Spire Wealth Management Sells 16,278 Shares of Best Buy Co., Inc. (NYSE:BBY)

Spire Wealth Management decreased its holdings in shares of Best Buy Co., Inc. (NYSE:BBY - Free Report) by 93.9% in the 4th quarter, according to its most recent 13F filing with the SEC. The fund owned 1,052 shares of the technology retailer's stock after selling 16,278 shares during the period. Spire Wealth Management's holdings in Best Buy were worth $90,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds also recently made changes to their positions in the business. Greenleaf Trust boosted its stake in shares of Best Buy by 1.2% during the 3rd quarter. Greenleaf Trust now owns 9,454 shares of the technology retailer's stock worth $977,000 after buying an additional 108 shares during the last quarter. SeaCrest Wealth Management LLC lifted its stake in Best Buy by 4.6% in the 3rd quarter. SeaCrest Wealth Management LLC now owns 2,675 shares of the technology retailer's stock valued at $276,000 after purchasing an additional 118 shares during the last quarter. Access Investment Management LLC lifted its stake in Best Buy by 12.2% in the 3rd quarter. Access Investment Management LLC now owns 1,380 shares of the technology retailer's stock valued at $143,000 after purchasing an additional 150 shares during the last quarter. Claro Advisors LLC lifted its stake in Best Buy by 5.7% in the 4th quarter. Claro Advisors LLC now owns 2,861 shares of the technology retailer's stock valued at $246,000 after purchasing an additional 154 shares during the last quarter. Finally, Rosenberg Matthew Hamilton lifted its stake in Best Buy by 14.2% in the 4th quarter. Rosenberg Matthew Hamilton now owns 1,243 shares of the technology retailer's stock valued at $107,000 after purchasing an additional 155 shares during the last quarter. Institutional investors own 80.96% of the company's stock.

Wall Street Analyst Weigh In

Several equities research analysts recently issued reports on the stock. Guggenheim cut their target price on shares of Best Buy from $110.00 to $105.00 and set a "buy" rating for the company in a research note on Friday, November 29th. UBS Group cut their target price on shares of Best Buy from $123.00 to $115.00 and set a "buy" rating for the company in a research note on Wednesday, November 27th. Loop Capital reiterated a "buy" rating and issued a $100.00 target price on shares of Best Buy in a research note on Wednesday, December 18th. Truist Financial cut their target price on shares of Best Buy from $107.00 to $95.00 and set a "hold" rating for the company in a research note on Wednesday, November 27th. Finally, Telsey Advisory Group lowered their price target on shares of Best Buy from $115.00 to $110.00 and set an "outperform" rating on the stock in a report on Tuesday, November 26th. One analyst has rated the stock with a sell rating, eight have issued a hold rating, ten have assigned a buy rating and one has assigned a strong buy rating to the company's stock. According to MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and a consensus price target of $101.72.

Insider Buying and Selling at Best Buy

In other Best Buy news, CFO Matthew M. Bilunas sold 69,166 shares of the business's stock in a transaction on 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 owns 92,070 shares of the company's stock, valued at approximately $8,052,442.20. The trade was a 42.90 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Company insiders own 0.59% of the company's stock.

Best Buy Stock Performance

Shares of BBY traded down $1.22 during mid-day trading on Wednesday, hitting $86.79. 1,874,160 shares of the company's stock were exchanged, compared to its average volume of 2,409,395. Best Buy Co., Inc. has a 52 week low of $69.29 and a 52 week high of $103.71. The stock's 50-day simple moving average is $85.79 and its 200-day simple moving average is $90.06. The firm has a market cap of $18.56 billion, a price-to-earnings ratio of 14.84, a price-to-earnings-growth ratio of 2.01 and a beta of 1.43. The company has a quick ratio of 0.22, a current ratio of 1.00 and a debt-to-equity ratio of 0.37.

Best Buy (NYSE:BBY - Get Free Report) last announced its quarterly earnings data on Tuesday, November 26th. The technology retailer reported $1.26 EPS for the quarter, missing the consensus estimate of $1.30 by ($0.04). Best Buy had a net margin of 3.01% and a return on equity of 45.93%. The firm had revenue of $9.45 billion for the quarter, compared to analyst estimates of $9.63 billion. During the same quarter in the prior year, the firm earned $1.29 earnings per share. The firm's revenue for the quarter was down 3.2% on a year-over-year basis. On average, equities research analysts expect that Best Buy Co., Inc. will post 6.18 EPS for the current year.

Best Buy Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, January 7th. Shareholders of record on Tuesday, December 17th were given a dividend of $0.94 per share. The ex-dividend date of this dividend was Tuesday, December 17th. This represents a $3.76 annualized dividend and a yield of 4.33%. Best Buy's dividend payout ratio is currently 64.27%.

Best Buy Company 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.