Wealth Management Partners LLC Buys New Stake in Best Buy Co., Inc. (NYSE:BBY)

Wealth Management Partners LLC purchased a new stake in Best Buy Co., Inc. (NYSE:BBY - Free Report) during the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm purchased 4,000 shares of the technology retailer's stock, valued at approximately $343,000.

Several other hedge funds also recently modified their holdings of BBY. Edgestream Partners L.P. purchased a new stake in Best Buy in the 2nd quarter worth about $680,000. Blair William & Co. IL increased its stake in shares of Best Buy by 4.5% in the second quarter. Blair William & Co. IL now owns 47,759 shares of the technology retailer's stock worth $4,026,000 after purchasing an additional 2,055 shares in the last quarter. Brighton Jones LLC raised its position in shares of Best Buy by 8.6% in the second quarter. Brighton Jones LLC now owns 2,737 shares of the technology retailer's stock valued at $231,000 after purchasing an additional 217 shares during the period. Benjamin F. Edwards & Company Inc. lifted its stake in shares of Best Buy by 14.4% during the 2nd quarter. Benjamin F. Edwards & Company Inc. now owns 54,681 shares of the technology retailer's stock valued at $4,609,000 after buying an additional 6,887 shares in the last quarter. Finally, Benjamin Edwards Inc. boosted its holdings in Best Buy by 50.8% in the 2nd quarter. Benjamin Edwards Inc. now owns 493 shares of the technology retailer's stock worth $42,000 after buying an additional 166 shares during the period. Hedge funds and other institutional investors own 80.96% of the company's stock.

Insider Activity

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

Best Buy Trading Down 0.4 %

NYSE:BBY traded down $0.30 during midday trading on Monday, hitting $81.91. 2,974,891 shares of the company traded hands, compared to its average volume of 2,243,368. The firm has a market capitalization of $17.51 billion, a P/E ratio of 14.00, a P/E/G ratio of 2.09 and a beta of 1.43. The firm's fifty day moving average is $87.17 and its 200-day moving average is $90.21. Best Buy Co., Inc. has a 12-month low of $69.29 and a 12-month high of $103.71. 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 announced its quarterly earnings data on Tuesday, November 26th. The technology retailer reported $1.26 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.30 by ($0.04). Best Buy had a return on equity of 45.93% and a net margin of 3.01%. The firm had revenue of $9.45 billion during the quarter, compared to the consensus estimate of $9.63 billion. During the same period last year, the company earned $1.29 EPS. The firm's revenue for the quarter was down 3.2% compared to the same quarter last year. On average, sell-side analysts predict that Best Buy Co., Inc. will post 6.18 EPS for the current year.

Best Buy Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Tuesday, January 7th. Shareholders of record on Tuesday, December 17th were given a dividend of $0.94 per share. This represents a $3.76 dividend on an annualized basis and a yield of 4.59%. The ex-dividend date was Tuesday, December 17th. Best Buy's dividend payout ratio (DPR) is 64.27%.

Analyst Upgrades and Downgrades

BBY has been the subject of a number of recent analyst reports. JPMorgan Chase & Co. boosted their price target on shares of Best Buy from $111.00 to $117.00 and gave the company an "overweight" rating in a research report on Friday, November 22nd. Loop Capital reiterated a "buy" rating and set a $100.00 price target on shares of Best Buy in a research report on Wednesday, December 18th. StockNews.com downgraded Best Buy from a "buy" rating to a "hold" rating in a report on Friday, November 15th. Wells Fargo & Company lowered their price target on shares of 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, Truist Financial dropped their price objective on Best Buy from $107.00 to $95.00 and set a "hold" rating for the company in a report on Wednesday, November 27th. One research analyst has rated the stock with a sell rating, eight have issued a hold rating, ten have given a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, Best Buy currently has an average rating of "Moderate Buy" and an average target price of $100.72.

Best Buy Company 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.