HS Management Partners LLC Has $45.38 Million Stock Position in Best Buy Co., Inc. (NYSE:BBY)

HS Management Partners LLC cut its position in Best Buy Co., Inc. (NYSE:BBY - Free Report) by 16.3% during the 4th quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 528,875 shares of the technology retailer's stock after selling 102,885 shares during the quarter. Best Buy comprises 3.1% of HS Management Partners LLC's holdings, making the stock its 17th biggest position. HS Management Partners LLC owned approximately 0.25% of Best Buy worth $45,377,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of BBY. Golden State Wealth Management LLC bought a new position in shares of Best Buy in the fourth quarter worth $32,000. Trust Co. of Vermont grew its position in Best Buy by 1,200.0% in the 4th quarter. Trust Co. of Vermont now owns 416 shares of the technology retailer's stock valued at $36,000 after buying an additional 384 shares in the last quarter. Harbor Capital Advisors Inc. acquired a new position in Best Buy during the 3rd quarter valued at about $40,000. LRI Investments LLC raised its position in shares of Best Buy by 632.1% during the 3rd quarter. LRI Investments LLC now owns 388 shares of the technology retailer's stock worth $40,000 after buying an additional 335 shares in the last quarter. Finally, Brooklyn Investment Group acquired a new stake in shares of Best Buy in the 3rd quarter worth approximately $44,000. 80.96% of the stock is owned by institutional investors and hedge funds.

Best Buy Stock Up 1.3 %

Shares of BBY traded up $1.06 during mid-day trading on Friday, hitting $79.66. 3,116,016 shares of the company's stock were exchanged, compared to its average volume of 2,963,150. 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 Co., Inc. has a twelve month low of $69.29 and a twelve month high of $103.71. The firm has a fifty day moving average of $85.58 and a two-hundred day moving average of $90.46. The stock has a market cap of $17.03 billion, a price-to-earnings ratio of 13.62, a P/E/G ratio of 2.10 and a beta of 1.43.

Remove Ads

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

Best Buy Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, April 15th. Stockholders of record on Tuesday, March 25th will be issued 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 4.77%. Best Buy's dividend payout ratio is currently 88.99%.

Wall Street Analysts Forecast Growth

A number of research analysts recently commented on the stock. Citigroup lowered 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. UBS Group reiterated a "buy" rating and set a $105.00 price target (down from $115.00) on shares of Best Buy in a research report on Friday, February 28th. Barclays dropped their price objective on Best Buy from $95.00 to $89.00 and set an "equal weight" rating on the stock in a research note on Thursday, January 9th. Piper Sandler decreased their target price on Best Buy from $102.00 to $92.00 and set an "overweight" rating for the company in a research note on Wednesday. Finally, DA Davidson dropped their price target on shares of Best Buy from $117.00 to $110.00 and set a "buy" rating on the stock in a research report on Wednesday. One research analyst has rated the stock with a sell rating, nine have given a hold rating, ten have given a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and an average price target of $93.50.

Insider Activity

In other news, CFO Matthew M. Bilunas sold 69,166 shares of the stock in a transaction dated Wednesday, December 11th. The stock was sold at an average price of $87.46, for a total transaction of $6,049,258.36. Following the transaction, the chief financial officer now owns 92,070 shares of the company's stock, valued at approximately $8,052,442.20. This represents a 42.90 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. 0.59% of the stock is currently owned by insiders.

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.