Corient Private Wealth LLC Sells 3,031 Shares of Best Buy Co., Inc. (NYSE:BBY)

Corient Private Wealth LLC decreased its stake in Best Buy Co., Inc. (NYSE:BBY) by 10.5% in the 4th quarter, Holdings Channel.com reports. The firm owned 25,790 shares of the technology retailer’s stock after selling 3,031 shares during the quarter. Corient Private Wealth LLC’s holdings in Best Buy were worth $2,213,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently added to or reduced their stakes in the stock. Rakuten Securities Inc. increased its holdings in shares of Best Buy by 971.9% during the fourth quarter. Rakuten Securities Inc. now owns 343 shares of the technology retailer’s stock worth $29,000 after buying an additional 311 shares in the last quarter. Golden State Wealth Management LLC acquired a new position in Best Buy in the 4th quarter worth about $32,000. LRI Investments LLC raised its position in Best Buy by 632.1% in the third 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. OFI Invest Asset Management acquired a new stake in shares of Best Buy during the fourth quarter valued at about $34,000. Finally, Trust Co. of Vermont grew its holdings in shares of Best Buy by 1,200.0% during the fourth quarter. Trust Co. of Vermont now owns 416 shares of the technology retailer’s stock worth $36,000 after purchasing an additional 384 shares during the last quarter. Institutional investors and hedge funds own 80.96% of the company’s stock.

Analysts Set New Price Targets

Several equities research analysts recently commented on BBY shares. Wedbush reiterated a “neutral” rating and set a $90.00 target price on shares of Best Buy in a research report on Monday, March 3rd. DA Davidson cut their price target on shares of Best Buy from $117.00 to $110.00 and set a “buy” rating on the stock in a report on Wednesday, March 5th. Barclays decreased their price objective on Best Buy from $95.00 to $89.00 and set an “equal weight” rating for the company in a report on Thursday, January 9th. JPMorgan Chase & Co. lowered their target price on Best Buy from $115.00 to $110.00 and set an “overweight” rating for the company in a research report on Wednesday, March 5th. Finally, Bank of America reduced their price target on Best Buy from $80.00 to $75.00 and set an “underperform” rating on the stock in a research report on Wednesday, March 5th. Two equities research analysts have rated the stock with a sell rating, nine have issued a hold rating, nine have given a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of “Hold” and a consensus price target of $93.50.

Insider Buying and Selling

In other Best Buy news, CAO Mathew Watson sold 3,182 shares of the company’s stock in a transaction on Friday, March 14th. The shares were sold at an average price of $71.29, for a total transaction of $226,844.78. Following the transaction, the chief accounting officer now owns 19,218 shares in the company, valued at approximately $1,370,051.22. This represents a 14.21 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, CEO Corie S. Barry acquired 13,500 shares of Best Buy stock in a transaction dated Wednesday, March 12th. The shares were acquired at an average price of $72.92 per share, with a total value of $984,420.00. Following the completion of the acquisition, the chief executive officer now directly owns 378,780 shares of the company’s stock, valued at approximately $27,620,637.60. The trade was a 3.70 % increase in their ownership of the stock. The disclosure for this purchase can be found here. 0.59% of the stock is owned by company insiders.

Best Buy Trading Up 0.2 %

BBY opened at $73.63 on Monday. The company has a fifty day moving average price of $83.34 and a two-hundred day moving average price of $89.01. Best Buy Co., Inc. has a 1-year low of $69.29 and a 1-year high of $103.71. The company has a market cap of $15.74 billion, a P/E ratio of 12.59, a price-to-earnings-growth ratio of 2.10 and a beta of 1.43. 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) last issued its earnings results on Tuesday, March 4th. The technology retailer reported $2.58 EPS for the quarter, beating the consensus estimate of $2.40 by $0.18. Best Buy had a return on equity of 45.93% and a net margin of 3.01%. The company had revenue of $13.95 billion during the quarter, compared to the consensus estimate of $13.69 billion. During the same period last year, the business posted $2.72 EPS. Analysts predict that Best Buy Co., Inc. will post 6.18 EPS for the current fiscal year.

Best Buy Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, April 15th. Stockholders of record on Tuesday, March 25th will be given a dividend of $0.95 per share. This represents a $3.80 dividend on an annualized basis and a dividend yield of 5.16%. This is a positive change 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 presently 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.