Pine Valley Investments Ltd Liability Co Takes Position in Best Buy Co., Inc. (NYSE:BBY)

Pine Valley Investments Ltd Liability Co acquired a new stake in Best Buy Co., Inc. (NYSE:BBYFree Report) during the 4th quarter, according to its most recent filing with the SEC. The institutional investor acquired 2,683 shares of the technology retailer’s stock, valued at approximately $210,000.

Other large investors also recently modified their holdings of the company. Hartford Financial Management Inc. grew its position in Best Buy by 56.5% during the 4th quarter. Hartford Financial Management Inc. now owns 388 shares of the technology retailer’s stock worth $30,000 after acquiring an additional 140 shares during the last quarter. UMB Bank n.a. increased its position in shares of Best Buy by 4.0% in the 4th quarter. UMB Bank n.a. now owns 3,839 shares of the technology retailer’s stock valued at $301,000 after buying an additional 148 shares in the last quarter. Avory & Company LLC increased its position in shares of Best Buy by 2.6% in the 4th quarter. Avory & Company LLC now owns 6,011 shares of the technology retailer’s stock valued at $471,000 after buying an additional 154 shares in the last quarter. Disciplined Equity Management Inc. increased its position in shares of Best Buy by 1.1% in the 4th quarter. Disciplined Equity Management Inc. now owns 15,093 shares of the technology retailer’s stock valued at $1,181,000 after buying an additional 160 shares in the last quarter. Finally, Spire Wealth Management increased its holdings in Best Buy by 7.3% during the 4th quarter. Spire Wealth Management now owns 2,380 shares of the technology retailer’s stock worth $186,000 after purchasing an additional 161 shares in the last quarter. 80.96% of the stock is currently owned by institutional investors.

Insider Activity

In other news, CAO Mathew Watson sold 2,505 shares of the company’s stock in a transaction dated Friday, March 22nd. The shares were sold at an average price of $81.80, for a total transaction of $204,909.00. Following the transaction, the chief accounting officer now owns 25,638 shares in the company, valued at $2,097,188.40. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. In other Best Buy news, CEO Corie S. Barry sold 366 shares of the firm’s stock in a transaction on Wednesday, April 17th. The stock was sold at an average price of $75.76, for a total transaction of $27,728.16. Following the transaction, the chief executive officer now directly owns 431,231 shares in the company, valued at approximately $32,670,060.56. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CAO Mathew Watson sold 2,505 shares of the company’s stock in a transaction on Friday, March 22nd. The stock was sold at an average price of $81.80, for a total transaction of $204,909.00. Following the completion of the sale, the chief accounting officer now owns 25,638 shares of the company’s stock, valued at approximately $2,097,188.40. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 52,023 shares of company stock worth $4,253,900. Company insiders own 0.59% of the company’s stock.

Wall Street Analyst Weigh In

Several equities analysts have recently weighed in on the company. Jefferies Financial Group decreased their price objective on Best Buy from $95.00 to $94.00 and set a “buy” rating for the company in a report on Monday, April 8th. UBS Group raised their price objective on shares of Best Buy from $82.00 to $85.00 and gave the stock a “neutral” rating in a research report on Friday, March 1st. Truist Financial raised their price objective on shares of Best Buy from $68.00 to $87.00 and gave the stock a “hold” rating in a research report on Friday, March 1st. Morgan Stanley lifted their price target on shares of Best Buy from $80.00 to $82.00 and gave the company an “equal weight” rating in a research report on Friday, March 1st. Finally, The Goldman Sachs Group lifted their price target on shares of Best Buy from $81.00 to $90.00 and gave the company a “buy” rating in a research report on Friday, March 1st. One equities research analyst has rated the stock with a sell rating, nine have given a hold rating and five have assigned a buy rating to the company’s stock. According to data from MarketBeat, Best Buy has an average rating of “Hold” and a consensus price target of $84.64.

Check Out Our Latest Research Report on Best Buy

Best Buy Trading Up 1.1 %

BBY stock traded up $0.81 during midday trading on Tuesday, hitting $72.31. The stock had a trading volume of 1,895,788 shares, compared to its average volume of 2,831,593. The firm has a market cap of $15.64 billion, a P/E ratio of 12.57, a price-to-earnings-growth ratio of 2.14 and a beta of 1.50. The company has a current ratio of 1.00, a quick ratio of 0.37 and a debt-to-equity ratio of 0.38. Best Buy Co., Inc. has a 1-year low of $62.30 and a 1-year high of $86.11. The business has a fifty day moving average price of $76.32 and a two-hundred day moving average price of $75.02.

Best Buy (NYSE:BBYGet Free Report) last released its earnings results on Thursday, February 29th. The technology retailer reported $2.72 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.51 by $0.21. The business had revenue of $14.65 billion for the quarter, compared to analyst estimates of $14.58 billion. Best Buy had a net margin of 2.86% and a return on equity of 48.45%. Best Buy’s revenue for the quarter was down .6% on a year-over-year basis. During the same quarter in the previous year, the business earned $2.61 earnings per share. On average, sell-side analysts predict that Best Buy Co., Inc. will post 6.03 earnings per share for the current fiscal year.

Best Buy Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Thursday, April 11th. Stockholders of record on Thursday, March 21st were issued a dividend of $0.94 per share. The ex-dividend date was Wednesday, March 20th. This represents a $3.76 annualized dividend and a dividend yield of 5.20%. This is a positive change from Best Buy’s previous quarterly dividend of $0.92. Best Buy’s dividend payout ratio is currently 66.08%.

Best Buy Profile

(Free Report)

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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Institutional Ownership by Quarter for Best Buy (NYSE:BBY)

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