Merit Financial Group LLC Boosts Stock Position in Best Buy Co., Inc. (NYSE:BBY)

Merit Financial Group LLC grew its holdings in Best Buy Co., Inc. (NYSE:BBY) by 74.8% in the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 9,224 shares of the technology retailer’s stock after buying an additional 3,946 shares during the quarter. Merit Financial Group LLC’s holdings in Best Buy were worth $679,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also made changes to their positions in the business. Yousif Capital Management LLC increased its position in shares of Best Buy by 0.5% during the fourth 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. Stratos Wealth Partners LTD. grew its holdings in Best Buy by 17.3% in the 4th quarter. Stratos Wealth Partners LTD. now owns 2,946 shares of the technology retailer’s stock valued at $253,000 after buying an additional 435 shares in the last quarter. Bleakley Financial Group LLC grew its holdings in Best Buy by 10.3% in the 4th quarter. Bleakley Financial Group LLC now owns 6,649 shares of the technology retailer’s stock valued at $570,000 after buying an additional 621 shares in the last quarter. Sumitomo Mitsui DS Asset Management Company Ltd grew its holdings in Best Buy by 64.3% in the 4th quarter. Sumitomo Mitsui DS Asset Management Company Ltd now owns 38,443 shares of the technology retailer’s stock valued at $3,298,000 after buying an additional 15,052 shares in the last quarter. Finally, Golden State Wealth Management LLC purchased a new stake in Best Buy in the 4th quarter valued at $32,000. 80.96% of the stock is currently owned by hedge funds and other institutional investors.

Best Buy Stock Performance

Shares of NYSE BBY opened at $72.75 on Tuesday. The stock has a market capitalization of $15.40 billion, a price-to-earnings ratio of 12.44, a PEG ratio of 2.10 and a beta of 1.25. The stock’s fifty day simple moving average is $66.81 and its 200 day simple moving average is $78.00. The company has a quick ratio of 0.22, a current ratio of 1.00 and a debt-to-equity ratio of 0.37. Best Buy Co., Inc. has a 52-week low of $54.99 and a 52-week high of $103.71.

Best Buy (NYSE:BBY) last announced its quarterly earnings results on Thursday, May 29th. The technology retailer reported $1.15 earnings per share for the quarter, topping analysts’ consensus estimates of $1.09 by $0.06. Best Buy had a return on equity of 45.93% and a net margin of 3.01%. The company had revenue of $8.77 billion during the quarter, compared to analysts’ expectations of $8.77 billion. During the same quarter in the previous year, the firm earned $1.20 earnings per share. The business’s quarterly revenue was down .9% compared to the same quarter last year. As a group, sell-side analysts forecast that Best Buy Co., Inc. will post 6.18 earnings per share for the current fiscal year.

Best Buy Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, July 10th. Shareholders of record on Thursday, June 19th will be given a $0.95 dividend. The ex-dividend date is Wednesday, June 18th. This represents a $3.80 dividend on an annualized basis and a yield of 5.22%. Best Buy’s payout ratio is 92.91%.

Analyst Upgrades and Downgrades

Several analysts have issued reports on BBY shares. UBS Group dropped their target price on Best Buy from $95.00 to $90.00 and set a “buy” rating for the company in a report on Friday, May 30th. Evercore ISI lowered their price target on Best Buy from $95.00 to $80.00 and set an “in-line” rating for the company in a report on Wednesday, March 5th. Morgan Stanley lowered their price target on Best Buy from $100.00 to $85.00 and set an “equal weight” rating for the company in a report on Wednesday, March 5th. BNP Paribas upgraded Best Buy to a “hold” rating in a report on Friday, May 30th. Finally, Telsey Advisory Group reiterated an “outperform” rating and set a $90.00 price target on shares of Best Buy in a report on Friday, May 30th. One research analyst has rated the stock with a sell rating, eleven have issued a hold rating and nine have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the stock has an average rating of “Hold” and a consensus target price of $86.11.

Insider Activity

In other Best Buy news, CEO Corie S. Barry purchased 13,500 shares of the stock in a transaction on Wednesday, March 12th. The shares were purchased at an average price of $72.92 per share, with a total value of $984,420.00. Following the completion of the transaction, the chief executive officer now directly owns 378,780 shares in the company, valued at $27,620,637.60. This represents a 3.70% increase in their ownership of the stock. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CFO Matthew M. Bilunas sold 51,000 shares of the business’s stock in a transaction that occurred on Monday, March 24th. The stock was sold at an average price of $74.20, for a total value of $3,784,200.00. Following the sale, the chief financial officer now owns 55,856 shares of the company’s stock, valued at approximately $4,144,515.20. This represents a 47.73% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 78,355 shares of company stock valued at $5,767,213 in the last 90 days. 0.47% of the stock is owned by company insiders.

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.