Crux Wealth Advisors Purchases New Position in Best Buy Co., Inc. (NYSE:BBY)

Crux Wealth Advisors purchased a new stake in Best Buy Co., Inc. (NYSE:BBY - Free Report) during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund purchased 6,228 shares of the technology retailer's stock, valued at approximately $534,000.

A number of other hedge funds also recently made changes to their positions in the business. Stevens Capital Management LP grew its position in Best Buy by 228.7% in the fourth quarter. Stevens Capital Management LP now owns 22,625 shares of the technology retailer's stock valued at $1,941,000 after acquiring an additional 15,741 shares during the period. Vanguard Group Inc. boosted its holdings in Best Buy by 0.8% in the fourth quarter. Vanguard Group Inc. now owns 22,982,608 shares of the technology retailer's stock valued at $1,971,908,000 after acquiring an additional 191,161 shares during the last quarter. Invesco Ltd. lifted its position in Best Buy by 20.5% during the 4th quarter. Invesco Ltd. now owns 3,692,118 shares of the technology retailer's stock valued at $316,784,000 after purchasing an additional 629,180 shares during the period. Pinnacle Financial Partners Inc acquired a new position in Best Buy in the fourth quarter valued at approximately $3,293,000. Finally, Klein Pavlis & Peasley Financial Inc. lifted its stake in shares of Best Buy by 48.6% in the 4th quarter. Klein Pavlis & Peasley Financial Inc. now owns 26,400 shares of the technology retailer's stock valued at $2,265,000 after purchasing an additional 8,640 shares during the period. Institutional investors and hedge funds own 80.96% of the company's stock.

Best Buy Stock Performance

Shares of BBY traded up $2.42 during midday trading on Thursday, reaching $62.05. 2,044,471 shares of the stock were exchanged, compared to its average volume of 3,250,168. The company has a quick ratio of 0.22, a current ratio of 1.00 and a debt-to-equity ratio of 0.37. The stock's 50 day simple moving average is $75.97 and its 200 day simple moving average is $84.73. Best Buy Co., Inc. has a twelve month low of $54.99 and a twelve month high of $103.71. The company has a market cap of $13.12 billion, a P/E ratio of 10.61, a PEG ratio of 2.10 and a beta of 1.42.

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

Best Buy Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Tuesday, April 15th. Investors of record on Tuesday, March 25th were given a $0.95 dividend. The ex-dividend date of this dividend was Tuesday, March 25th. This represents a $3.80 dividend on an annualized basis and a dividend yield of 6.12%. This is a boost from Best Buy's previous quarterly dividend of $0.94. Best Buy's dividend payout ratio (DPR) is presently 88.99%.

Insider Activity at Best Buy

In other news, CEO Corie S. Barry acquired 13,500 shares of the firm's stock in a transaction that occurred on Wednesday, March 12th. The shares were acquired at an average cost of $72.92 per share, with a total value of $984,420.00. Following the completion of the purchase, the chief executive officer now directly owns 378,780 shares of the company's stock, valued at $27,620,637.60. The trade was a 3.70 % increase in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, 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 transaction of $3,784,200.00. Following the transaction, the chief financial officer now owns 55,856 shares of the company's stock, valued at approximately $4,144,515.20. This represents a 47.73 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 78,355 shares of company stock valued at $5,767,213 over the last quarter. 0.59% of the stock is owned by corporate insiders.

Analyst Upgrades and Downgrades

Several research firms recently weighed in on BBY. Guggenheim reduced their price objective on shares of Best Buy from $105.00 to $90.00 and set a "buy" rating on the stock in a research note on Wednesday, March 5th. Barclays decreased their price objective on Best Buy from $95.00 to $89.00 and set an "equal weight" rating for the company in a report on Thursday, January 9th. Truist Financial decreased their target price on shares of Best Buy from $81.00 to $64.00 and set a "hold" rating for the company in a research report on Tuesday, April 8th. UBS Group set a $105.00 price target on shares of Best Buy in a research report on Wednesday, March 5th. Finally, Telsey Advisory Group decreased their price objective on Best Buy from $110.00 to $100.00 and set an "outperform" rating for the company in a report on Wednesday, March 5th. Two research analysts have rated the stock with a sell rating, ten have issued a hold rating, eight have issued a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of "Hold" and a consensus target price of $91.28.

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.