Commonwealth Equity Services LLC Sells 4,255 Shares of Best Buy Co., Inc. (NYSE:BBY)

Commonwealth Equity Services LLC lowered its holdings in Best Buy Co., Inc. (NYSE:BBY - Free Report) by 4.2% during the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 97,830 shares of the technology retailer's stock after selling 4,255 shares during the period. Commonwealth Equity Services LLC's holdings in Best Buy were worth $8,394,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also bought and sold shares of BBY. Rakuten Securities Inc. boosted its position in Best Buy by 971.9% in the fourth quarter. Rakuten Securities Inc. now owns 343 shares of the technology retailer's stock worth $29,000 after purchasing an additional 311 shares during the last quarter. Golden State Wealth Management LLC purchased a new position in Best Buy in the fourth quarter worth $32,000. OFI Invest Asset Management purchased a new position in Best Buy in the fourth quarter worth $34,000. Trust Co. of Vermont boosted its position in Best Buy by 1,200.0% in the fourth quarter. Trust Co. of Vermont now owns 416 shares of the technology retailer's stock worth $36,000 after purchasing an additional 384 shares during the last quarter. Finally, LRI Investments LLC boosted its position in Best Buy by 632.1% in the third quarter. LRI Investments LLC now owns 388 shares of the technology retailer's stock worth $40,000 after purchasing an additional 335 shares during the last quarter. Hedge funds and other institutional investors own 80.96% of the company's stock.

Wall Street Analysts Forecast Growth

A number of research analysts have recently commented on the company. Wells Fargo & Company dropped their price target on Best Buy from $89.00 to $85.00 and set an "equal weight" rating on the stock in a research report on Wednesday, March 5th. KeyCorp reiterated a "sector weight" rating on shares of Best Buy in a research note on Wednesday, March 5th. UBS Group set a $105.00 target price on Best Buy in a research note on Wednesday, March 5th. Truist Financial decreased their target price on Best Buy from $95.00 to $81.00 and set a "hold" rating on the stock in a research note on Wednesday, March 5th. Finally, Bank of America decreased their target price on Best Buy from $80.00 to $75.00 and set an "underperform" rating on the stock in a research note on Wednesday, March 5th. Two equities research analysts have rated the stock with a sell rating, nine have given a hold rating, nine have given a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of "Hold" and a consensus price target of $93.50.

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Best Buy Trading Up 0.2 %

BBY stock traded up $0.15 during trading on Friday, hitting $73.63. 6,849,486 shares of the company traded hands, compared to its average volume of 2,968,034. The firm has a market capitalization of $15.74 billion, a PE ratio of 12.59, a P/E/G ratio of 2.10 and a beta of 1.43. Best Buy Co., Inc. has a 1 year low of $69.29 and a 1 year high of $103.71. The company has a 50-day moving average of $83.34 and a 200-day moving average of $89.09. The company has a debt-to-equity ratio of 0.37, a quick ratio of 0.22 and a current ratio of 1.00.

Best Buy (NYSE:BBY - Get Free Report) last released its quarterly earnings data on Tuesday, March 4th. The technology retailer reported $2.58 earnings per share for the quarter, topping the consensus estimate of $2.40 by $0.18. Best Buy had a return on equity of 45.93% and a net margin of 3.01%. The business had revenue of $13.95 billion during the quarter, compared to analysts' expectations of $13.69 billion. During the same quarter last year, the business posted $2.72 EPS. Analysts predict that Best Buy Co., Inc. will post 6.18 earnings per share for the current fiscal year.

Best Buy Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, April 15th. Shareholders of record on Tuesday, March 25th will be issued a $0.95 dividend. The ex-dividend date of this dividend is Tuesday, March 25th. This represents a $3.80 annualized dividend and a yield of 5.16%. This is a boost from Best Buy's previous quarterly dividend of $0.94. Best Buy's dividend payout ratio (DPR) is 88.99%.

Insiders Place Their Bets

In other news, CAO Mathew Watson sold 3,182 shares of the firm's stock in a transaction that occurred on Friday, March 14th. The stock was sold at an average price of $71.29, for a total value of $226,844.78. Following the completion of the transaction, the chief accounting officer now owns 19,218 shares in the company, valued at $1,370,051.22. This trade represents a 14.21 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CEO Corie S. Barry bought 13,500 shares of Best Buy stock in a transaction on Wednesday, March 12th. The stock was acquired at an average cost of $72.92 per share, with a total value of $984,420.00. Following the acquisition, the chief executive officer now owns 378,780 shares in the company, valued at approximately $27,620,637.60. This represents a 3.70 % increase in their position. The disclosure for this purchase can be found here. Company insiders own 0.59% of the company's stock.

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.