Spectrum Wealth Counsel LLC Buys New Shares in Best Buy Co., Inc. (NYSE:BBY)

Spectrum Wealth Counsel LLC bought a new position in shares of Best Buy Co., Inc. (NYSE:BBY - Free Report) during the 4th quarter, according to its most recent disclosure with the SEC. The fund bought 48,394 shares of the technology retailer's stock, valued at approximately $4,152,000.

A number of other institutional investors have also recently made changes to their positions in BBY. Golden State Wealth Management LLC acquired a new stake in Best Buy during the 4th quarter worth about $32,000. Trust Co. of Vermont boosted its holdings in shares of Best Buy by 1,200.0% during the 4th quarter. Trust Co. of Vermont now owns 416 shares of the technology retailer's stock worth $36,000 after buying an additional 384 shares in the last quarter. Harbor Capital Advisors Inc. bought a new position in shares of Best Buy during the 3rd quarter worth approximately $40,000. LRI Investments LLC grew its position in shares of Best Buy by 632.1% during the 3rd quarter. LRI Investments LLC now owns 388 shares of the technology retailer's stock worth $40,000 after buying an additional 335 shares during the period. Finally, Brooklyn Investment Group bought a new stake in Best Buy in the third quarter valued at $44,000. Institutional investors own 80.96% of the company's stock.

Analyst Ratings Changes

A number of analysts recently commented on BBY shares. 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. Truist Financial cut their target price on Best Buy from $107.00 to $95.00 and set a "hold" rating on the stock in a report on Wednesday, November 27th. StockNews.com lowered shares of Best Buy from a "buy" rating to a "hold" rating in a research note on Friday, November 15th. Citigroup cut their price target on Best Buy from $109.00 to $101.00 and set a "buy" rating for the company in a research note on Wednesday, November 27th. Finally, Wedbush reaffirmed a "neutral" rating and set a $90.00 price objective on shares of Best Buy in a report on Monday. One analyst has rated the stock with a sell rating, eight have assigned a hold rating, ten have given a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and an average target price of $101.44.

Insiders Place Their Bets

In other Best Buy news, CFO Matthew M. Bilunas sold 69,166 shares of Best Buy stock in a transaction dated 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 of the company's stock, valued at $8,052,442.20. The trade was a 42.90 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Corporate insiders own 0.59% of the company's stock.

Best Buy Price Performance

Shares of BBY stock traded down $3.26 on Monday, reaching $86.65. The company's stock had a trading volume of 2,496,809 shares, compared to its average volume of 2,502,926. The company has a market capitalization of $18.53 billion, a P/E ratio of 14.87, a PEG ratio of 2.10 and a beta of 1.43. Best Buy Co., Inc. has a 12-month low of $69.29 and a 12-month high of $103.71. The stock's 50 day simple moving average is $86.40 and its 200-day simple moving average is $90.67. 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 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.