Charles Schwab Investment Management Inc. Purchases 3,171 Shares of Best Buy Co., Inc. (NYSE:BBY)

Charles Schwab Investment Management Inc. lifted its position in shares of Best Buy Co., Inc. (NYSE:BBY) by 0.1% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 4,481,930 shares of the technology retailer’s stock after purchasing an additional 3,171 shares during the quarter. Charles Schwab Investment Management Inc. owned 2.08% of Best Buy worth $350,845,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the company. Invesco Ltd. raised its holdings in shares of Best Buy by 8.7% during the third quarter. Invesco Ltd. now owns 3,450,910 shares of the technology retailer’s stock worth $239,735,000 after acquiring an additional 276,366 shares during the period. Northern Trust Corp raised its holdings in shares of Best Buy by 7.7% during the third quarter. Northern Trust Corp now owns 2,787,163 shares of the technology retailer’s stock worth $193,624,000 after acquiring an additional 199,749 shares during the period. Federated Hermes Inc. raised its holdings in shares of Best Buy by 6.4% during the fourth quarter. Federated Hermes Inc. now owns 2,752,920 shares of the technology retailer’s stock worth $215,499,000 after acquiring an additional 166,478 shares during the period. Barclays PLC raised its holdings in shares of Best Buy by 120.3% during the third quarter. Barclays PLC now owns 1,336,071 shares of the technology retailer’s stock worth $92,819,000 after acquiring an additional 729,605 shares during the period. Finally, HS Management Partners LLC acquired a new stake in shares of Best Buy during the fourth quarter worth $103,854,000. 80.96% of the stock is owned by institutional investors.

Best Buy Stock Performance

Shares of BBY stock traded up $0.12 during midday trading on Wednesday, hitting $73.18. 729,259 shares of the company were exchanged, compared to its average volume of 2,900,010. The firm has a market capitalization of $15.83 billion, a P/E ratio of 12.84, a PEG ratio of 1.94 and a beta of 1.50. The company has a debt-to-equity ratio of 0.38, a quick ratio of 0.37 and a current ratio of 1.00. The firm’s 50 day moving average price is $77.75 and its two-hundred day moving average price is $74.34. Best Buy Co., Inc. has a 52 week low of $62.30 and a 52 week high of $86.11.

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

Best Buy Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Thursday, April 11th. Investors of record on Thursday, March 21st were issued a dividend of $0.94 per share. This is an increase 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 dividend yield of 5.14%. Best Buy’s payout ratio is presently 66.08%.

Analyst Ratings Changes

BBY has been the topic of a number of research analyst reports. UBS Group raised their price objective on shares of Best Buy from $82.00 to $85.00 and gave the stock a “neutral” rating in a report on Friday, March 1st. The Goldman Sachs Group lifted their price target on shares of Best Buy from $81.00 to $90.00 and gave the company a “buy” rating in a research note on Friday, March 1st. JPMorgan Chase & Co. upgraded shares of Best Buy from a “neutral” rating to an “overweight” rating and lifted their price target for the company from $89.00 to $101.00 in a research note on Friday, March 22nd. Telsey Advisory Group upgraded shares of Best Buy from a “market perform” rating to an “outperform” rating and lifted their price target for the company from $85.00 to $95.00 in a research note on Wednesday, March 20th. Finally, TheStreet upgraded shares of Best Buy from a “c” rating to a “b-” rating in a research note on Thursday, February 29th. One analyst has rated the stock with a sell rating, eight have assigned a hold rating and seven have assigned a buy rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of “Hold” and a consensus target price of $84.00.

Insider Buying and Selling

In other Best Buy news, CAO Mathew Watson sold 2,505 shares of the business’s stock in a transaction dated Friday, March 22nd. The shares were sold at an average price of $81.80, for a total value of $204,909.00. Following the completion of the sale, the chief accounting officer now owns 25,638 shares of the company’s stock, valued at approximately $2,097,188.40. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. In other Best Buy news, CAO Mathew Watson sold 2,505 shares of the business’s stock in a transaction dated Friday, March 22nd. The shares were sold at an average price of $81.80, for a total value of $204,909.00. Following the completion of the sale, the chief accounting officer now owns 25,638 shares of the company’s stock, valued at approximately $2,097,188.40. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, EVP Kathleen Scarlett sold 5,096 shares of the business’s stock in a transaction dated Friday, March 22nd. The shares were sold at an average price of $81.80, for a total transaction of $416,852.80. Following the completion of the sale, the executive vice president now directly owns 76,226 shares of the company’s stock, valued at approximately $6,235,286.80. The disclosure for this sale can be found here. In the last 90 days, insiders sold 52,023 shares of company stock valued at $4,253,900. Company 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.