Bridgewater Advisors Inc. Has $995,000 Stock Position in Best Buy Co., Inc. (NYSE:BBY)

Bridgewater Advisors Inc. decreased its stake in shares of Best Buy Co., Inc. (NYSE:BBY) by 9.4% during the 4th quarter, Holdings Channel reports. The institutional investor owned 12,711 shares of the technology retailer’s stock after selling 1,323 shares during the period. Bridgewater Advisors Inc.’s holdings in Best Buy were worth $995,000 at the end of the most recent reporting period.

A number of other large investors also recently added to or reduced their stakes in the business. Czech National Bank increased its stake in shares of Best Buy by 47.3% in the 3rd quarter. Czech National Bank now owns 33,944 shares of the technology retailer’s stock valued at $2,358,000 after acquiring an additional 10,905 shares during the last quarter. Commonwealth Equity Services LLC increased its stake in shares of Best Buy by 4.9% in the 3rd quarter. Commonwealth Equity Services LLC now owns 109,913 shares of the technology retailer’s stock valued at $7,636,000 after acquiring an additional 5,101 shares during the last quarter. Compagnie Lombard Odier SCmA bought a new stake in shares of Best Buy in the 3rd quarter valued at about $167,000. Cambridge Investment Research Advisors Inc. increased its stake in shares of Best Buy by 14.9% in the 3rd quarter. Cambridge Investment Research Advisors Inc. now owns 22,385 shares of the technology retailer’s stock valued at $1,555,000 after acquiring an additional 2,902 shares during the last quarter. Finally, Robeco Institutional Asset Management B.V. increased its stake in shares of Best Buy by 27.6% in the 3rd quarter. Robeco Institutional Asset Management B.V. now owns 602,440 shares of the technology retailer’s stock valued at $41,852,000 after acquiring an additional 130,210 shares during the last quarter. 80.96% of the stock is currently owned by institutional investors and hedge funds.

Best Buy Stock Performance

Best Buy stock traded down $1.39 during mid-day trading on Tuesday, hitting $73.61. 3,430,787 shares of the company’s stock traded hands, compared to its average volume of 2,967,465. The firm has a 50 day simple moving average of $78.04 and a two-hundred day simple moving average of $74.20. Best Buy Co., Inc. has a fifty-two week low of $62.30 and a fifty-two week high of $86.11. The stock has a market cap of $15.85 billion, a price-to-earnings ratio of 13.18, a P/E/G ratio of 1.96 and a beta of 1.49. The company has a debt-to-equity ratio of 0.38, a current ratio of 1.00 and a quick ratio of 0.37.

Best Buy (NYSE:BBY) last announced its quarterly earnings results on Thursday, February 29th. The technology retailer reported $2.72 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.51 by $0.21. Best Buy had a return on equity of 48.45% and a net margin of 2.86%. The business had revenue of $14.65 billion during the quarter, compared to the consensus estimate of $14.58 billion. During the same quarter last year, the firm posted $2.61 EPS. The company’s quarterly revenue was down .6% on a year-over-year basis. On average, research analysts expect that Best Buy Co., Inc. will post 6.03 EPS for the current fiscal year.

Best Buy Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Thursday, April 11th. Shareholders of record on Thursday, March 21st were given a dividend of $0.94 per share. This is a boost from Best Buy’s previous quarterly dividend of $0.92. The ex-dividend date was Wednesday, March 20th. This represents a $3.76 annualized dividend and a yield of 5.11%. Best Buy’s dividend payout ratio (DPR) is presently 66.08%.

Insiders Place Their Bets

In other Best Buy news, insider Todd G. Hartman sold 3,973 shares of the stock in a transaction on Friday, March 22nd. The stock was sold at an average price of $81.80, for a total transaction of $324,991.40. Following the transaction, the insider now owns 25,912 shares in the company, valued at approximately $2,119,601.60. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. In related news, CAO Mathew Watson sold 2,505 shares of the firm’s stock in a transaction on Friday, March 22nd. The stock was sold at an average price of $81.80, for a total value of $204,909.00. Following the transaction, the chief accounting officer now owns 25,638 shares in the company, valued at $2,097,188.40. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Todd G. Hartman sold 3,973 shares of the firm’s stock in a transaction on Friday, March 22nd. The stock was sold at an average price of $81.80, for a total value of $324,991.40. Following the completion of the transaction, the insider now owns 25,912 shares in the company, valued at approximately $2,119,601.60. The disclosure for this sale can be found here. Insiders have sold 52,023 shares of company stock worth $4,253,900 in the last 90 days. Company insiders own 0.56% of the company’s stock.

Analysts Set New Price Targets

A number of analysts have recently commented on the company. Barclays upped their price target on Best Buy from $69.00 to $88.00 and gave the company an “equal weight” rating in a research note on Friday, March 1st. Truist Financial increased their target price on Best Buy from $68.00 to $87.00 and gave the stock a “hold” rating in a research note on Friday, March 1st. Telsey Advisory Group raised Best Buy from a “market perform” rating to an “outperform” rating and increased their target price for the stock from $85.00 to $95.00 in a research note on Wednesday, March 20th. Morgan Stanley increased their target price on Best Buy from $80.00 to $82.00 and gave the stock an “equal weight” rating in a research note on Friday, March 1st. Finally, Wedbush increased their target price on Best Buy from $75.00 to $85.00 and gave the stock a “neutral” rating in a research note on Friday, March 1st. One investment analyst has rated the stock with a sell rating, eight have issued a hold rating and seven have assigned a buy rating to the company. According to data from MarketBeat, Best Buy presently has an average rating of “Hold” and a consensus target price of $84.60.

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.