Canada Pension Plan Investment Board Grows Stake in Best Buy Co., Inc. (NYSE:BBY)

Canada Pension Plan Investment Board increased its holdings in Best Buy Co., Inc. (NYSE:BBY) by 237.8% during the second quarter, according to its most recent disclosure with the SEC. The institutional investor owned 177,859 shares of the technology retailer’s stock after buying an additional 125,202 shares during the period. Canada Pension Plan Investment Board owned 0.08% of Best Buy worth $14,992,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds also recently made changes to their positions in the business. AMF Tjanstepension AB bought a new position in Best Buy in the 1st quarter worth about $8,676,000. GAMMA Investing LLC increased its position in shares of Best Buy by 78.7% in the second quarter. GAMMA Investing LLC now owns 2,039 shares of the technology retailer’s stock worth $172,000 after purchasing an additional 898 shares during the last quarter. Bridgewater Associates LP raised its stake in Best Buy by 34.9% in the fourth quarter. Bridgewater Associates LP now owns 195,156 shares of the technology retailer’s stock valued at $15,277,000 after purchasing an additional 50,438 shares in the last quarter. Envestnet Portfolio Solutions Inc. lifted its position in Best Buy by 11.4% during the second quarter. Envestnet Portfolio Solutions Inc. now owns 74,764 shares of the technology retailer’s stock valued at $6,302,000 after purchasing an additional 7,663 shares during the last quarter. Finally, Teachers Retirement System of The State of Kentucky grew its stake in Best Buy by 214.4% in the 4th quarter. Teachers Retirement System of The State of Kentucky now owns 426,430 shares of the technology retailer’s stock worth $33,381,000 after buying an additional 290,812 shares in the last quarter. Hedge funds and other institutional investors own 80.96% of the company’s stock.

Insider Activity at Best Buy

In other news, Chairman Richard M. Schulze sold 691,328 shares of the firm’s stock in a transaction dated Thursday, July 18th. The shares were sold at an average price of $88.46, for a total value of $61,154,874.88. Following the completion of the sale, the chairman now directly owns 14,911,525 shares of the company’s stock, valued at approximately $1,319,073,501.50. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. In other news, Chairman Richard M. Schulze sold 691,328 shares of the stock in a transaction that occurred on Thursday, July 18th. The stock was sold at an average price of $88.46, for a total value of $61,154,874.88. Following the completion of the transaction, the chairman now owns 14,911,525 shares of the company’s stock, valued at approximately $1,319,073,501.50. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Chairman Richard M. Schulze sold 600,000 shares of Best Buy stock in a transaction that occurred on Monday, July 22nd. The shares were sold at an average price of $88.29, for a total value of $52,974,000.00. Following the sale, the chairman now owns 14,002,853 shares in the company, valued at $1,236,311,891.37. The disclosure for this sale can be found here. Insiders have sold a total of 1,383,370 shares of company stock worth $122,233,276 over the last quarter. Corporate insiders own 0.59% of the company’s stock.

Wall Street Analysts Forecast Growth

Several analysts have recently weighed in on the stock. StockNews.com upgraded shares of Best Buy from a “hold” rating to a “buy” rating in a research report on Monday. Citigroup lifted their price target on Best Buy from $100.00 to $115.00 and gave the stock a “buy” rating in a research note on Friday, August 30th. Wells Fargo & Company increased their price objective on Best Buy from $80.00 to $95.00 and gave the company an “equal weight” rating in a research report on Friday, August 30th. JPMorgan Chase & Co. boosted their target price on Best Buy from $101.00 to $111.00 and gave the stock an “overweight” rating in a research report on Friday, August 30th. Finally, Piper Sandler reiterated an “overweight” rating and set a $114.00 price target (up from $100.00) on shares of Best Buy in a research report on Friday, August 30th. One equities research analyst has rated the stock with a sell rating, seven have assigned a hold rating, ten have given a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, Best Buy currently has an average rating of “Moderate Buy” and an average price target of $102.41.

Best Buy Price Performance

Shares of Best Buy stock opened at $97.82 on Tuesday. The company’s fifty day simple moving average is $90.39 and its two-hundred day simple moving average is $83.67. Best Buy Co., Inc. has a 12-month low of $62.30 and a 12-month high of $103.71. The firm has a market cap of $21.10 billion, a PE ratio of 17.13, a price-to-earnings-growth ratio of 2.56 and a beta of 1.46. The company has a quick ratio of 0.34, a current ratio of 1.01 and a debt-to-equity ratio of 0.37.

Best Buy (NYSE:BBY) last announced its quarterly earnings results on Thursday, August 29th. The technology retailer reported $1.34 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.16 by $0.18. Best Buy had a return on equity of 47.19% and a net margin of 2.96%. The company had revenue of $9.29 billion for the quarter, compared to the consensus estimate of $9.23 billion. During the same quarter in the previous year, the business earned $1.22 EPS. Best Buy’s revenue was down 3.1% compared to the same quarter last year. As a group, equities analysts expect that Best Buy Co., Inc. will post 6.26 EPS for the current year.

Best Buy Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Thursday, October 10th. Investors of record on Thursday, September 19th will be paid a $0.94 dividend. This represents a $3.76 dividend on an annualized basis and a yield of 3.84%. The ex-dividend date of this dividend is Thursday, September 19th. Best Buy’s payout ratio is 65.85%.

Best Buy Company 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.