Sei Investments Co. Buys 29,141 Shares of Best Buy Co., Inc. (NYSE:BBY)

Sei Investments Co. boosted its stake in Best Buy Co., Inc. (NYSE:BBY) by 52.4% during the fourth quarter, HoldingsChannel reports. The firm owned 84,709 shares of the technology retailer’s stock after buying an additional 29,141 shares during the period. Sei Investments Co.’s holdings in Best Buy were worth $7,267,000 at the end of the most recent reporting period.

Several other hedge funds have also bought and sold shares of BBY. IFP Advisors Inc raised its position in shares of Best Buy by 5.2% during the 4th quarter. IFP Advisors Inc now owns 2,538 shares of the technology retailer’s stock valued at $218,000 after buying an additional 125 shares in the last quarter. Rothschild Investment LLC raised its position in Best Buy by 19.7% during the fourth quarter. Rothschild Investment LLC now owns 861 shares of the technology retailer’s stock valued at $74,000 after purchasing an additional 142 shares in the last quarter. Independent Advisor Alliance lifted its stake in Best Buy by 5.0% during the fourth quarter. Independent Advisor Alliance now owns 3,002 shares of the technology retailer’s stock worth $258,000 after purchasing an additional 142 shares during the last quarter. Yousif Capital Management LLC boosted its holdings in shares of Best Buy by 0.5% in the 4th quarter. Yousif Capital Management LLC now owns 29,904 shares of the technology retailer’s stock worth $2,566,000 after purchasing an additional 145 shares in the last quarter. Finally, Claro Advisors LLC increased its position in shares of Best Buy by 5.7% during the 4th quarter. Claro Advisors LLC now owns 2,861 shares of the technology retailer’s stock valued at $246,000 after purchasing an additional 154 shares during the last quarter. 80.96% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

BBY has been the subject of several research reports. Telsey Advisory Group cut their target price on Best Buy from $110.00 to $100.00 and set an “outperform” rating for the company in a research note on Wednesday, March 5th. Piper Sandler cut their price objective on shares of Best Buy from $102.00 to $92.00 and set an “overweight” rating for the company in a research note on Wednesday, March 5th. Morgan Stanley decreased their target price on shares of Best Buy from $100.00 to $85.00 and set an “equal weight” rating on the stock in a research report on Wednesday, March 5th. Evercore ISI cut their price target on shares of Best Buy from $95.00 to $80.00 and set an “in-line” rating for the company in a research report on Wednesday, March 5th. Finally, Bank of America decreased their price objective on Best Buy from $80.00 to $75.00 and set an “underperform” rating on the stock in a report on Wednesday, March 5th. Two analysts have rated the stock with a sell rating, nine have issued a hold rating, nine have assigned a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, the company has an average rating of “Hold” and an average target price of $93.50.

Best Buy Trading Up 1.8 %

Shares of BBY opened at $73.73 on Tuesday. Best Buy Co., Inc. has a 1-year low of $69.29 and a 1-year 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. The firm’s 50-day moving average price is $82.34 and its 200-day moving average price is $88.01. The firm has a market capitalization of $15.58 billion, a price-to-earnings ratio of 12.60, a PEG ratio of 2.10 and a beta of 1.43.

Best Buy (NYSE:BBY) last posted its quarterly earnings data on Tuesday, March 4th. The technology retailer reported $2.58 earnings per share 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 business had revenue of $13.95 billion for the quarter, compared to analysts’ expectations of $13.69 billion. During the same period in the previous year, the firm posted $2.72 EPS. Sell-side analysts anticipate that Best Buy Co., Inc. will post 6.18 EPS for the current year.

Best Buy Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, April 15th. Shareholders of record on Tuesday, March 25th will be issued a $0.95 dividend. This is an increase from Best Buy’s previous quarterly dividend of $0.94. The ex-dividend date is Tuesday, March 25th. This represents a $3.80 dividend on an annualized basis and a yield of 5.15%. Best Buy’s dividend payout ratio is 88.99%.

Insider Buying and Selling at Best Buy

In other news, CAO Mathew Watson sold 3,182 shares of the business’s stock in a transaction that occurred on Friday, March 14th. The stock was sold at an average price of $71.29, for a total value of $226,844.78. Following the sale, the chief accounting officer now directly owns 19,218 shares of the company’s stock, valued at $1,370,051.22. The trade was a 14.21 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, CFO Matthew M. Bilunas sold 9,482 shares of the firm’s stock in a transaction that occurred on Friday, March 21st. The shares were sold at an average price of $72.65, for a total value of $688,867.30. Following the transaction, the chief financial officer now directly owns 106,856 shares of the company’s stock, valued at approximately $7,763,088.40. This trade represents a 8.15 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 78,355 shares of company stock valued at $5,767,213. 0.59% of the stock is currently owned by company insiders.

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.