Truist Financial Corp Has $2.52 Million Holdings in Best Buy Co., Inc. (NYSE:BBY)

Truist Financial Corp grew its stake in Best Buy Co., Inc. (NYSE:BBY) by 11.7% in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 29,357 shares of the technology retailer’s stock after acquiring an additional 3,072 shares during the quarter. Truist Financial Corp’s holdings in Best Buy were worth $2,519,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently modified their holdings of the stock. CIBC Asset Management Inc increased its stake in shares of Best Buy by 2.1% in the 4th quarter. CIBC Asset Management Inc now owns 34,976 shares of the technology retailer’s stock valued at $3,001,000 after acquiring an additional 727 shares during the last quarter. Principal Securities Inc. increased its stake in shares of Best Buy by 29.7% in the 4th quarter. Principal Securities Inc. now owns 11,184 shares of the technology retailer’s stock valued at $960,000 after acquiring an additional 2,563 shares during the last quarter. Manchester Capital Management LLC increased its stake in shares of Best Buy by 75.2% in the 4th quarter. Manchester Capital Management LLC now owns 743 shares of the technology retailer’s stock valued at $64,000 after acquiring an additional 319 shares during the last quarter. Rhumbline Advisers increased its stake in shares of Best Buy by 1.2% in the 4th quarter. Rhumbline Advisers now owns 455,627 shares of the technology retailer’s stock valued at $39,093,000 after acquiring an additional 5,212 shares during the last quarter. Finally, PUREfi Wealth LLC bought a new stake in shares of Best Buy in the 4th quarter valued at about $365,000. 80.96% of the stock is owned by institutional investors.

Best Buy Price Performance

NYSE:BBY opened at $90.02 on Wednesday. Best Buy Co., Inc. has a 1-year low of $69.29 and a 1-year high of $103.71. The company has a current ratio of 1.00, a quick ratio of 0.22 and a debt-to-equity ratio of 0.37. The firm has a fifty day simple moving average of $86.15 and a 200 day simple moving average of $90.52. The stock has a market capitalization of $19.25 billion, a PE ratio of 15.39, a P/E/G ratio of 2.10 and a beta of 1.43.

Best Buy (NYSE:BBY) last released its earnings results on Tuesday, November 26th. The technology retailer reported $1.26 earnings per share for the quarter, missing the consensus estimate of $1.30 by ($0.04). Best Buy had a net margin of 3.01% and a return on equity of 45.93%. The firm had revenue of $9.45 billion during the quarter, compared to the consensus estimate of $9.63 billion. During the same period in the prior year, the business posted $1.29 earnings per share. Best Buy’s quarterly revenue was down 3.2% compared to the same quarter last year. On average, research analysts expect that Best Buy Co., Inc. will post 6.18 EPS for the current fiscal year.

Insider Activity at Best Buy

In related news, CFO Matthew M. Bilunas sold 69,166 shares of the firm’s stock in a transaction on Wednesday, December 11th. The shares were sold at an average price of $87.46, for a total value of $6,049,258.36. Following the completion of the transaction, the chief financial officer now directly owns 92,070 shares of the company’s stock, valued at approximately $8,052,442.20. This trade represents a 42.90 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 0.59% of the stock is owned by company insiders.

Analyst Ratings Changes

BBY has been the subject of a number of recent analyst reports. StockNews.com cut Best Buy from a “buy” rating to a “hold” rating in a research note on Friday, November 15th. Loop Capital restated a “buy” rating and set a $100.00 target price on shares of Best Buy in a report on Wednesday, December 18th. Barclays dropped their target price on shares of Best Buy from $95.00 to $89.00 and set an “equal weight” rating on the stock in a report on Thursday, January 9th. Wells Fargo & Company dropped their target price on shares of Best Buy from $95.00 to $89.00 and set an “equal weight” rating on the stock in a report on Wednesday, November 27th. Finally, JPMorgan Chase & Co. raised their target price on shares of Best Buy from $111.00 to $117.00 and gave the stock an “overweight” rating in a report on Friday, November 22nd. One investment analyst has rated the stock with a sell rating, eight have assigned a hold rating, ten have given a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, Best Buy currently has a consensus rating of “Moderate Buy” and a consensus price target of $101.72.

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.