First Trust Advisors LP Acquires 161,680 Shares of Best Buy Co., Inc. (NYSE:BBY)

First Trust Advisors LP lifted its holdings in shares of Best Buy Co., Inc. (NYSE:BBYFree Report) by 19.5% in the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 989,173 shares of the technology retailer’s stock after acquiring an additional 161,680 shares during the quarter. First Trust Advisors LP owned approximately 0.46% of Best Buy worth $77,432,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Cerity Partners LLC grew its stake in Best Buy by 8.4% in the fourth quarter. Cerity Partners LLC now owns 103,459 shares of the technology retailer’s stock worth $8,100,000 after purchasing an additional 8,042 shares during the period. Kingswood Wealth Advisors LLC purchased a new stake in Best Buy in the fourth quarter worth $317,000. Mirabella Financial Services LLP purchased a new stake in Best Buy in the third quarter worth $831,000. Private Advisor Group LLC purchased a new stake in Best Buy in the fourth quarter worth $328,000. Finally, Principal Securities Inc. purchased a new stake in Best Buy in the fourth quarter worth $341,000. Institutional investors own 80.96% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities research analysts recently weighed in on the company. JPMorgan Chase & Co. raised Best Buy from a “neutral” rating to an “overweight” rating and upped their price target for the stock from $89.00 to $101.00 in a research note on Friday, March 22nd. Barclays upped their price target on Best Buy from $69.00 to $88.00 and gave the company an “equal weight” rating in a report on Friday, March 1st. UBS Group upped their price target on Best Buy from $82.00 to $85.00 and gave the company a “neutral” rating in a report on Friday, March 1st. Wedbush reaffirmed a “neutral” rating and set a $85.00 price target on shares of Best Buy in a report on Tuesday, May 28th. Finally, Telsey Advisory Group reaffirmed an “outperform” rating and set a $95.00 price target on shares of Best Buy in a report on Thursday, May 30th. Eight research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company. According to MarketBeat.com, the company has an average rating of “Hold” and a consensus price target of $88.71.

Get Our Latest Stock Report on BBY

Best Buy Stock Up 1.2 %

NYSE BBY opened at $88.94 on Thursday. The stock’s 50-day moving average price is $76.58 and its 200-day moving average price is $75.73. The company has a quick ratio of 0.33, a current ratio of 1.01 and a debt-to-equity ratio of 0.37. Best Buy Co., Inc. has a 52 week low of $62.30 and a 52 week high of $88.96. The company has a market capitalization of $19.24 billion, a P/E ratio of 15.58, a price-to-earnings-growth ratio of 2.84 and a beta of 1.49.

Best Buy (NYSE:BBYGet Free Report) last posted its quarterly earnings data on Thursday, May 30th. The technology retailer reported $1.20 EPS for the quarter, topping the consensus estimate of $1.08 by $0.12. Best Buy had a return on equity of 47.56% and a net margin of 2.90%. The firm had revenue of $8.85 billion for the quarter, compared to the consensus estimate of $8.96 billion. During the same quarter last year, the company earned $1.15 earnings per share. The business’s revenue for the quarter was down 6.5% compared to the same quarter last year. On average, equities research analysts predict that Best Buy Co., Inc. will post 6.11 earnings per share for the current year.

Best Buy Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, July 11th. Stockholders of record on Thursday, June 20th will be paid a $0.94 dividend. This represents a $3.76 annualized dividend and a dividend yield of 4.23%. The ex-dividend date is Thursday, June 20th. Best Buy’s dividend payout ratio (DPR) is currently 65.85%.

Insider Transactions at Best Buy

In related news, insider Todd G. Hartman sold 3,973 shares of the stock in a transaction dated 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 sale, the insider now owns 25,912 shares in the company, valued at $2,119,601.60. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. In other Best Buy news, CAO Mathew Watson sold 2,505 shares of the firm’s 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 $204,909.00. Following the completion of the transaction, the chief accounting officer now owns 25,638 shares in the company, valued at approximately $2,097,188.40. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, insider Todd G. Hartman sold 3,973 shares of the firm’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 $324,991.40. Following the transaction, the insider now owns 25,912 shares of the company’s stock, valued at approximately $2,119,601.60. The disclosure for this sale can be found here. Insiders have sold 2,052,023 shares of company stock valued at $170,313,900 over the last quarter. 0.59% of the stock is currently owned by company insiders.

Best Buy Profile

(Free Report)

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.

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

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