CIBC Asset Management Inc Increases Stake in Best Buy Co., Inc. (NYSE:BBY)

CIBC Asset Management Inc increased its holdings in Best Buy Co., Inc. (NYSE:BBY – Get Rating) by 40.1% in the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 39,610 shares of the technology retailer’s stock after acquiring an additional 11,343 shares during the quarter. CIBC Asset Management Inc’s holdings in Best Buy were worth $2,509,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Price T Rowe Associates Inc. MD lifted its position in shares of Best Buy by 1,434.3% in the 2nd quarter. Price T Rowe Associates Inc. MD now owns 4,845,844 shares of the technology retailer’s stock worth $315,901,000 after purchasing an additional 4,530,018 shares during the period. Northern Trust Corp boosted its position in Best Buy by 2.0% during the 2nd quarter. Northern Trust Corp now owns 3,744,729 shares of the technology retailer’s stock valued at $244,119,000 after acquiring an additional 72,608 shares in the last quarter. Charles Schwab Investment Management Inc. boosted its position in Best Buy by 6.8% during the 1st quarter. Charles Schwab Investment Management Inc. now owns 3,720,949 shares of the technology retailer’s stock valued at $338,235,000 after acquiring an additional 236,513 shares in the last quarter. Amundi increased its holdings in shares of Best Buy by 15.9% in the 2nd quarter. Amundi now owns 3,094,601 shares of the technology retailer’s stock valued at $207,915,000 after acquiring an additional 424,638 shares during the period. Finally, First Trust Advisors LP raised its position in shares of Best Buy by 21.7% in the 1st quarter. First Trust Advisors LP now owns 2,359,623 shares of the technology retailer’s stock worth $214,490,000 after acquiring an additional 420,134 shares in the last quarter. 78.48% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

A number of equities research analysts recently weighed in on the company. Citigroup raised their price objective on Best Buy from $61.00 to $72.00 and gave the company a “buy” rating in a research report on Wednesday, November 23rd. Piper Sandler lifted their price objective on shares of Best Buy to $91.00 in a research report on Thursday, November 24th. Credit Suisse Group initiated coverage on shares of Best Buy in a research report on Monday, December 19th. They set a “neutral” rating and a $90.00 target price for the company. TheStreet upgraded shares of Best Buy from a “c+” rating to a “b” rating in a research note on Wednesday, December 7th. Finally, StockNews.com began coverage on Best Buy in a research report on Wednesday, October 12th. They set a “hold” rating on the stock. One analyst has rated the stock with a sell rating, eleven have assigned a hold rating and seven have given a buy rating to the company. According to MarketBeat.com, the company has a consensus rating of “Hold” and an average target price of $82.71.

Insider Activity at Best Buy

In other news, Chairman Richard M. Schulze sold 366,100 shares of the firm’s stock in a transaction that occurred on Monday, November 28th. The shares were sold at an average price of $81.94, for a total transaction of $29,998,234.00. Following the sale, the chairman now owns 590,148 shares of the company’s stock, valued at approximately $48,356,727.12. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. In other Best Buy news, EVP Damien Harmon sold 2,500 shares of Best Buy stock in a transaction on Friday, December 23rd. The shares were sold at an average price of $79.99, for a total value of $199,975.00. Following the completion of the transaction, the executive vice president now owns 42,805 shares of the company’s stock, valued at $3,423,971.95. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Chairman Richard M. Schulze sold 366,100 shares of the stock in a transaction dated Monday, November 28th. The stock was sold at an average price of $81.94, for a total transaction of $29,998,234.00. Following the sale, the chairman now directly owns 590,148 shares in the company, valued at $48,356,727.12. The disclosure for this sale can be found here. 0.44% of the stock is owned by company insiders.

Best Buy Stock Performance

Shares of NYSE BBY opened at $83.63 on Wednesday. The stock has a market cap of $18.50 billion, a price-to-earnings ratio of 12.52, a PEG ratio of 0.71 and a beta of 1.48. Best Buy Co., Inc. has a 12 month low of $60.78 and a 12 month high of $112.96. The company has a 50 day simple moving average of $81.55 and a two-hundred day simple moving average of $75.22. The company has a current ratio of 0.98, a quick ratio of 0.26 and a debt-to-equity ratio of 0.38.

Best Buy (NYSE:BBY – Get Rating) last posted its quarterly earnings results on Tuesday, November 22nd. The technology retailer reported $1.38 EPS for the quarter, beating the consensus estimate of $1.03 by $0.35. The company had revenue of $10.59 billion for the quarter, compared to analyst estimates of $10.30 billion. Best Buy had a net margin of 3.23% and a return on equity of 57.26%. The firm’s revenue was down 11.1% on a year-over-year basis. During the same period in the prior year, the company earned $2.08 earnings per share. As a group, analysts predict that Best Buy Co., Inc. will post 6.59 earnings per share for the current year.

Best Buy Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Tuesday, January 3rd. Investors of record on Tuesday, December 13th were issued a dividend of $0.88 per share. This represents a $3.52 annualized dividend and a yield of 4.21%. The ex-dividend date of this dividend was Monday, December 12th. Best Buy’s dividend payout ratio (DPR) is 52.69%.

Best Buy Company Profile

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Best Buy Co, Inc retails technology products in the United States and Canada. The company operates in two segments, Domestic and International. Its stores provide computing 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, home theater, portable audio comprising headphones and portable speakers, and smart home products.