City Center Advisors LLC boosted its holdings in shares of Best Buy Co., Inc. (NYSE:BBY – Free Report) by 40.2% during the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 3,490 shares of the technology retailer’s stock after purchasing an additional 1,000 shares during the quarter. City Center Advisors LLC’s holdings in Best Buy were worth $299,000 as of its most recent SEC filing.
Other institutional investors have also bought and sold shares of the company. Richardson Financial Services Inc. raised its position in Best Buy by 190.9% during the second quarter. Richardson Financial Services Inc. now owns 320 shares of the technology retailer’s stock valued at $27,000 after purchasing an additional 210 shares during the period. Harbor Capital Advisors Inc. bought a new position in shares of Best Buy during the 3rd quarter valued at approximately $40,000. LRI Investments LLC raised its holdings in Best Buy by 632.1% during the 3rd quarter. LRI Investments LLC now owns 388 shares of the technology retailer’s stock valued at $40,000 after buying an additional 335 shares during the period. Benjamin Edwards Inc. lifted its position in Best Buy by 50.8% in the second 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 last quarter. Finally, Brooklyn Investment Group bought a new stake in Best Buy in the third quarter worth $44,000. Institutional investors own 80.96% of the company’s stock.
Analyst Ratings Changes
A number of research analysts have weighed in on BBY shares. JPMorgan Chase & Co. boosted their price objective 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. Wells Fargo & Company cut their price target on shares of Best Buy from $95.00 to $89.00 and set an “equal weight” rating on the stock in a report on Wednesday, November 27th. StockNews.com downgraded shares of Best Buy from a “buy” rating to a “hold” rating in a research note on Friday, November 15th. Barclays cut their target price on Best Buy from $95.00 to $89.00 and set an “equal weight” rating on the stock in a research note on Thursday. Finally, Truist Financial reduced their price target on Best Buy from $107.00 to $95.00 and set a “hold” rating on the stock in a report on Wednesday, November 27th. One investment analyst has rated the stock with a sell rating, eight have given a hold rating, ten have issued a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, Best Buy has a consensus rating of “Moderate Buy” and a consensus price target of $100.72.
Best Buy Price Performance
NYSE BBY opened at $83.22 on Monday. The company has a market cap of $17.79 billion, a PE ratio of 14.23, a P/E/G ratio of 2.19 and a beta of 1.43. Best Buy Co., Inc. has a 52-week low of $69.29 and a 52-week high of $103.71. The company has a debt-to-equity ratio of 0.37, a quick ratio of 0.22 and a current ratio of 1.00. The firm’s 50 day moving average price is $87.97 and its 200-day moving average price is $90.21.
Best Buy (NYSE:BBY – Get Free Report) last announced its quarterly earnings results on Tuesday, November 26th. The technology retailer reported $1.26 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.30 by ($0.04). The company had revenue of $9.45 billion during the quarter, compared to analysts’ expectations of $9.63 billion. Best Buy had a net margin of 3.01% and a return on equity of 45.93%. The company’s revenue was down 3.2% compared to the same quarter last year. During the same quarter in the prior year, the business posted $1.29 earnings per share. Sell-side analysts forecast that Best Buy Co., Inc. will post 6.18 EPS for the current fiscal year.
Best Buy Dividend Announcement
The company also recently disclosed a quarterly dividend, which was paid on Tuesday, January 7th. Stockholders of record on Tuesday, December 17th were given a $0.94 dividend. This represents a $3.76 dividend on an annualized basis and a dividend yield of 4.52%. The ex-dividend date was Tuesday, December 17th. Best Buy’s payout ratio is currently 64.27%.
Insider Buying and Selling
In other Best Buy news, CFO Matthew M. Bilunas sold 69,166 shares of the stock in a transaction dated Wednesday, December 11th. The stock was sold at an average price of $87.46, for a total value of $6,049,258.36. Following the completion of 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 ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. 0.59% of the stock is currently owned by company insiders.
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.
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