter. 80.96% of the stock is currently owned by institutional investors and hedge funds.

Best Buy Stock Up 2.9 %

Shares of BBY opened at $75.68 on Tuesday. The firm’s 50-day simple moving average is $83.17 and its 200 day simple moving average is $88.84. 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 has a market cap of $16.00 billion, a P/E ratio of 12.94, a price-to-earnings-growth ratio of 2.10 and a beta of 1.43. Best Buy Co., Inc. has a 52 week low of $69.29 and a 52 week high of $103.71.

Best Buy (NYSE:BBY) last announced its 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 return on equity of 45.93% and a net margin of 3.01%. The company had revenue of $13.95 billion for the quarter, compared to analyst estimates of $13.69 billion. During the same quarter last year, the company earned $2.72 earnings per share. On average, analysts forecast that Best Buy Co., Inc. will post 6.18 earnings per share for the current year.

Best Buy Increases Dividend

The firm also recently disclosed 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. This is a boost from Best Buy’s previous quarterly dividend of $0.94. The ex-dividend date of this dividend is Tuesday, March 25th. This represents a $3.80 annualized dividend and a yield of 5.02%. Best Buy’s payout ratio is 88.99%.

Insider Buying and Selling at Best Buy

In related news, CEO Corie S. Barry purchased 13,500 shares of the business’s stock in a transaction that occurred on Wednesday, March 12th. The stock was acquired at an average cost of $72.92 per share, for a total transaction of $984,420.00. Following the completion of the purchase, the chief executive officer now owns 378,780 shares in the company, valued at approximately $27,620,637.60. This represents a 3.70 % increase in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CAO Mathew Watson sold 3,182 shares of the firm’s stock in a transaction on Friday, March 14th. The stock was sold at an average price of $71.29, for a total value of $226,844.78. Following the transaction, the chief accounting officer now owns 19,218 shares in the company, valued at approximately $1,370,051.22. This trade represents a 14.21 % decrease in their position. The disclosure for this sale can be found here. Insiders own 0.59% of the company’s stock.

Wall Street Analyst Weigh In

A number of research firms recently issued reports on BBY. UBS Group set a $105.00 price objective on Best Buy in a report on Wednesday, March 5th. Barclays lowered their price objective on shares of Best Buy from $95.00 to $89.00 and set an “equal weight” rating on the stock in a report on Thursday, January 9th. DA Davidson reduced their target price on shares of Best Buy from $117.00 to $110.00 and set a “buy” rating for the company in a report on Wednesday, March 5th. Morgan Stanley lowered their price target on shares of Best Buy from $100.00 to $85.00 and set an “equal weight” rating on the stock in a research note on Wednesday, March 5th. Finally, Truist Financial decreased their price objective on Best Buy from $95.00 to $81.00 and set a “hold” rating for the company in a report on Wednesday, March 5th. Two research analysts have rated the stock with a sell rating, nine have given a hold rating, nine have issued a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, the stock currently has an average rating of “Hold” and a consensus target price of $93.50.

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.