Bank of Montreal Can Has $16.29 Million Position in Best Buy Co., Inc. (NYSE:BBY)

Bank of Montreal Can trimmed its holdings in shares of Best Buy Co., Inc. (NYSE:BBY) by 0.2% in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 189,858 shares of the technology retailer’s stock after selling 338 shares during the period. Bank of Montreal Can’s holdings in Best Buy were worth $16,290,000 at the end of the most recent quarter.

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

Best Buy Stock Performance

BBY opened at $60.47 on Friday. The company has a debt-to-equity ratio of 0.37, a quick ratio of 0.22 and a current ratio of 1.00. Best Buy Co., Inc. has a 52-week low of $54.99 and a 52-week high of $103.71. The firm has a market cap of $12.78 billion, a P/E ratio of 10.34, a price-to-earnings-growth ratio of 2.10 and a beta of 1.42. The business’s fifty day moving average is $77.46 and its 200-day moving average is $85.45.

Best Buy (NYSE:BBY) last released its earnings results on Tuesday, March 4th. The technology retailer reported $2.58 EPS for the quarter, beating the consensus estimate of $2.40 by $0.18. Best Buy had a net margin of 3.01% and a return on equity of 45.93%. The firm had revenue of $13.95 billion for the quarter, compared to analyst estimates of $13.69 billion. During the same period last year, the firm earned $2.72 EPS. Sell-side analysts expect that Best Buy Co., Inc. will post 6.18 EPS for the current fiscal 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 paid a dividend of $0.95 per share. The ex-dividend date of this dividend is Tuesday, March 25th. This is a boost from Best Buy’s previous quarterly dividend of $0.94. This represents a $3.80 annualized dividend and a yield of 6.28%. Best Buy’s dividend payout ratio is presently 88.99%.

Wall Street Analysts Forecast Growth

BBY has been the topic of several recent analyst reports. Guggenheim lowered their price objective on shares of Best Buy from $105.00 to $90.00 and set a “buy” rating on the stock in a research note on Wednesday, March 5th. Piper Sandler lowered their price target on Best Buy from $102.00 to $92.00 and set an “overweight” rating on the stock in a research report on Wednesday, March 5th. Morgan Stanley cut their price objective on Best Buy from $100.00 to $85.00 and set an “equal weight” rating for the company in a research report on Wednesday, March 5th. UBS Group set a $105.00 target price on Best Buy in a report on Wednesday, March 5th. Finally, Truist Financial cut their price target on Best Buy from $81.00 to $64.00 and set a “hold” rating for the company in a report on Tuesday, April 8th. Two investment analysts have rated the stock with a sell rating, ten have given a hold rating, eight have issued a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus target price of $91.28.

Insider Buying and Selling at Best Buy

In other 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 completion of 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 ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Corie S. Barry purchased 13,500 shares of Best Buy stock in a transaction on Wednesday, March 12th. The stock was bought at an average price of $72.92 per share, with a total value of $984,420.00. Following the completion of the acquisition, the chief executive officer now directly 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 position. The disclosure for this purchase can be found here. In the last quarter, insiders have sold 78,355 shares of company stock valued at $5,767,213. 0.59% of the stock is currently 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.