Smith Group Asset Management LLC Invests $343,000 in Best Buy Co., Inc. (NYSE:BBY)

Smith Group Asset Management LLC bought a new position in shares of Best Buy Co., Inc. (NYSE:BBY - Free Report) during the fourth quarter, according to its most recent Form 13F filing with the SEC. The fund bought 4,000 shares of the technology retailer's stock, valued at approximately $343,000.

Other institutional investors have also recently added to or reduced their stakes in the company. Robeco Institutional Asset Management B.V. lifted its position in shares of Best Buy by 33.7% in the 4th quarter. Robeco Institutional Asset Management B.V. now owns 603,735 shares of the technology retailer's stock worth $51,800,000 after purchasing an additional 152,126 shares during the period. Lebenthal Global Advisors LLC lifted its position in shares of Best Buy by 68.7% in the 4th quarter. Lebenthal Global Advisors LLC now owns 6,495 shares of the technology retailer's stock worth $557,000 after purchasing an additional 2,645 shares during the period. Pacer Advisors Inc. lifted its position in shares of Best Buy by 76.1% in the 4th quarter. Pacer Advisors Inc. now owns 25,656 shares of the technology retailer's stock worth $2,201,000 after purchasing an additional 11,090 shares during the period. Stablepoint Partners LLC lifted its position in shares of Best Buy by 35.5% in the 4th quarter. Stablepoint Partners LLC now owns 6,454 shares of the technology retailer's stock worth $554,000 after purchasing an additional 1,691 shares during the period. Finally, Exchange Traded Concepts LLC lifted its position in shares of Best Buy by 45.7% in the 4th quarter. Exchange Traded Concepts LLC now owns 3,497 shares of the technology retailer's stock worth $300,000 after purchasing an additional 1,097 shares during the period. 80.96% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

BBY has been the topic of a number of recent analyst reports. Citigroup dropped their price target on shares of Best Buy from $109.00 to $101.00 and set a "buy" rating on the stock in a research report on Wednesday, November 27th. Morgan Stanley dropped their target price on shares of Best Buy from $105.00 to $100.00 and set an "equal weight" rating on the stock in a research report on Tuesday, January 21st. StockNews.com downgraded shares of Best Buy from a "buy" rating to a "hold" rating in a research report on Friday, November 15th. UBS Group dropped their target price on shares of Best Buy from $123.00 to $115.00 and set a "buy" rating on the stock in a research report on Wednesday, November 27th. Finally, Truist Financial dropped their target price on shares of Best Buy from $107.00 to $95.00 and set a "hold" rating on the stock in a research report on Wednesday, November 27th. One analyst has rated the stock with a sell rating, eight have issued a hold rating, ten have given a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and a consensus target price of $101.72.

Insider Activity at Best Buy

In other Best Buy news, CFO Matthew M. Bilunas sold 69,166 shares of the company's stock in a transaction dated Wednesday, December 11th. The shares were sold at an average price of $87.46, for a total transaction of $6,049,258.36. Following the sale, the chief financial officer now directly owns 92,070 shares of the company's stock, valued at $8,052,442.20. This represents a 42.90 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. 0.59% of the stock is owned by company insiders.

Best Buy Stock Up 2.2 %

Shares of NYSE BBY traded up $1.88 during trading on Thursday, hitting $86.97. The stock had a trading volume of 423,660 shares, compared to its average volume of 2,252,042. Best Buy Co., Inc. has a 12 month low of $69.29 and a 12 month high of $103.71. The company has a debt-to-equity ratio of 0.37, a current ratio of 1.00 and a quick ratio of 0.22. The company has a market capitalization of $18.60 billion, a PE ratio of 14.87, a PEG ratio of 2.11 and a beta of 1.43. The firm has a fifty day moving average of $86.38 and a two-hundred day moving average of $90.16.

Best Buy (NYSE:BBY - Get Free Report) last posted its earnings results on Tuesday, November 26th. The technology retailer reported $1.26 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.30 by ($0.04). Best Buy had a return on equity of 45.93% and a net margin of 3.01%. The firm had revenue of $9.45 billion during the quarter, compared to the consensus estimate of $9.63 billion. During the same quarter in the previous year, the company earned $1.29 EPS. The business's revenue was down 3.2% compared to the same quarter last year. As a group, equities research analysts forecast that Best Buy Co., Inc. will post 6.18 EPS for the current fiscal year.

Best Buy Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Tuesday, January 7th. Investors of record on Tuesday, December 17th were given a dividend of $0.94 per share. The ex-dividend date was Tuesday, December 17th. This represents a $3.76 annualized dividend and a yield of 4.32%. Best Buy's payout ratio is currently 64.27%.

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.