Sagespring Wealth Partners LLC Makes New $1.01 Million Investment in Best Buy Co., Inc. (NYSE:BBY)

Sagespring Wealth Partners LLC bought a new stake in Best Buy Co., Inc. (NYSE:BBY - Free Report) during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor bought 11,743 shares of the technology retailer's stock, valued at approximately $1,008,000.

Other institutional investors also recently made changes to their positions in the company. Rakuten Securities Inc. increased its holdings in Best Buy by 971.9% in the fourth quarter. Rakuten Securities Inc. now owns 343 shares of the technology retailer's stock valued at $29,000 after buying an additional 311 shares during the last quarter. Golden State Wealth Management LLC bought a new stake in Best Buy in the fourth quarter valued at $32,000. Atlas Capital Advisors Inc. boosted its stake in 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 purchasing an additional 243 shares during the period. OFI Invest Asset Management acquired a new stake in shares of Best Buy in the fourth quarter valued at approximately $34,000. Finally, Trust Co. of Vermont raised its holdings in shares of Best Buy by 1,200.0% during the fourth 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 last quarter. 80.96% of the stock is owned by institutional investors and hedge funds.

Insider Activity at Best Buy

In other news, insider Todd G. Hartman sold 4,893 shares of Best Buy 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 completion of the transaction, the insider now owns 32,320 shares in the company, valued at approximately $2,348,048. The trade was a 13.15 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CAO Mathew Watson sold 3,182 shares of the firm's stock in a transaction 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 completion of the sale, the chief accounting officer now owns 19,218 shares of the company's stock, valued at approximately $1,370,051.22. This trade represents a 14.21 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 78,355 shares of company stock worth $5,767,213. 0.59% of the stock is owned by corporate insiders.

Analyst Upgrades and Downgrades

A number of research analysts have issued reports on BBY shares. Citigroup reiterated a "neutral" rating and set a $70.00 price target (down previously from $93.00) on shares of Best Buy in a research report on Thursday, April 3rd. Bank of America reduced their price target on shares of Best Buy from $80.00 to $75.00 and set an "underperform" rating for the company in a research note on Wednesday, March 5th. Truist Financial lowered their price objective on shares of Best Buy from $81.00 to $64.00 and set a "hold" rating on the stock in a research note on Tuesday, April 8th. UBS Group set a $105.00 price objective on shares of Best Buy in a research note on Wednesday, March 5th. Finally, Barclays reduced their target price on shares of Best Buy from $95.00 to $89.00 and set an "equal weight" rating for the company in a report on Thursday, January 9th. Two investment analysts have rated the stock with a sell rating, ten have given a hold rating, eight have assigned a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, the stock presently has an average rating of "Hold" and a consensus target price of $91.28.

Best Buy Stock Up 3.9 %

NYSE:BBY traded up $2.34 during trading hours on Friday, reaching $61.97. The company's stock had a trading volume of 3,861,900 shares, compared to its average volume of 3,260,441. Best Buy Co., Inc. has a one year low of $54.99 and a one year high of $103.71. The business's 50-day moving average is $75.45 and its 200-day moving average is $84.44. The company has a market cap of $13.10 billion, a price-to-earnings ratio of 10.59, a price-to-earnings-growth ratio of 2.10 and a beta of 1.42. The company has a debt-to-equity ratio of 0.37, a current ratio of 1.00 and a quick ratio of 0.22.

Best Buy (NYSE:BBY - Get Free Report) last posted its quarterly earnings data on Tuesday, March 4th. The technology retailer reported $2.58 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.40 by $0.18. The business had revenue of $13.95 billion during 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 period in the prior year, the firm earned $2.72 EPS. 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 was paid on Tuesday, April 15th. Stockholders of record on Tuesday, March 25th were given a dividend of $0.95 per share. The ex-dividend date of this dividend was Tuesday, March 25th. This is a boost from Best Buy's previous quarterly dividend of $0.94. This represents a $3.80 dividend on an annualized basis and a dividend yield of 6.13%. Best Buy's payout ratio is currently 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.