Cerity Partners LLC Decreases Position in Best Buy Co., Inc. (NYSE:BBY)

Cerity Partners LLC lessened its stake in shares of Best Buy Co., Inc. (NYSE:BBY - Free Report) by 5.3% in the 4th quarter, according to its most recent disclosure with the SEC. The firm owned 156,767 shares of the technology retailer's stock after selling 8,860 shares during the period. Cerity Partners LLC owned 0.07% of Best Buy worth $13,662,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also bought and sold shares of the stock. Aster Capital Management DIFC Ltd bought a new stake in Best Buy during the 4th quarter worth approximately $51,000. Russell Investments Group Ltd. raised its holdings in Best Buy by 0.4% during the fourth quarter. Russell Investments Group Ltd. now owns 168,846 shares of the technology retailer's stock valued at $14,488,000 after acquiring an additional 690 shares during the period. Envestnet Asset Management Inc. boosted its stake in shares of Best Buy by 2.5% in the fourth quarter. Envestnet Asset Management Inc. now owns 843,244 shares of the technology retailer's stock worth $72,350,000 after acquiring an additional 20,958 shares during the period. Resona Asset Management Co. Ltd. bought a new stake in Best Buy during the 4th quarter valued at approximately $6,132,000. Finally, Wealth Advisors of Tampa Bay LLC lifted its holdings in Best Buy by 4.6% in the 4th quarter. Wealth Advisors of Tampa Bay LLC now owns 48,621 shares of the technology retailer's stock worth $4,172,000 after purchasing an additional 2,157 shares in the last quarter. Hedge funds and other institutional investors own 80.96% of the company's stock.

Insider Buying and Selling

In other news, CFO Matthew M. Bilunas sold 51,000 shares of the business's stock in a transaction that occurred on Monday, March 24th. The shares were sold at an average price of $74.20, for a total value of $3,784,200.00. Following the sale, the chief financial officer now directly owns 55,856 shares of the company's stock, valued at approximately $4,144,515.20. The trade was a 47.73 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CAO Mathew Watson sold 3,182 shares of the stock in a transaction that occurred on Friday, March 14th. The stock was sold at an average price of $71.29, for a total transaction of $226,844.78. Following the transaction, the chief accounting officer now directly owns 19,218 shares of the company's stock, valued at $1,370,051.22. The trade was a 14.21 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 78,355 shares of company stock worth $5,767,213. 0.59% of the stock is owned by corporate insiders.

Best Buy Stock Performance

Shares of Best Buy stock traded down $0.60 during trading on Tuesday, hitting $61.16. 1,488,230 shares of the company's stock were exchanged, compared to its average volume of 3,246,877. Best Buy Co., Inc. has a 52-week low of $54.99 and a 52-week high of $103.71. The company has a debt-to-equity ratio of 0.37, a quick ratio of 0.22 and a current ratio of 1.00. The stock has a market capitalization of $12.93 billion, a price-to-earnings ratio of 10.45, a PEG ratio of 2.10 and a beta of 1.42. The business has a 50-day simple moving average of $76.97 and a 200-day simple moving average of $85.07.

Best Buy (NYSE:BBY - Get Free Report) last issued its quarterly earnings results on Tuesday, March 4th. The technology retailer reported $2.58 EPS for the quarter, topping the consensus estimate of $2.40 by $0.18. Best Buy had a net margin of 3.01% and a return on equity of 45.93%. The company had revenue of $13.95 billion during the quarter, compared to analyst estimates of $13.69 billion. During the same quarter in the previous year, the firm earned $2.72 EPS. On average, research analysts forecast that Best Buy Co., Inc. will post 6.18 EPS for the current year.

Best Buy Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, April 15th. Investors of record on Tuesday, March 25th will be issued a $0.95 dividend. This represents a $3.80 annualized dividend and a dividend yield of 6.21%. The ex-dividend date is Tuesday, March 25th. This is a boost from Best Buy's previous quarterly dividend of $0.94. Best Buy's dividend payout ratio (DPR) is currently 88.99%.

Analyst Upgrades and Downgrades

Several research firms have recently issued reports on BBY. Truist Financial reduced their price objective on shares of Best Buy from $81.00 to $64.00 and set a "hold" rating on the stock in a research report on Tuesday, April 8th. Telsey Advisory Group reduced their price objective on Best Buy from $110.00 to $100.00 and set an "outperform" rating on the stock in a research note on Wednesday, March 5th. Bank of America cut their target price on shares of Best Buy from $80.00 to $75.00 and set an "underperform" rating for the company in a report on Wednesday, March 5th. Loop Capital reissued a "negative" rating on shares of Best Buy in a research note on Wednesday, March 5th. Finally, UBS Group set a $105.00 price objective on Best Buy in a research report on Wednesday, March 5th. Two research analysts have rated the stock with a sell rating, ten have given a hold rating, eight have assigned a buy rating and one has issued a strong buy rating to the company's stock. According to MarketBeat, Best Buy currently has a consensus rating of "Hold" and an average price target of $91.28.

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.