GHP Investment Advisors Inc. Raises Holdings in Best Buy Co., Inc. (NYSE:BBY)

GHP Investment Advisors Inc. raised its holdings in shares of Best Buy Co., Inc. (NYSE:BBY) by 8.9% during the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 12,881 shares of the technology retailer’s stock after purchasing an additional 1,048 shares during the period. GHP Investment Advisors Inc.’s holdings in Best Buy were worth $1,008,000 at the end of the most recent quarter.

Other institutional investors have also added to or reduced their stakes in the company. Kingswood Wealth Advisors LLC purchased a new stake in Best Buy during the 4th quarter valued at $317,000. Mirabella Financial Services LLP purchased a new stake in Best Buy during the 3rd quarter valued at $831,000. Van ECK Associates Corp boosted its stake in Best Buy by 35.6% during the 3rd quarter. Van ECK Associates Corp now owns 94,282 shares of the technology retailer’s stock valued at $6,550,000 after purchasing an additional 24,763 shares during the last quarter. Dai ichi Life Insurance Company Ltd boosted its stake in Best Buy by 1,405.3% during the 3rd quarter. Dai ichi Life Insurance Company Ltd now owns 214,232 shares of the technology retailer’s stock valued at $14,883,000 after purchasing an additional 200,000 shares during the last quarter. Finally, Blue Trust Inc. boosted its stake in Best Buy by 15.8% during the 4th quarter. Blue Trust Inc. now owns 3,050 shares of the technology retailer’s stock valued at $239,000 after purchasing an additional 416 shares during the last quarter. 80.96% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of research firms have recently issued reports on BBY. Truist Financial raised their price target on Best Buy from $68.00 to $87.00 and gave the stock a “hold” rating in a research note on Friday, March 1st. Citigroup raised their price target on Best Buy from $67.00 to $76.00 and gave the stock a “sell” rating in a research note on Friday, March 1st. Barclays raised their price target on Best Buy from $69.00 to $88.00 and gave the stock an “equal weight” rating in a research note on Friday, March 1st. Morgan Stanley raised their price target on Best Buy from $80.00 to $82.00 and gave the stock an “equal weight” rating in a research note on Friday, March 1st. Finally, TheStreet upgraded Best Buy from a “c” rating to a “b-” rating in a research note on Thursday, February 29th. One research analyst has rated the stock with a sell rating, eight have given a hold rating and seven have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus price target of $84.60.

Insider Transactions at Best Buy

In other news, CAO Mathew Watson sold 2,505 shares of Best Buy stock in a transaction dated Friday, March 22nd. The stock was sold at an average price of $81.80, for a total value of $204,909.00. Following the sale, the chief accounting officer now directly owns 25,638 shares of the company’s stock, valued at $2,097,188.40. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. In other news, CAO Mathew Watson sold 2,505 shares of Best Buy stock in a transaction dated Friday, March 22nd. The stock was sold at an average price of $81.80, for a total value of $204,909.00. Following the sale, the chief accounting officer now directly owns 25,638 shares of the company’s stock, valued at $2,097,188.40. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Corie S. Barry sold 28,042 shares of Best Buy stock in a transaction dated Friday, March 22nd. The stock was sold at an average price of $81.80, for a total value of $2,293,835.60. Following the completion of the sale, the chief executive officer now directly owns 429,159 shares in the company, valued at $35,105,206.20. The disclosure for this sale can be found here. Over the last three months, insiders have sold 51,394 shares of company stock valued at $4,206,247. 0.56% of the stock is currently owned by insiders.

Best Buy Price Performance

NYSE:BBY opened at $78.00 on Friday. The company has a quick ratio of 0.37, a current ratio of 1.00 and a debt-to-equity ratio of 0.38. The business’s 50-day simple moving average is $77.87 and its two-hundred day simple moving average is $73.64. The stock has a market cap of $16.80 billion, a PE ratio of 13.71, a P/E/G ratio of 2.09 and a beta of 1.49. Best Buy Co., Inc. has a 52 week low of $62.30 and a 52 week high of $86.11.

Best Buy (NYSE:BBY) last posted its quarterly earnings results on Thursday, February 29th. The technology retailer reported $2.72 EPS for the quarter, beating analysts’ consensus estimates of $2.51 by $0.21. The business had revenue of $14.65 billion for the quarter, compared to analysts’ expectations of $14.58 billion. Best Buy had a return on equity of 48.45% and a net margin of 2.86%. The business’s quarterly revenue was down .6% on a year-over-year basis. During the same period last year, the firm earned $2.61 earnings per share. As a group, analysts forecast that Best Buy Co., Inc. will post 6.03 EPS for the current fiscal year.

Best Buy Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Thursday, April 11th. Stockholders of record on Thursday, March 21st were issued a $0.94 dividend. This represents a $3.76 annualized dividend and a dividend yield of 4.82%. This is a boost from Best Buy’s previous quarterly dividend of $0.92. The ex-dividend date was Wednesday, March 20th. Best Buy’s payout ratio is 66.08%.

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.