The Manufacturers Life Insurance Company increased its stake in Best Buy Co., Inc. (NYSE:BBY) by 2.6% during the fourth quarter, according to its latest filing with the Securities and Exchange Commission (SEC). The firm owned 156,894 shares of the technology retailer’s stock after purchasing an additional 3,909 shares during the period. This stake was valued at $13,462,000 as of the company’s most recent SEC filing.
Other hedge funds have also adjusted their holdings in Best Buy. IFP Advisors Inc increased its holdings by 5.2%, now owning 2,538 shares valued at $218,000. Mariner LLC boosted its stake by 0.3%, holding 43,215 shares worth $3,708,000. Rothschild Investment LLC grew its position by 19.7%, now owning 861 shares valued at $74,000. Independent Advisor Alliance increased its stake by 5.0%, holding 3,002 shares worth $258,000. Yousif Capital Management LLC raised its holdings by 0.5%, now owning 29,904 shares valued at $2,566,000.
Analyst Ratings and Price Targets
Several research analysts have commented on BBY shares. Guggenheim lowered its target price from $105.00 to $90.00 and maintained a “buy” rating. Telsey Advisory Group reduced its price objective from $110.00 to $100.00 with an “outperform” rating. JPMorgan Chase & Co. dropped its target price from $115.00 to $110.00 and set an “overweight” rating. Jefferies Financial Group reduced its price target from $106.00 to $92.00 with a “buy” rating. KeyCorp reaffirmed a “sector weight” rating.
Insider Activity and Stock Performance
CFO Matthew M. Bilunas sold 51,000 shares on March 24th at an average price of $74.20, reducing his stake by 47.73%. CEO Corie S. Barry acquired 13,500 shares on March 12th at $72.92 per share, increasing her ownership by 3.70%. Insiders have sold 78,355 shares valued at $5,767,213 in the last 90 days. The stock opened at $68.05 on Friday, with a market capitalization of $14.38 billion.
Recent Financial Performance
Best Buy reported $2.58 earnings per share for the quarter, beating the consensus estimate of $2.40. The company had revenue of $13.95 billion, exceeding the consensus estimate of $13.69 billion. Best Buy increased its quarterly dividend to $0.95 per share, representing a 5.58% yield.
