Increase in Best Buy Holdings by Van ECK Associates Corp

Van ECK Associates Corp has significantly increased its stake in Best Buy Co., Inc. (NYSE:BBY - Free Report) by 52.6% during the fourth quarter, as reported in its latest filing with the SEC. Following this period, the investment firm now holds 110,857 shares of the technology retailer after adding an additional 38,216 shares to its portfolio. As of the most recent reporting date, Van ECK Associates owned approximately 0.05% of Best Buy’s total shares, which are valued at around $9,511,000.

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Additionally, other major institutional investors have been active in adjusting their positions in Best Buy as well. Greenleaf Trust, for example, increased its holdings by 1.2% in the third quarter and now owns 9,454 shares valued at $977,000 after purchasing 108 additional shares. Similarly, Yousif Capital Management LLC raised its position by 0.5% in the fourth quarter, now owning 29,904 shares worth $2,566,000 after acquiring 145 more shares. Access Investment Management LLC also boosted its stake by 12.2%, owning 1,380 shares valued at $143,000 after acquiring 150 shares last quarter. Claro Advisors LLC notched up a 5.7% increase, holding 2,861 shares valued at $246,000 after a purchase of 154 shares. Lastly, Rosenberg Matthew Hamilton increased its stake by 14.2% in the fourth quarter, now owning 1,243 shares valued at $107,000 after purchasing an additional 155 shares during the last quarter. Collectively, institutional investors and hedge funds control over 80.96% of Best Buy’s stock.

Recent Insider Trading Activities at Best Buy

In other updates regarding Best Buy, Chief Financial Officer Matthew M. Bilunas sold a substantial amount of shares—69,166 in total—on December 11th. The sale occurred at an average price of $87.46, amounting to a total of $6,049,258.36. Following this transaction, Bilunas holds 92,070 shares of the company, valued at $8,052,442.20, marking a significant decrease of 42.90% in his ownership. This transaction was documented in a filing with the SEC, which can be accessed for further details. Company insiders possess about 0.59% of the total stock.

Price Targets Set by Analysts for Best Buy

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Best Buy has recently been the subject of various analysts' reports. Notably, JPMorgan Chase & Co. raised its price target for Best Buy from $111.00 to $117.00, assigning an "overweight" rating as of November 22nd. In a report dated December 18th, Loop Capital maintained a "buy" outlook with a $100.00 target price. Conversely, Truist Financial lowered its price goal from $107.00 to $95.00, issuing a "hold" rating on November 27th. Citigroup also revised its price target downward from $109.00 to $101.00 while continuing to affirm a "buy" rating in the same report. Meanwhile, StockNews.com downgraded Best Buy from a "buy" to a "hold" rating on November 15th. Overall, the stock has received one sell rating, eight hold ratings, ten buy ratings, and one strong buy rating. According to MarketBeat data, Best Buy is currently viewed with a consensus rating of "Moderate Buy" and a target price consensus of $101.72.

For recent news on BBY, read our latest report

Current Performance of Best Buy Stock

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Best Buy shares commenced trading at $91.16 on Monday. The company has a fifty-day moving average price of $85.76 and a two-hundred day moving average of $90.10. Presently, Best Buy has a market capitalization of approximately $19.49 billion, a price-to-earnings ratio of 15.58, a PEG ratio of 2.01, and a beta of 1.43. The stock has recorded a low of $69.29 and a high of $103.71 over the past year. Financials indicate 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 - Get Free Report) last announced its quarterly earnings on November 26th, reporting earnings per share (EPS) of $1.26 for the quarter, falling short of analysts’ consensus expectation of $1.30 by $0.04. The company had a net margin of 3.01% and a return on equity of 45.93%, generating revenue of $9.45 billion compared to a consensus estimate of $9.63 billion. This reflects a 3.2% decrease in quarterly revenue year over year, with projections suggesting that Best Buy will post an EPS of 6.18 for the current fiscal year.

Best Buy’s Recent Dividend Announcement

Recently, the company declared a quarterly dividend, which was distributed to investors on January 7th. Shareholders of record on December 17th received a dividend payment of $0.94, with the ex-dividend date also set for December 17th. This translates to an annualized dividend of $3.76, yielding 4.12%. The current dividend payout ratio stands at 64.27%.

About Best Buy

Best Buy Co., Inc. operates as a retailer of technology products across the United States, Canada, and other international markets. The company’s stores offer a wide range of computing and mobile phone products including desktops, laptops, peripherals, smartphones, networking products, tablets, smartwatches, and various consumer electronics. In addition, Best Buy provides products for home theaters and smart home applications.

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Curious to see which hedge funds are invested in BBY? You can visit reputable financial channels to review the latest 13F filings and insider trading activity for Best Buy Co., Inc. (NYSE:BBY - Free Report).

This news alert has been generated using advanced financial analysis techniques to provide timely updates. Review processes have been applied to ensure the accuracy of this report prior to publication.

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