Maridea Wealth Management LLC Invests $651,000 in Best Buy Co., Inc. (NYSE:BBY)

Maridea Wealth Management LLC bought a new stake in Best Buy Co., Inc. (NYSE:BBY - Free Report) in the 4th quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor bought 7,590 shares of the technology retailer's stock, valued at approximately $651,000.

A number of other institutional investors have also recently bought and sold shares of the stock. IFP Advisors Inc grew its stake in shares of Best Buy by 5.2% during the 4th quarter. IFP Advisors Inc now owns 2,538 shares of the technology retailer's stock valued at $218,000 after buying an additional 125 shares during the period. Rothschild Investment LLC boosted its holdings in Best Buy by 19.7% in the fourth quarter. Rothschild Investment LLC now owns 861 shares of the technology retailer's stock valued at $74,000 after acquiring an additional 142 shares during the last quarter. Independent Advisor Alliance grew its position in Best Buy by 5.0% during the fourth quarter. Independent Advisor Alliance now owns 3,002 shares of the technology retailer's stock valued at $258,000 after acquiring an additional 142 shares during the period. Yousif Capital Management LLC increased its stake in Best Buy by 0.5% during the fourth quarter. Yousif Capital Management LLC now owns 29,904 shares of the technology retailer's stock worth $2,566,000 after acquiring an additional 145 shares during the last quarter. Finally, Claro Advisors LLC raised its holdings in shares of Best Buy by 5.7% in the 4th quarter. Claro Advisors LLC now owns 2,861 shares of the technology retailer's stock worth $246,000 after purchasing an additional 154 shares during the period. 80.96% of the stock is currently owned by hedge funds and other institutional investors.

Remove Ads

Insiders Place Their Bets

In other Best Buy news, CFO Matthew M. Bilunas sold 51,000 shares of the firm's stock in a transaction dated Monday, March 24th. The shares were sold at an average price of $74.20, for a total value of $3,784,200.00. Following the transaction, the chief financial officer now owns 55,856 shares of the company's stock, valued at $4,144,515.20. This trade represents a 47.73 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, insider Todd G. Hartman sold 4,893 shares of the company's stock in a transaction that occurred on Friday, March 21st. The shares were sold at an average price of $72.65, for a total value of $355,476.45. Following the transaction, the insider now directly owns 32,320 shares of the company's stock, valued at $2,348,048. This trade represents a 13.15 % 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 90 days. 0.59% of the stock is owned by company insiders.

Wall Street Analyst Weigh In

A number of analysts have recently issued reports on BBY shares. Telsey Advisory Group decreased their target price on Best Buy from $110.00 to $100.00 and set an "outperform" rating for the company in a report on Wednesday, March 5th. Wedbush reiterated a "neutral" rating and set a $90.00 price objective on shares of Best Buy in a research note on Monday, March 3rd. Bank of America cut their target price on shares of Best Buy from $80.00 to $75.00 and set an "underperform" rating on the stock in a research note on Wednesday, March 5th. JPMorgan Chase & Co. reduced their target price on shares of Best Buy from $115.00 to $110.00 and set an "overweight" rating on the stock in a report on Wednesday, March 5th. Finally, Truist Financial lowered their price target on Best Buy from $95.00 to $81.00 and set a "hold" rating for the company in a report on Wednesday, March 5th. Two analysts have rated the stock with a sell rating, nine have assigned a hold rating, nine have issued a buy rating and one has assigned a strong buy rating to the company's stock. Based on data from MarketBeat, the stock presently has an average rating of "Hold" and an average price target of $93.50.

Best Buy Stock Up 1.0 %

Shares of BBY traded up $0.75 during midday trading on Tuesday, hitting $74.36. The company had a trading volume of 2,343,346 shares, compared to its average volume of 3,049,993. The stock has a market cap of $15.72 billion, a price-to-earnings ratio of 12.71, a PEG ratio of 2.10 and a beta of 1.43. The company's 50 day moving average price is $82.34 and its 200 day moving average price is $88.01. 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 52 week low of $69.29 and a 52 week high of $103.71.

Best Buy (NYSE:BBY - Get Free Report) last announced its quarterly earnings data 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. Best Buy had a return on equity of 45.93% and a net margin of 3.01%. The firm had revenue of $13.95 billion during the quarter, compared to analyst estimates of $13.69 billion. During the same period in the previous year, the company earned $2.72 earnings per share. On average, equities research analysts predict that Best Buy Co., Inc. will post 6.18 EPS for the current year.

Best Buy Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, April 15th. Investors of record on Tuesday, March 25th will be paid a dividend of $0.95 per share. The ex-dividend date of this dividend is Tuesday, March 25th. This is a boost from Best Buy's previous quarterly dividend of $0.94. This represents a $3.80 annualized dividend and a yield of 5.11%. Best Buy's dividend payout ratio (DPR) is 88.99%.

About Best Buy

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.