First Horizon Advisors Inc. Has $185,000 Stock Position in Best Buy Co., Inc. (NYSE:BBY)

First Horizon Advisors Inc. trimmed its holdings in Best Buy Co., Inc. (NYSE:BBY) by 19.2% in the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 2,369 shares of the technology retailer’s stock after selling 563 shares during the quarter. First Horizon Advisors Inc.’s holdings in Best Buy were worth $185,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds and other institutional investors have also modified their holdings of the stock. Berry Wealth Group LP acquired a new stake in Best Buy in the 4th quarter worth $1,508,000. Avory & Company LLC increased its stake in Best Buy by 2.6% during the fourth quarter. Avory & Company LLC now owns 6,011 shares of the technology retailer’s stock valued at $471,000 after acquiring an additional 154 shares during the period. Van ECK Associates Corp raised its holdings in Best Buy by 3.1% in the 4th quarter. Van ECK Associates Corp now owns 97,173 shares of the technology retailer’s stock valued at $7,607,000 after acquiring an additional 2,891 shares in the last quarter. Skylands Capital LLC lifted its position in shares of Best Buy by 44.4% in the 4th quarter. Skylands Capital LLC now owns 7,400 shares of the technology retailer’s stock worth $579,000 after acquiring an additional 2,275 shares during the period. Finally, Stonebrook Private Inc. acquired a new stake in shares of Best Buy during the 4th quarter worth approximately $1,299,000. Institutional investors and hedge funds own 80.96% of the company’s stock.

Insider Transactions at Best Buy

In related news, CEO Corie S. Barry sold 28,042 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 $2,293,835.60. Following the transaction, the chief executive officer now directly owns 429,159 shares in the company, valued at $35,105,206.20. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. In other Best Buy news, CAO Mathew Watson sold 2,505 shares of the company’s 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 completion of the sale, the chief accounting officer now 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 can be accessed through the SEC website. Also, CEO Corie S. Barry sold 28,042 shares of the business’s stock in a transaction on Friday, March 22nd. The shares were sold at an average price of $81.80, for a total transaction of $2,293,835.60. Following the completion of the transaction, the chief executive officer now directly owns 429,159 shares of the company’s stock, valued at approximately $35,105,206.20. The disclosure for this sale can be found here. Insiders sold a total of 52,023 shares of company stock worth $4,253,900 in the last quarter. 0.56% of the stock is owned by company insiders.

Best Buy Stock Performance

BBY stock opened at $74.47 on Monday. The company has a 50 day moving average price of $77.92 and a 200 day moving average price of $74.28. Best Buy Co., Inc. has a fifty-two week low of $62.30 and a fifty-two week high of $86.11. The company has a debt-to-equity ratio of 0.38, a current ratio of 1.00 and a quick ratio of 0.37. The stock has a market capitalization of $16.11 billion, a PE ratio of 13.09, a price-to-earnings-growth ratio of 1.94 and a beta of 1.50.

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

Best Buy Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Thursday, April 11th. Stockholders of record on Thursday, March 21st were paid a $0.94 dividend. This represents a $3.76 annualized dividend and a dividend yield of 5.05%. The ex-dividend date was Wednesday, March 20th. This is a positive change from Best Buy’s previous quarterly dividend of $0.92. Best Buy’s dividend payout ratio (DPR) is 66.08%.

Analysts Set New Price Targets

BBY has been the topic of several analyst reports. Barclays boosted their price target on shares of Best Buy from $69.00 to $88.00 and gave the company an “equal weight” rating in a report on Friday, March 1st. Telsey Advisory Group raised shares of Best Buy from a “market perform” rating to an “outperform” rating and upped their target price for the company from $85.00 to $95.00 in a research note on Wednesday, March 20th. JPMorgan Chase & Co. upgraded shares of Best Buy from a “neutral” rating to an “overweight” rating and raised their price target for the stock from $89.00 to $101.00 in a research note on Friday, March 22nd. Truist Financial upped their price objective on Best Buy from $68.00 to $87.00 and gave the company a “hold” rating in a research note on Friday, March 1st. Finally, Wedbush raised their target price on Best Buy from $75.00 to $85.00 and gave the stock a “neutral” rating in a research report on Friday, March 1st. One equities research analyst has rated the stock with a sell rating, eight have given a hold rating and seven have given a buy rating to the company. Based on data from MarketBeat, the company currently has an average rating of “Hold” and an average price target of $84.60.

Best Buy Company 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.