PUREfi Wealth LLC Makes New Investment in Best Buy Co., Inc. (NYSE:BBY)

PUREfi Wealth LLC bought a new position in shares of Best Buy Co., Inc. (NYSE:BBY - Free Report) during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor bought 4,259 shares of the technology retailer's stock, valued at approximately $365,000.

A number of other large investors also recently modified their holdings of BBY. Golden State Wealth Management LLC acquired a new stake in shares of Best Buy in the 4th quarter valued at about $32,000. Trust Co. of Vermont increased its stake 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 during the period. Harbor Capital Advisors Inc. acquired a new stake in shares of Best Buy in the 3rd quarter worth $40,000. LRI Investments LLC lifted its position in Best Buy by 632.1% in the third quarter. LRI Investments LLC now owns 388 shares of the technology retailer's stock valued at $40,000 after purchasing an additional 335 shares during the period. Finally, Brooklyn Investment Group acquired a new position in Best Buy during the 3rd quarter worth approximately $44,000. 80.96% of the stock is owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In related news, CFO Matthew M. Bilunas sold 69,166 shares of the stock in a transaction that occurred on 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 completion of the sale, the chief financial officer now owns 92,070 shares in the company, valued at $8,052,442.20. This represents a 42.90 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Insiders own 0.59% of the company's stock.

Wall Street Analysts Forecast Growth

A number of research firms recently commented on BBY. Telsey Advisory Group decreased their price objective on shares of Best Buy from $115.00 to $110.00 and set an "outperform" rating on the stock in a report on Tuesday, November 26th. Barclays lowered their price objective on Best Buy from $95.00 to $89.00 and set an "equal weight" rating for the company in a research report on Thursday, January 9th. Loop Capital reaffirmed a "buy" rating and issued a $100.00 target price on shares of Best Buy in a research report on Wednesday, December 18th. Wells Fargo & Company lowered their price target on Best Buy from $95.00 to $89.00 and set an "equal weight" rating for the company in a report on Wednesday, November 27th. Finally, Citigroup cut their price objective on shares of Best Buy from $109.00 to $101.00 and set a "buy" rating on the stock in a report on Wednesday, November 27th. One equities research analyst has rated the stock with a sell rating, eight have issued a hold rating, ten have issued a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and an average price target of $101.72.

Best Buy Stock Performance

Best Buy stock traded down $0.05 during midday trading on Wednesday, reaching $91.02. 2,284,203 shares of the stock traded hands, compared to its average volume of 2,423,931. Best Buy Co., Inc. has a fifty-two week low of $69.29 and a fifty-two week high of $103.71. The firm has a market cap of $19.46 billion, a price-to-earnings ratio of 15.56, a PEG ratio of 2.13 and a beta of 1.43. The firm has a fifty day moving average price of $85.92 and a two-hundred day moving average price of $90.23. The company has a current ratio of 1.00, a quick ratio of 0.22 and a debt-to-equity ratio of 0.37.

Best Buy (NYSE:BBY - Get Free Report) last released its earnings results on Tuesday, November 26th. The technology retailer reported $1.26 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $1.30 by ($0.04). The firm had revenue of $9.45 billion for the quarter, compared to analyst estimates of $9.63 billion. Best Buy had a return on equity of 45.93% and a net margin of 3.01%. Best Buy's revenue was down 3.2% on a year-over-year basis. During the same period in the previous year, the firm earned $1.29 earnings per share. On average, equities research analysts forecast that Best Buy Co., Inc. will post 6.18 earnings per share for the current year.

Best Buy Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, January 7th. Investors of record on Tuesday, December 17th were given a dividend of $0.94 per share. The ex-dividend date was Tuesday, December 17th. This represents a $3.76 dividend on an annualized basis and a yield of 4.13%. Best Buy's payout ratio is 64.27%.

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.