Federated Hermes Inc. Purchases 166,478 Shares of Best Buy Co., Inc. (NYSE:BBY)

Federated Hermes Inc. grew its position in Best Buy Co., Inc. (NYSE:BBY) by 6.4% during the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 2,752,920 shares of the technology retailer’s stock after acquiring an additional 166,478 shares during the quarter. Federated Hermes Inc. owned 1.28% of Best Buy worth $215,499,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other large investors have also added to or reduced their stakes in the company. Daiwa Securities Group Inc. increased its stake in Best Buy by 6.1% in the 4th quarter. Daiwa Securities Group Inc. now owns 17,456 shares of the technology retailer’s stock worth $1,366,000 after acquiring an additional 1,005 shares during the last quarter. Scissortail Wealth Management LLC increased its stake in Best Buy by 3.3% in the 4th quarter. Scissortail Wealth Management LLC now owns 24,619 shares of the technology retailer’s stock worth $1,806,000 after acquiring an additional 781 shares during the last quarter. Zurcher Kantonalbank Zurich Cantonalbank increased its stake in Best Buy by 46.6% in the 4th quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 135,908 shares of the technology retailer’s stock worth $10,639,000 after acquiring an additional 43,205 shares during the last quarter. Everence Capital Management Inc. purchased a new position in shares of Best Buy in the 4th quarter worth approximately $376,000. Finally, Hoxton Planning & Management LLC purchased a new position in shares of Best Buy in the 4th quarter worth approximately $229,000. Institutional investors own 80.96% of the company’s stock.

Insider Transactions at Best Buy

In related news, CAO Mathew Watson sold 3,520 shares of the company’s stock in a transaction dated Tuesday, April 9th. The stock was sold at an average price of $82.43, for a total transaction of $290,153.60. Following the transaction, the chief accounting officer now directly owns 22,118 shares of the company’s stock, valued at approximately $1,823,186.74. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. In related news, CAO Mathew Watson sold 3,520 shares of the company’s stock in a transaction dated Tuesday, April 9th. The stock was sold at an average price of $82.43, for a total transaction of $290,153.60. Following the transaction, the chief accounting officer now directly owns 22,118 shares of the company’s stock, valued at approximately $1,823,186.74. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, EVP Kathleen Scarlett sold 5,096 shares of the company’s stock in a transaction dated Friday, March 22nd. The stock was sold at an average price of $81.80, for a total value of $416,852.80. Following the completion of the sale, the executive vice president now owns 76,226 shares in the company, valued at approximately $6,235,286.80. The disclosure for this sale can be found here. In the last three months, insiders sold 51,394 shares of company stock valued at $4,206,247. Corporate insiders own 0.56% of the company’s stock.

Best Buy Stock Up 0.5 %

Shares of BBY stock traded up $0.40 during mid-day trading on Thursday, hitting $76.63. The stock had a trading volume of 489,432 shares, compared to its average volume of 3,013,888. Best Buy Co., Inc. has a 12-month low of $62.30 and a 12-month high of $86.11. The firm has a market capitalization of $16.50 billion, a P/E ratio of 13.39, a price-to-earnings-growth ratio of 1.96 and a beta of 1.49. The firm’s 50-day moving average is $77.94 and its two-hundred day moving average is $73.83. 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 issued its earnings results on Thursday, February 29th. The technology retailer reported $2.72 earnings per share for the quarter, topping 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 analysts’ expectations of $14.58 billion. During the same period in the prior year, the business earned $2.61 EPS. The business’s revenue for the quarter was down .6% compared to the same quarter last year. On average, analysts predict that Best Buy Co., Inc. will post 6.03 earnings per share for the current fiscal year.

Best Buy Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Thursday, April 11th. Stockholders of record on Thursday, March 21st were given a $0.94 dividend. This represents a $3.76 annualized dividend and a dividend yield of 4.91%. This is a positive change from Best Buy’s previous quarterly dividend of $0.92. The ex-dividend date of this dividend was Wednesday, March 20th. Best Buy’s payout ratio is presently 66.08%.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently commented on BBY shares. Wedbush lifted their target price on Best Buy from $75.00 to $85.00 and gave the stock a “neutral” rating in a report on Friday, March 1st. Jefferies Financial Group dropped their target price on Best Buy from $95.00 to $94.00 and set a “buy” rating for the company in a report on Monday, April 8th. Truist Financial lifted their target price on Best Buy from $68.00 to $87.00 and gave the stock a “hold” rating in a report on Friday, March 1st. Morgan Stanley lifted their target price on Best Buy from $80.00 to $82.00 and gave the stock an “equal weight” rating in a report on Friday, March 1st. Finally, Citigroup lifted their target price on Best Buy from $67.00 to $76.00 and gave the stock a “sell” rating in a report on Friday, March 1st. One analyst has rated the stock with a sell rating, eight have given a hold rating and seven have given a buy rating to the stock. Based on data from MarketBeat.com, Best Buy 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.