Best Buy Co., Inc. (NYSE:BBY) Shares Purchased by Nordea Investment Management AB

Nordea Investment Management AB raised its position in shares of Best Buy Co., Inc. (NYSE:BBY) by 563.8% in the fourth quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 592,460 shares of the technology retailer’s stock after purchasing an additional 503,204 shares during the quarter. Nordea Investment Management AB’s holdings in Best Buy were worth $50,643,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently modified their holdings of the company. Charles Schwab Investment Management Inc. grew its holdings in Best Buy by 4.1% during the third quarter. Charles Schwab Investment Management Inc. now owns 6,164,953 shares of the technology retailer’s stock worth $636,840,000 after acquiring an additional 241,988 shares during the period. Geode Capital Management LLC boosted its position in shares of Best Buy by 2.5% during the 3rd quarter. Geode Capital Management LLC now owns 4,852,980 shares of the technology retailer’s stock valued at $499,954,000 after purchasing an additional 120,185 shares in the last quarter. Raymond James & Associates grew its stake in shares of Best Buy by 1.8% in the 3rd quarter. Raymond James & Associates now owns 3,440,215 shares of the technology retailer’s stock worth $355,374,000 after purchasing an additional 62,452 shares during the last quarter. Dimensional Fund Advisors LP raised its holdings in shares of Best Buy by 8.3% in the 2nd quarter. Dimensional Fund Advisors LP now owns 3,055,743 shares of the technology retailer’s stock worth $257,569,000 after purchasing an additional 235,478 shares in the last quarter. Finally, Eagle Asset Management Inc. lifted its stake in Best Buy by 3.3% during the third quarter. Eagle Asset Management Inc. now owns 1,388,151 shares of the technology retailer’s stock valued at $143,396,000 after purchasing an additional 44,693 shares during the last quarter. Institutional investors own 80.96% of the company’s stock.

Analyst Ratings Changes

BBY has been the topic of several recent research reports. DA Davidson restated a “buy” rating and issued a $117.00 price target on shares of Best Buy in a research report on Tuesday, October 15th. Loop Capital reaffirmed a “buy” rating and set a $100.00 target price on shares of Best Buy in a research report on Wednesday, December 18th. Melius Research assumed coverage on Best Buy in a research report on Monday, September 23rd. They issued a “hold” rating and a $100.00 price target for the company. StockNews.com downgraded Best Buy from a “buy” rating to a “hold” rating in a report on Friday, November 15th. Finally, JPMorgan Chase & Co. upped their price objective on shares of Best Buy from $111.00 to $117.00 and gave the company an “overweight” rating in a research note on Friday, November 22nd. One analyst has rated the stock with a sell rating, eight have given a hold rating, ten have given a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat, Best Buy currently has an average rating of “Moderate Buy” and a consensus target price of $101.06.

Best Buy Stock Down 0.6 %

Shares of Best Buy stock opened at $84.29 on Wednesday. The stock has a 50-day simple moving average of $88.37 and a 200-day simple moving average of $90.27. Best Buy Co., Inc. has a 52-week low of $69.29 and a 52-week high of $103.71. The firm has a market cap of $18.02 billion, a price-to-earnings ratio of 14.41, a P/E/G ratio of 2.19 and a beta of 1.43. 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 (NYSE:BBY) last posted its earnings results on Tuesday, November 26th. The technology retailer reported $1.26 EPS for the quarter, missing the consensus estimate of $1.30 by ($0.04). The business had revenue of $9.45 billion during the quarter, compared to the consensus estimate of $9.63 billion. Best Buy had a return on equity of 45.93% and a net margin of 3.01%. The business’s revenue was down 3.2% on a year-over-year basis. During the same period in the prior year, the firm earned $1.29 earnings per share. On average, equities research analysts expect that Best Buy Co., Inc. will post 6.18 earnings per share for the current fiscal year.

Best Buy Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Tuesday, January 7th. Investors of record on Tuesday, December 17th were issued a $0.94 dividend. The ex-dividend date was Tuesday, December 17th. This represents a $3.76 annualized dividend and a yield of 4.46%. Best Buy’s dividend payout ratio (DPR) is currently 64.27%.

Insider Buying and Selling at Best Buy

In other news, CFO Matthew M. Bilunas sold 69,166 shares of the firm’s stock in a transaction dated Wednesday, December 11th. The stock was sold at an average price of $87.46, for a total value of $6,049,258.36. Following the sale, the chief financial officer now directly owns 92,070 shares of the company’s stock, valued at approximately $8,052,442.20. This trade represents a 42.90 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Corporate insiders own 0.59% of the company’s stock.

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.