HighTower Advisors LLC Acquires 37,302 Shares of Best Buy Co., Inc. (NYSE:BBY)

HighTower Advisors LLC increased its holdings in Best Buy Co., Inc. (NYSE:BBY - Free Report) by 460.3% during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 45,406 shares of the technology retailer's stock after purchasing an additional 37,302 shares during the quarter. HighTower Advisors LLC's holdings in Best Buy were worth $3,896,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds also recently bought and sold shares of the business. Raymond James Financial Inc. bought a new stake in shares of Best Buy in the 4th quarter worth approximately $514,483,000. Nordea Investment Management AB lifted its stake in Best Buy by 563.8% in the fourth quarter. Nordea Investment Management AB now owns 592,460 shares of the technology retailer's stock worth $50,643,000 after acquiring an additional 503,204 shares during the period. National Bank of Canada FI boosted its holdings in Best Buy by 817.4% in the third quarter. National Bank of Canada FI now owns 537,886 shares of the technology retailer's stock valued at $55,564,000 after acquiring an additional 479,256 shares in the last quarter. Bank of New York Mellon Corp increased its position in Best Buy by 13.7% during the 4th quarter. Bank of New York Mellon Corp now owns 3,824,425 shares of the technology retailer's stock valued at $328,136,000 after purchasing an additional 459,353 shares during the period. Finally, Charles Schwab Investment Management Inc. raised its holdings in Best Buy by 6.4% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 6,560,368 shares of the technology retailer's stock worth $562,880,000 after purchasing an additional 395,415 shares in the last quarter. Hedge funds and other institutional investors own 80.96% of the company's stock.

Remove Ads

Insiders Place Their Bets

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

Best Buy Stock Performance

Shares of NYSE:BBY traded up $2.12 during mid-day trading on Monday, reaching $75.68. 3,255,396 shares of the company traded hands, compared to its average volume of 2,969,184. The company's 50 day moving average price is $83.34 and its 200-day moving average price is $89.01. The firm has a market cap of $16.18 billion, a PE ratio of 12.94, a PEG ratio of 2.10 and a beta of 1.43. Best Buy Co., Inc. has a 52 week low of $69.29 and a 52 week 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.

Best Buy (NYSE:BBY - Get Free Report) last released its 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 for the quarter, compared to analysts' expectations of $13.69 billion. Best Buy had a net margin of 3.01% and a return on equity of 45.93%. During the same quarter in the previous year, the company earned $2.72 EPS. On average, equities analysts expect that Best Buy Co., Inc. will post 6.18 EPS for the current fiscal year.

Best Buy Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Tuesday, April 15th. Investors of record on Tuesday, March 25th will be given a dividend of $0.95 per share. This is a positive change from Best Buy's previous quarterly dividend of $0.94. The ex-dividend date is Tuesday, March 25th. This represents a $3.80 dividend on an annualized basis and a dividend yield of 5.02%. Best Buy's dividend payout ratio is currently 88.99%.

Analysts Set New Price Targets

A number of equities research analysts have recently weighed in on the stock. Wells Fargo & Company cut their target price on shares of Best Buy from $89.00 to $85.00 and set an "equal weight" rating on the stock in a research note on Wednesday, March 5th. Citigroup dropped their price objective on shares of Best Buy from $105.00 to $93.00 and set a "buy" rating on the stock in a research note on Wednesday, March 5th. UBS Group set a $105.00 target price on shares of Best Buy in a research note on Wednesday, March 5th. DA Davidson dropped their price target on Best Buy from $117.00 to $110.00 and set a "buy" rating on the stock in a research report on Wednesday, March 5th. Finally, Guggenheim cut their price target on Best Buy from $105.00 to $90.00 and set a "buy" 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 assigned a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, Best Buy presently has a consensus rating of "Hold" and an average target price of $93.50.

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.