Best Buy Co., Inc. (NYSE:BBY) Shares Sold by abrdn plc

abrdn plc trimmed its position in shares of Best Buy Co., Inc. (NYSE:BBY) by 3.7% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 842,995 shares of the technology retailer’s stock after selling 32,542 shares during the quarter. abrdn plc’s holdings in Best Buy were worth $72,009,000 at the end of the most recent quarter.

Several other large investors have also recently added to or reduced their stakes in the company. Trust Co. of Vermont increased its position in Best Buy by 1,200.0% during the 4th quarter. Trust Co. of Vermont now owns 416 shares of the technology retailer’s stock worth $36,000 after purchasing an additional 384 shares during the period. Harbor Capital Advisors Inc. purchased a new stake in shares of Best Buy in the third quarter valued at approximately $40,000. LRI Investments LLC boosted its stake in shares of Best Buy by 632.1% in the third quarter. LRI Investments LLC now owns 388 shares of the technology retailer’s stock valued at $40,000 after buying an additional 335 shares in the last quarter. Brooklyn Investment Group acquired a new position in Best Buy during the third quarter worth $44,000. Finally, Richardson Financial Services Inc. lifted its holdings in Best Buy by 71.9% in the fourth quarter. Richardson Financial Services Inc. now owns 550 shares of the technology retailer’s stock valued at $47,000 after acquiring an additional 230 shares during the period. 80.96% of the stock is owned by hedge funds and other institutional investors.

Insider Activity

In related news, CFO Matthew M. Bilunas sold 69,166 shares of the business’s stock in a transaction that occurred on Wednesday, December 11th. The shares were sold at an average price of $87.46, for a total value of $6,049,258.36. Following the completion of the sale, the chief financial officer now directly owns 92,070 shares in the company, valued at approximately $8,052,442.20. The trade was a 42.90 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Corporate insiders own 0.59% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently weighed in on the stock. Guggenheim lowered their price target on shares of Best Buy from $110.00 to $105.00 and set a “buy” rating on the stock in a research note on Friday, November 29th. Citigroup dropped their target price on shares of Best Buy from $109.00 to $101.00 and set a “buy” rating for the company in a report on Wednesday, November 27th. StockNews.com lowered Best Buy from a “buy” rating to a “hold” rating in a research note on Friday, November 15th. UBS Group dropped their price objective on Best Buy from $123.00 to $115.00 and set a “buy” rating for the company in a research note on Wednesday, November 27th. Finally, Telsey Advisory Group reduced their price objective on Best Buy from $115.00 to $110.00 and set an “outperform” rating for the company in a report on Tuesday, November 26th. One research analyst has rated the stock with a sell rating, eight have issued a hold rating, ten have assigned a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $101.72.

Best Buy Stock Performance

Shares of BBY opened at $85.08 on Wednesday. Best Buy Co., Inc. has a 1 year low of $69.29 and a 1 year high of $103.71. The company’s 50 day simple moving average is $86.12 and its 200 day simple moving average is $90.13. The company has a market capitalization of $18.19 billion, a price-to-earnings ratio of 14.54, a PEG ratio of 2.16 and a beta of 1.43. 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 (NYSE:BBY) last issued its quarterly earnings results on Tuesday, November 26th. The technology retailer reported $1.26 earnings per share for the quarter, missing analysts’ consensus estimates of $1.30 by ($0.04). The business had revenue of $9.45 billion for the quarter, compared to analysts’ expectations of $9.63 billion. Best Buy had a return on equity of 45.93% and a net margin of 3.01%. The company’s revenue for the quarter was down 3.2% compared to the same quarter last year. During the same period in the prior year, the company earned $1.29 EPS. On average, sell-side analysts predict that Best Buy Co., Inc. will post 6.18 EPS for the current year.

Best Buy Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Tuesday, January 7th. Shareholders of record on Tuesday, December 17th were issued a $0.94 dividend. This represents a $3.76 annualized dividend and a yield of 4.42%. The ex-dividend date was Tuesday, December 17th. Best Buy’s dividend payout ratio (DPR) is 64.27%.

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.