Van ECK Associates Corp Increases Stake in Best Buy Co., Inc.

Van ECK Associates Corp has significantly increased its holdings in Best Buy Co., Inc. (NYSE:BBY) by 52.6% during the fourth quarter, as disclosed in its recent filing with the SEC. The firm now possesses 110,857 shares of the technology retailer's stock after purchasing an additional 38,216 shares during this period. At this point, Van ECK Associates Corp's stake in Best Buy is approximately 0.05%, valued at $9,511,000 based on the most recent reporting.

In addition to Van ECK, several other large investors have also changed their positions in Best Buy recently. For instance, Greenleaf Trust increased its holdings by 1.2% in the third quarter, now owning 9,454 shares valued at $977,000 after acquiring an additional 108 shares. Yousif Capital Management LLC raised its position by 0.5% in the fourth quarter, totaling 29,904 shares worth $2,566,000 after adding 145 shares to its portfolio. Likewise, Access Investment Management LLC increased its stake by 12.2%, resulting in ownership of 1,380 shares valued at $143,000 after acquiring 150 shares. Claro Advisors LLC also bought more shares, lifting its position by 5.7% to a total of 2,861 shares valued at $246,000 after acquiring 154 additional shares. Finally, Rosenberg Matthew Hamilton raised its position by 14.2% in the fourth quarter, now holding 1,243 shares worth $107,000 after adding 155 shares. Overall, institutional investors and hedge funds own approximately 80.96% of the company's stock.

Insider Transactions

In related news at Best Buy, Chief Financial Officer Matthew M. Bilunas sold 69,166 shares on December 11th for an average price of $87.46, totaling around $6,049,258.36. Following this sale, Bilunas now directly owns 92,070 shares, valued at around $8,052,442.20. This transaction represents a 42.90% reduction in Bilunas's ownership. The sale was officially reported in a filing with the SEC, with insiders currently owning about 0.59% of the stock.

Analyst Ratings and Price Targets

Best Buy has recently been the subject of various research reports. For example, JPMorgan Chase & Co. raised their price target from $111.00 to $117.00 and gave an “overweight” rating to the company. Loop Capital reiterated a “buy” rating with a target price of $100.00. However, Truist Financial lowered their target from $107.00 to $95.00 and maintained a “hold” rating. Citigroup also reduced its target from $109.00 to $101.00, issuing a “buy” rating in the process. StockNews.com downgraded Best Buy from a “buy” rating to a “hold.” Currently, one research analyst rates the stock as sell, eight analysts as hold, ten as buy, and one as strong buy. The consensus rating for Best Buy remains “Moderate Buy” with an average target price of $101.72.

Best Buy Stock Overview

On Monday, shares of Best Buy opened at $91.16. The firm's fifty-day moving average stands at $85.76, while its two-hundred-day moving average is $90.10. Best Buy has a market capitalization of $19.49 billion with a price-to-earnings ratio of 15.58 and a PEG ratio of 2.01. The stock has fluctuated between a 52-week low of $69.29 and a high of $103.71. Financial metrics indicate a debt-to-equity ratio of 0.37, a quick ratio of 0.22, and a current ratio of 1.00.

Best Buy's last quarterly earnings report was released on November 26th. The retailer reported earnings per share (EPS) of $1.26 for the quarter, slightly missing analysts' expectations of $1.30 by $0.04. The company had a net margin of 3.01% and a return on equity of 45.93%. Revenue for the quarter reached $9.45 billion, compared to a forecast of $9.63 billion. Year-over-year, Best Buy's revenue declined by 3.2%. Analysts predict that Best Buy will post an EPS of 6.18 for the current year.

Dividend Information

Best Buy recently declared a quarterly dividend, which was paid out on January 7th. Shareholders on record as of December 17th received a dividend of $0.94. The ex-dividend date was also December 17th, leading to an annualized dividend of $3.76, resulting in a yield of 4.12%. The company's dividend payout ratio currently stands at 64.27%.

Company Overview

Best Buy Co., Inc. operates in the retail sector, specifically focusing on technology products. The company serves customers in the United States, Canada, and internationally. Its product offerings include computing devices, mobile phones, networking products, tablets, consumer electronics, and home appliances, among various other items.

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