Russell Investments Group Ltd. Has $14.49 Million Stock Holdings in Best Buy Co., Inc. (NYSE:BBY)

Russell Investments Group Ltd. raised its position in Best Buy Co., Inc. (NYSE:BBY) by 0.4% in the 4th quarter, HoldingsChannel reports. The fund owned 168,846 shares of the technology retailer’s stock after purchasing an additional 690 shares during the period. Russell Investments Group Ltd.’s holdings in Best Buy were worth $14,488,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds also recently modified their holdings of the company. Rakuten Securities Inc. lifted its holdings in shares of Best Buy by 971.9% during the 4th quarter. Rakuten Securities Inc. now owns 343 shares of the technology retailer’s stock worth $29,000 after acquiring an additional 311 shares during the period. Golden State Wealth Management LLC bought a new position in Best Buy during the fourth quarter worth about $32,000. Atlas Capital Advisors Inc. boosted its holdings in Best Buy by 186.9% during the fourth quarter. Atlas Capital Advisors Inc. now owns 373 shares of the technology retailer’s stock valued at $32,000 after purchasing an additional 243 shares in the last quarter. OFI Invest Asset Management bought a new stake in shares of Best Buy in the 4th quarter valued at approximately $34,000. Finally, Trust Co. of Vermont raised its holdings in shares of Best Buy by 1,200.0% in the 4th quarter. Trust Co. of Vermont now owns 416 shares of the technology retailer’s stock worth $36,000 after buying an additional 384 shares in the last quarter. Institutional investors own 80.96% of the company’s stock.

Insider Activity

In other news, CEO Corie S. Barry purchased 13,500 shares of the business’s stock in a transaction that occurred on Wednesday, March 12th. The shares were acquired at an average cost of $72.92 per share, for a total transaction of $984,420.00. Following the transaction, the chief executive officer now directly owns 378,780 shares of the company’s stock, valued at approximately $27,620,637.60. The trade was a 3.70 % increase in their position. The acquisition was disclosed in a filing with the SEC, which is available at this link. Also, CFO Matthew M. Bilunas sold 51,000 shares of the business’s stock in a transaction that occurred on Monday, March 24th. The shares were sold at an average price of $74.20, for a total transaction of $3,784,200.00. Following the transaction, the chief financial officer now 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 disclosure for this sale can be found here. Insiders have sold a total of 78,355 shares of company stock valued at $5,767,213 in the last 90 days. 0.59% of the stock is owned by company insiders.

Analyst Ratings Changes

Several brokerages recently commented on BBY. UBS Group set a $105.00 price target on Best Buy in a research note on Wednesday, March 5th. Telsey Advisory Group lowered their target price on shares of Best Buy from $110.00 to $100.00 and set an “outperform” rating on the stock in a report on Wednesday, March 5th. Piper Sandler dropped their target price on shares of Best Buy from $102.00 to $92.00 and set an “overweight” rating for the company in a research report on Wednesday, March 5th. Morgan Stanley reduced 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 report on Wednesday, March 5th. Finally, Bank of America dropped their price objective on shares of Best Buy from $80.00 to $75.00 and set an “underperform” rating for the company in a report on Wednesday, March 5th. Two research analysts have rated the stock with a sell rating, ten have given a hold rating, eight have assigned a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of “Hold” and an average price target of $91.28.

Best Buy Price Performance

Best Buy stock opened at $59.72 on Friday. The stock has a market cap of $12.62 billion, a price-to-earnings ratio of 10.21, a P/E/G ratio of 2.10 and a beta of 1.42. Best Buy Co., Inc. has a 12-month low of $54.99 and a 12-month high of $103.71. The company has a quick ratio of 0.22, a current ratio of 1.00 and a debt-to-equity ratio of 0.37. The business’s 50-day simple moving average is $77.95 and its 200 day simple moving average is $85.71.

Best Buy (NYSE:BBY) last issued its quarterly earnings results on Tuesday, March 4th. The technology retailer reported $2.58 EPS for the quarter, topping the consensus estimate of $2.40 by $0.18. The company had revenue of $13.95 billion during the quarter, compared to analysts’ expectations of $13.69 billion. Best Buy had a net margin of 3.01% and a return on equity of 45.93%. During the same quarter in the previous year, the company earned $2.72 EPS. As a group, research analysts anticipate that Best Buy Co., Inc. will post 6.18 earnings per share for the current year.

Best Buy Increases Dividend

The firm also recently announced 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. This is a boost 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 6.36%. Best Buy’s payout ratio is presently 88.99%.

About Best Buy

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.