Beverly Hills Private Wealth LLC Makes New $211,000 Investment in Best Buy Co., Inc. (NYSE:BBY)

Beverly Hills Private Wealth LLC acquired a new position in Best Buy Co., Inc. (NYSE:BBY) in the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor acquired 2,694 shares of the technology retailer’s stock, valued at approximately $211,000.

Several other institutional investors have also added to or reduced their stakes in BBY. Private Advisor Group LLC raised its holdings in Best Buy by 29.2% in the 1st quarter. Private Advisor Group LLC now owns 5,547 shares of the technology retailer’s stock worth $504,000 after purchasing an additional 1,252 shares in the last quarter. Yousif Capital Management LLC raised its holdings in Best Buy by 1.1% in the 1st quarter. Yousif Capital Management LLC now owns 39,097 shares of the technology retailer’s stock worth $3,554,000 after purchasing an additional 415 shares in the last quarter. Aviva PLC raised its holdings in Best Buy by 31.1% in the 1st quarter. Aviva PLC now owns 105,369 shares of the technology retailer’s stock worth $9,578,000 after purchasing an additional 24,977 shares in the last quarter. Prudential PLC purchased a new stake in shares of Best Buy in the 1st quarter worth about $499,000. Finally, Cetera Investment Advisers grew its position in shares of Best Buy by 6.3% in the 1st quarter. Cetera Investment Advisers now owns 5,144 shares of the technology retailer’s stock worth $468,000 after buying an additional 305 shares during the period. 80.96% of the stock is currently owned by institutional investors.

Insider Transactions at Best Buy

In other news, CAO Mathew Watson sold 2,505 shares of the stock in a transaction that occurred on Friday, March 22nd. The shares were sold at an average price of $81.80, for a total value of $204,909.00. Following the transaction, the chief accounting officer now owns 25,638 shares in the company, valued at approximately $2,097,188.40. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. In other news, CAO Mathew Watson sold 2,505 shares of the stock in a transaction that occurred on Friday, March 22nd. The shares were sold at an average price of $81.80, for a total value of $204,909.00. Following the transaction, the chief accounting officer now owns 25,638 shares in the company, valued at approximately $2,097,188.40. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Todd G. Hartman sold 3,973 shares of the stock in a transaction that occurred on Friday, March 22nd. The stock was sold at an average price of $81.80, for a total transaction of $324,991.40. Following the completion of the transaction, the insider now owns 25,912 shares in the company, valued at approximately $2,119,601.60. The disclosure for this sale can be found here. Insiders have sold 51,394 shares of company stock worth $4,206,247 in the last quarter. Company insiders own 0.56% of the company’s stock.

Analyst Upgrades and Downgrades

BBY has been the topic of a number of recent research reports. TheStreet raised shares of Best Buy from a “c” rating to a “b-” rating in a research report on Thursday, February 29th. JPMorgan Chase & Co. raised shares of Best Buy from a “neutral” rating to an “overweight” rating and upped their target price for the stock from $89.00 to $101.00 in a research report on Friday, March 22nd. Truist Financial upped their target price on shares of Best Buy from $68.00 to $87.00 and gave the stock a “hold” rating in a research report on Friday, March 1st. Citigroup upped their target price on shares of Best Buy from $67.00 to $76.00 and gave the stock a “sell” rating in a research report on Friday, March 1st. Finally, UBS Group upped their target price on shares of Best Buy from $82.00 to $85.00 and gave the stock a “neutral” rating in a research report on Friday, March 1st. One investment analyst has rated the stock with a sell rating, eight have assigned a hold rating and seven have issued a buy rating to the company. Based on data from MarketBeat, the stock has a consensus rating of “Hold” and an average target price of $84.60.

Best Buy Price Performance

BBY opened at $75.18 on Wednesday. The company has a debt-to-equity ratio of 0.38, a quick ratio of 0.37 and a current ratio of 1.00. The stock has a market capitalization of $16.19 billion, a P/E ratio of 13.21, a P/E/G ratio of 2.04 and a beta of 1.49. The company’s 50-day simple moving average is $77.92 and its two-hundred day simple moving average is $73.81. 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 earnings results on Thursday, February 29th. The technology retailer reported $2.72 earnings per share (EPS) for the quarter, beating the consensus estimate 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 net margin of 2.86% and a return on equity of 48.45%. The business’s revenue for the quarter was down .6% compared to the same quarter last year. During the same quarter in the prior year, the business earned $2.61 EPS. As a group, analysts predict that Best Buy Co., Inc. will post 6.03 EPS for the current year.

Best Buy Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Thursday, April 11th. Shareholders of record on Thursday, March 21st were paid a dividend of $0.94 per share. The ex-dividend date was Wednesday, March 20th. This represents a $3.76 annualized dividend and a yield of 5.00%. This is a boost from Best Buy’s previous quarterly dividend of $0.92. Best Buy’s dividend payout ratio is currently 66.08%.

About Best Buy

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.