NewEdge Advisors LLC boosted its holdings in Best Buy Co., Inc. (NYSE:BBY - Free Report) by 45.5% during the 4th quarter, according to its most recent disclosure with the SEC. The firm owned 64,852 shares of the technology retailer's stock after buying an additional 20,277 shares during the period. NewEdge Advisors LLC's holdings in Best Buy were worth $5,564,000 at the end of the most recent reporting period.
A number of other hedge funds and other institutional investors have also recently bought and sold shares of BBY. Rakuten Securities Inc. grew its stake in shares of Best Buy by 971.9% during the fourth quarter. Rakuten Securities Inc. now owns 343 shares of the technology retailer's stock valued at $29,000 after acquiring an additional 311 shares in the last quarter. Golden State Wealth Management LLC acquired a new position in shares of Best Buy in the 4th quarter valued at approximately $32,000. Atlas Capital Advisors Inc. boosted its stake in shares of Best Buy by 186.9% during the 4th quarter. Atlas Capital Advisors Inc. now owns 373 shares of the technology retailer's stock valued at $32,000 after buying an additional 243 shares during the last quarter. OFI Invest Asset Management bought a new stake in shares of Best Buy in the fourth quarter worth $34,000. Finally, Trust Co. of Vermont increased its stake in shares of 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 buying an additional 384 shares during the last quarter. 80.96% of the stock is owned by institutional investors and hedge funds.
Best Buy Price Performance
Shares of Best Buy stock traded up $2.50 during midday trading on Thursday, hitting $65.97. 2,895,180 shares of the company were exchanged, compared to its average volume of 3,294,127. The firm has a 50 day simple moving average of $73.36 and a 200-day simple moving average of $83.42. The company has a debt-to-equity ratio of 0.37, a current ratio of 1.00 and a quick ratio of 0.22. The firm has a market cap of $13.94 billion, a P/E ratio of 11.28, a PEG ratio of 2.10 and a beta of 1.42. Best Buy Co., Inc. has a 52 week low of $54.99 and a 52 week high of $103.71.
Best Buy (NYSE:BBY - Get Free Report) last issued its earnings results on Tuesday, March 4th. The technology retailer reported $2.58 EPS 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 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 quarter in the previous year, the company earned $2.72 EPS. Research analysts forecast that Best Buy Co., Inc. will post 6.18 earnings per share for the current year.
Best Buy Increases Dividend
The firm also recently announced a quarterly dividend, which was paid on Tuesday, April 15th. Stockholders of record on Tuesday, March 25th were issued a $0.95 dividend. This is an increase from Best Buy's previous quarterly dividend of $0.94. This represents a $3.80 annualized dividend and a dividend yield of 5.76%. The ex-dividend date was Tuesday, March 25th. Best Buy's payout ratio is presently 88.99%.
Insider Activity at Best Buy
In other Best Buy news, EVP Kathleen Scarlett sold 6,847 shares of the firm's stock in a transaction dated Friday, March 21st. The shares were sold at an average price of $72.65, for a total value of $497,434.55. Following the completion of the sale, the executive vice president now owns 87,389 shares in the company, valued at approximately $6,348,810.85. This trade represents a 7.27 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, insider Todd G. Hartman sold 4,893 shares of the business's stock in a transaction dated Friday, March 21st. The stock was sold at an average price of $72.65, for a total transaction of $355,476.45. Following the completion of the transaction, the insider now directly owns 32,320 shares of the company's stock, valued at approximately $2,348,048. This represents a 13.15 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 78,355 shares of company stock valued at $5,767,213 in the last three months. Corporate insiders own 0.59% of the company's stock.
Analysts Set New Price Targets
Several brokerages have recently commented on BBY. Wells Fargo & Company decreased their target price on Best Buy from $89.00 to $85.00 and set an "equal weight" rating for the company in a research report on Wednesday, March 5th. Bank of America decreased their price target on shares of Best Buy from $80.00 to $75.00 and set an "underperform" rating for the company in a report on Wednesday, March 5th. Telsey Advisory Group cut their target price on shares of Best Buy from $110.00 to $100.00 and set an "outperform" rating on the stock in a report on Wednesday, March 5th. DA Davidson restated a "buy" rating and issued a $110.00 target price on shares of Best Buy in a research note on Monday, April 14th. Finally, Evercore ISI dropped their price target on Best Buy from $95.00 to $80.00 and set an "in-line" rating on the stock in a research report on Wednesday, March 5th. Two analysts have rated the stock with a sell rating, ten have assigned a hold rating, eight have issued a buy rating and one has given a strong buy rating to the company. According to MarketBeat, the company currently has an average rating of "Hold" and a consensus price target of $91.28.
Check Out Our Latest Research Report on BBY
Best Buy Profile
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Free Report)
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.
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