SLT Holdings LLC Buys Shares of 4,772 Best Buy Co., Inc. (NYSE:BBY)

SLT Holdings LLC bought a new stake in shares of Best Buy Co., Inc. (NYSE:BBY - Free Report) in the fourth quarter, according to the company in its most recent Form 13F filing with the SEC. The firm bought 4,772 shares of the technology retailer's stock, valued at approximately $409,000.

A number of other institutional 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 $32,000. OFI Invest Asset Management acquired a new stake in shares of Best Buy in the 4th quarter valued at $34,000. Trust Co. of Vermont lifted its stake in shares of 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 purchasing an additional 384 shares during the last quarter. Harbor Capital Advisors Inc. acquired a new stake in shares of Best Buy in the 3rd quarter valued at $40,000. Finally, LRI Investments LLC lifted its stake in shares of Best Buy by 632.1% in the 3rd 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 last quarter. Institutional investors and hedge funds own 80.96% of the company's stock.

Insiders Place Their Bets

In other Best Buy news, CFO Matthew M. Bilunas sold 69,166 shares of the company's stock in a transaction dated Wednesday, December 11th. The shares were sold at an average price of $87.46, for a total transaction of $6,049,258.36. Following the sale, the chief financial officer now directly owns 92,070 shares of the company's stock, valued at approximately $8,052,442.20. This represents a 42.90 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Insiders own 0.59% of the company's stock.

Wall Street Analysts Forecast Growth

BBY has been the subject of several analyst reports. Morgan Stanley reduced their price objective on shares of Best Buy from $100.00 to $85.00 and set an "equal weight" rating for the company in a research note on Wednesday. Truist Financial reduced their price objective on shares of Best Buy from $95.00 to $81.00 and set a "hold" rating for the company in a research note on Wednesday. DA Davidson cut their target price on shares of Best Buy from $117.00 to $110.00 and set a "buy" rating for the company in a research report on Wednesday. Citigroup cut their target price on shares of Best Buy from $105.00 to $93.00 and set a "buy" rating for the company in a research report on Wednesday. Finally, Piper Sandler cut their target price on shares of Best Buy from $102.00 to $92.00 and set an "overweight" rating for the company in a research report on Wednesday. One analyst has rated the stock with a sell rating, nine have assigned a hold rating, ten have given a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and a consensus target price of $93.50.

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Best Buy Stock Performance

NYSE BBY opened at $79.66 on Friday. The stock has a market cap of $17.03 billion, a P/E ratio of 13.62, a PEG ratio of 2.10 and a beta of 1.43. The company's 50-day simple moving average is $85.58 and its 200 day simple moving average is $90.43. Best Buy Co., Inc. has a twelve month low of $69.29 and a twelve month high of $103.71. 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 (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 analysts' consensus estimates of $2.40 by $0.18. The business had revenue of $13.95 billion for the quarter, compared to analysts' expectations 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 firm posted $2.72 earnings per share. As a group, research analysts forecast that Best Buy Co., Inc. will post 6.18 earnings per share for the current fiscal year.

Best Buy Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, April 15th. Shareholders of record on Tuesday, March 25th will be paid a dividend of $0.95 per share. This represents a $3.80 annualized dividend and a yield of 4.77%. This is a boost from Best Buy's previous quarterly dividend of $0.94. The ex-dividend date of this dividend is Tuesday, March 25th. Best Buy's dividend payout ratio is currently 88.99%.

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.

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