Cullen Frost Bankers Inc. Acquires 5,412 Shares of Best Buy Co., Inc. (NYSE:BBY)

Cullen Frost Bankers Inc. boosted its stake in shares of Best Buy Co., Inc. (NYSE:BBY) by 7.0% during the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 82,404 shares of the technology retailer’s stock after buying an additional 5,412 shares during the quarter. Cullen Frost Bankers Inc.’s holdings in Best Buy were worth $6,451,000 as of its most recent SEC filing.

A number of other institutional investors have also recently made changes to their positions in the stock. Charles Schwab Investment Management Inc. boosted its holdings in Best Buy by 1.5% in the third quarter. Charles Schwab Investment Management Inc. now owns 4,478,759 shares of the technology retailer’s stock valued at $311,139,000 after acquiring an additional 66,770 shares during the last quarter. Invesco Ltd. increased its position in shares of Best Buy by 8.7% during the third quarter. Invesco Ltd. now owns 3,450,910 shares of the technology retailer’s stock worth $239,735,000 after buying an additional 276,366 shares during the period. Northern Trust Corp raised its stake in Best Buy by 7.7% during the third quarter. Northern Trust Corp now owns 2,787,163 shares of the technology retailer’s stock worth $193,624,000 after buying an additional 199,749 shares during the last quarter. Federated Hermes Inc. lifted its holdings in Best Buy by 6.4% in the fourth quarter. Federated Hermes Inc. now owns 2,752,920 shares of the technology retailer’s stock valued at $215,499,000 after buying an additional 166,478 shares during the period. Finally, Barclays PLC lifted its holdings in Best Buy by 120.3% in the third quarter. Barclays PLC now owns 1,336,071 shares of the technology retailer’s stock valued at $92,819,000 after buying an additional 729,605 shares during the period. Institutional investors own 80.96% of the company’s stock.

Insider Transactions at Best Buy

In related news, CEO Corie S. Barry sold 366 shares of the stock in a transaction that occurred on Wednesday, April 17th. The stock was sold at an average price of $75.76, for a total transaction of $27,728.16. Following the completion of the sale, the chief executive officer now directly owns 431,231 shares of the company’s stock, valued at $32,670,060.56. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. In related news, CEO Corie S. Barry sold 366 shares of the stock in a transaction dated Wednesday, April 17th. The shares were sold at an average price of $75.76, for a total transaction of $27,728.16. Following the completion of the transaction, the chief executive officer now owns 431,231 shares in the company, valued at $32,670,060.56. The transaction was disclosed in a document filed with the SEC, which is available through this link. Also, CEO Corie S. Barry sold 28,042 shares of Best Buy stock in a transaction dated Friday, March 22nd. The stock was sold at an average price of $81.80, for a total transaction of $2,293,835.60. Following the completion of the sale, the chief executive officer now directly owns 429,159 shares in the company, valued at approximately $35,105,206.20. The disclosure for this sale can be found here. Insiders have sold 52,023 shares of company stock worth $4,253,900 in the last 90 days. Insiders own 0.59% of the company’s stock.

Analyst Upgrades and Downgrades

Several research firms have recently weighed in on BBY. Morgan Stanley lifted their price objective on Best Buy from $80.00 to $82.00 and gave the stock an “equal weight” rating in a research report on Friday, March 1st. Wedbush boosted their price target on Best Buy from $75.00 to $85.00 and gave the company a “neutral” rating in a research note on Friday, March 1st. TheStreet raised shares of Best Buy from a “c” rating to a “b-” rating in a research report on Thursday, February 29th. The Goldman Sachs Group lifted their price objective on shares of Best Buy from $81.00 to $90.00 and gave the company a “buy” rating in a research note on Friday, March 1st. Finally, Telsey Advisory Group raised shares of Best Buy from a “market perform” rating to an “outperform” rating and increased their target price for the stock from $85.00 to $95.00 in a research note on Wednesday, March 20th. One analyst has rated the stock with a sell rating, eight have issued a hold rating and seven have given a buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has an average rating of “Hold” and an average price target of $84.00.

Best Buy Stock Up 0.2 %

BBY stock opened at $73.22 on Thursday. The firm has a market capitalization of $15.84 billion, a PE ratio of 12.87, a P/E/G ratio of 1.94 and a beta of 1.50. The company has a quick ratio of 0.37, a current ratio of 1.00 and a debt-to-equity ratio of 0.38. Best Buy Co., Inc. has a twelve month low of $62.30 and a twelve month high of $86.11. The stock’s 50 day moving average is $77.75 and its 200-day moving average is $74.34.

Best Buy (NYSE:BBY) last posted its quarterly earnings data on Thursday, February 29th. The technology retailer reported $2.72 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.51 by $0.21. The firm had revenue of $14.65 billion for the quarter, compared to the consensus estimate of $14.58 billion. Best Buy had a net margin of 2.86% and a return on equity of 48.45%. The business’s revenue for the quarter was down .6% compared to the same quarter last year. During the same period in the previous year, the firm earned $2.61 EPS. Sell-side analysts expect that Best Buy Co., Inc. will post 6.03 EPS for the current fiscal year.

Best Buy Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Thursday, April 11th. Shareholders of record on Thursday, March 21st were given a dividend of $0.94 per share. The ex-dividend date was Wednesday, March 20th. This represents a $3.76 annualized dividend and a dividend yield of 5.14%. This is a boost from Best Buy’s previous quarterly dividend of $0.92. Best Buy’s dividend payout ratio (DPR) is currently 66.08%.

Best Buy 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.