Huntington National Bank Trims Stock Position in Best Buy Co., Inc. (NYSE:BBY)

Huntington National Bank cut its holdings in Best Buy Co., Inc. (NYSE:BBYFree Report) by 21.4% during the 3rd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 1,626 shares of the technology retailer’s stock after selling 443 shares during the period. Huntington National Bank’s holdings in Best Buy were worth $113,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Covestor Ltd lifted its holdings in Best Buy by 46.8% in the 2nd quarter. Covestor Ltd now owns 442 shares of the technology retailer’s stock valued at $36,000 after purchasing an additional 141 shares in the last quarter. Longfellow Investment Management Co. LLC lifted its holdings in Best Buy by 4.2% in the 2nd quarter. Longfellow Investment Management Co. LLC now owns 3,819 shares of the technology retailer’s stock valued at $313,000 after purchasing an additional 155 shares in the last quarter. Allworth Financial LP lifted its holdings in Best Buy by 14.6% in the 3rd quarter. Allworth Financial LP now owns 1,215 shares of the technology retailer’s stock valued at $84,000 after purchasing an additional 155 shares in the last quarter. Pathstone Family Office LLC lifted its holdings in Best Buy by 2.2% in the 4th quarter. Pathstone Family Office LLC now owns 7,321 shares of the technology retailer’s stock valued at $593,000 after purchasing an additional 157 shares in the last quarter. Finally, Johnson Investment Counsel Inc. lifted its holdings in Best Buy by 3.2% in the 2nd quarter. Johnson Investment Counsel Inc. now owns 5,135 shares of the technology retailer’s stock valued at $421,000 after purchasing an additional 158 shares in the last quarter. 76.10% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling at Best Buy

In other Best Buy news, Chairman Richard M. Schulze sold 48,401 shares of the stock in a transaction that occurred on Monday, December 11th. The shares were sold at an average price of $75.07, for a total value of $3,633,463.07. Following the completion of the sale, the chairman now owns 253,370 shares of the company’s stock, valued at $19,020,485.90. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other news, Chairman Richard M. Schulze sold 213,693 shares of the firm’s stock in a transaction that occurred on Wednesday, December 6th. The shares were sold at an average price of $75.10, for a total transaction of $16,048,344.30. Following the completion of the sale, the chairman now owns 288,393 shares of the company’s stock, valued at $21,658,314.30. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Chairman Richard M. Schulze sold 48,401 shares of the firm’s stock in a transaction that occurred on Monday, December 11th. The stock was sold at an average price of $75.07, for a total transaction of $3,633,463.07. Following the sale, the chairman now directly owns 253,370 shares of the company’s stock, valued at approximately $19,020,485.90. The disclosure for this sale can be found here. Insiders sold 686,796 shares of company stock valued at $52,374,450 over the last 90 days. 0.56% of the stock is owned by corporate insiders.

Best Buy Stock Up 0.1 %

BBY opened at $75.60 on Monday. The firm has a 50 day moving average price of $74.99 and a 200 day moving average price of $72.95. The company has a market cap of $16.28 billion, a PE ratio of 13.03, a price-to-earnings-growth ratio of 1.98 and a beta of 1.49. Best Buy Co., Inc. has a 1 year low of $62.30 and a 1 year high of $89.23. The company has a debt-to-equity ratio of 0.40, a quick ratio of 0.23 and a current ratio of 0.99.

Best Buy (NYSE:BBYGet Free Report) last posted its earnings results on Tuesday, November 21st. The technology retailer reported $1.29 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.19 by $0.10. The firm had revenue of $9.76 billion during the quarter, compared to the consensus estimate of $9.90 billion. Best Buy had a net margin of 2.93% and a return on equity of 49.13%. The company’s revenue was down 7.8% on a year-over-year basis. During the same quarter in the prior year, the company earned $1.38 EPS. Sell-side analysts expect that Best Buy Co., Inc. will post 6.16 earnings per share for the current year.

Best Buy Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, January 2nd. Shareholders of record on Tuesday, December 12th were given a $0.92 dividend. This represents a $3.68 annualized dividend and a yield of 4.87%. The ex-dividend date of this dividend was Monday, December 11th. Best Buy’s dividend payout ratio (DPR) is 63.45%.

Analyst Ratings Changes

A number of research firms have issued reports on BBY. Truist Financial reduced their target price on shares of Best Buy from $74.00 to $68.00 and set a “hold” rating on the stock in a report on Wednesday, November 22nd. The Goldman Sachs Group upgraded shares of Best Buy from a “neutral” rating to a “buy” rating and increased their price objective for the stock from $79.00 to $85.00 in a report on Thursday, October 19th. Telsey Advisory Group cut their price objective on shares of Best Buy from $80.00 to $75.00 and set a “market perform” rating on the stock in a report on Friday, November 17th. Wells Fargo & Company cut their price objective on shares of Best Buy from $80.00 to $65.00 and set an “equal weight” rating on the stock in a report on Monday, November 13th. Finally, Evercore ISI cut their price objective on shares of Best Buy from $75.00 to $70.00 and set an “in-line” rating on the stock in a report on Wednesday, November 22nd. Eight research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company. According to data from MarketBeat.com, the company has a consensus rating of “Hold” and an average target price of $77.43.

Read Our Latest Report on Best Buy

About Best Buy

(Free Report)

Best Buy Co, Inc engages in the retail of technology products in the United States and Canada. The company operates in two segments, Domestic 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, home theater, portable audio comprising headphones and portable speakers, and smart home products.

Read More

Want to see what other hedge funds are holding BBY? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Best Buy Co., Inc. (NYSE:BBYFree Report).

Institutional Ownership by Quarter for Best Buy (NYSE:BBY)

Receive News & Ratings for Best Buy Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Best Buy and related companies with MarketBeat.com's FREE daily email newsletter.