LPL Financial LLC Decreases Holdings in Best Buy Co., Inc. (NYSE:BBY)

LPL Financial LLC trimmed its stake in shares of Best Buy Co., Inc. (NYSE:BBY – Get Rating) by 9.6% during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 82,042 shares of the technology retailer’s stock after selling 8,748 shares during the period. LPL Financial LLC’s holdings in Best Buy were worth $6,581,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in the stock. Vanguard Group Inc. lifted its holdings in Best Buy by 0.5% during the third quarter. Vanguard Group Inc. now owns 26,161,759 shares of the technology retailer’s stock valued at $1,657,087,000 after purchasing an additional 131,280 shares in the last quarter. State Street Corp lifted its holdings in Best Buy by 12.7% during the third quarter. State Street Corp now owns 10,350,936 shares of the technology retailer’s stock valued at $664,704,000 after purchasing an additional 1,169,374 shares in the last quarter. Price T Rowe Associates Inc. MD lifted its holdings in Best Buy by 43.3% during the third quarter. Price T Rowe Associates Inc. MD now owns 6,945,507 shares of the technology retailer’s stock valued at $439,930,000 after purchasing an additional 2,099,663 shares in the last quarter. Charles Schwab Investment Management Inc. lifted its stake in shares of Best Buy by 6.8% in the first quarter. Charles Schwab Investment Management Inc. now owns 3,720,949 shares of the technology retailer’s stock worth $338,235,000 after buying an additional 236,513 shares in the last quarter. Finally, Northern Trust Corp lifted its stake in shares of Best Buy by 4.8% in the first quarter. Northern Trust Corp now owns 3,672,121 shares of the technology retailer’s stock worth $333,796,000 after buying an additional 168,940 shares in the last quarter. 78.48% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several equities analysts have recently weighed in on the stock. UBS Group raised their price target on shares of Best Buy from $80.00 to $87.00 and gave the stock a “buy” rating in a research note on Friday, February 24th. Truist Financial raised their price target on shares of Best Buy from $80.00 to $88.00 and gave the stock a “buy” rating in a research note on Friday, March 3rd. Telsey Advisory Group downgraded shares of Best Buy from an “outperform” rating to a “market perform” rating and decreased their price target for the stock from $88.00 to $83.00 in a research note on Monday, February 27th. DA Davidson cut their price objective on shares of Best Buy from $99.00 to $96.00 and set a “buy” rating for the company in a research report on Friday, March 3rd. Finally, 58.com restated a “maintains” rating on shares of Best Buy in a research report on Thursday. One analyst has rated the stock with a sell rating, nine have issued a hold rating and eight have given a buy rating to the company’s stock. According to data from MarketBeat, the company presently has an average rating of “Hold” and a consensus price target of $81.44.

Best Buy Trading Up 0.2 %

NYSE BBY opened at $71.73 on Friday. The firm has a 50 day simple moving average of $74.95 and a 200-day simple moving average of $78.81. The company has a debt-to-equity ratio of 0.42, a quick ratio of 0.41 and a current ratio of 0.98. Best Buy Co., Inc. has a one year low of $60.78 and a one year high of $93.32. The firm has a market cap of $15.68 billion, a price-to-earnings ratio of 11.40, a PEG ratio of 1.47 and a beta of 1.50.

Best Buy (NYSE:BBY – Get Rating) last posted its quarterly earnings data on Thursday, March 2nd. The technology retailer reported $2.61 EPS for the quarter, beating the consensus estimate of $2.09 by $0.52. Best Buy had a net margin of 3.06% and a return on equity of 55.81%. The business had revenue of $14.74 billion during the quarter, compared to analyst estimates of $14.80 billion. During the same quarter last year, the firm posted $2.73 earnings per share. The business’s revenue for the quarter was down 10.0% compared to the same quarter last year. Equities research analysts anticipate that Best Buy Co., Inc. will post 6.25 EPS for the current fiscal year.

Best Buy Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, April 13th. Stockholders of record on Thursday, March 23rd were paid a $0.92 dividend. This is a positive change from Best Buy’s previous quarterly dividend of $0.88. The ex-dividend date was Wednesday, March 22nd. This represents a $3.68 annualized dividend and a dividend yield of 5.13%. Best Buy’s dividend payout ratio (DPR) is presently 58.51%.

Insider Activity

In related news, insider Jason J. Bonfig sold 10,963 shares of Best Buy stock in a transaction that occurred on Tuesday, March 21st. The shares were sold at an average price of $77.95, for a total value of $854,565.85. Following the completion of the transaction, the insider now owns 46,250 shares in the company, valued at $3,605,187.50. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In related news, insider Jason J. Bonfig sold 10,963 shares of Best Buy stock in a transaction that occurred on Tuesday, March 21st. The shares were sold at an average price of $77.95, for a total value of $854,565.85. Following the completion of the transaction, the insider now owns 46,250 shares in the company, valued at $3,605,187.50. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CAO Mathew Watson sold 2,704 shares of Best Buy stock in a transaction that occurred on Tuesday, March 21st. The stock was sold at an average price of $77.95, for a total transaction of $210,776.80. Following the completion of the transaction, the chief accounting officer now owns 22,329 shares of the company’s stock, valued at approximately $1,740,545.55. The disclosure for this sale can be found here. Over the last quarter, insiders sold 57,774 shares of company stock valued at $4,477,413. 0.56% of the stock is currently owned by company insiders.

Best Buy Profile

(Get Rating)

Best Buy Co, Inc engages in the provision of consumer technology products and services. It operates through two business segments: Domestic and International. The Domestic segment includes operations in all states, districts, and territories of the U.S., operating under various brand names, including Best Buy, Best Buy Mobile, Geek Squad, Magnolia Audio Video, Napster, and Pacific Sales.