Ritholtz Wealth Management trimmed its position in Best Buy Co., Inc. (NYSE:BBY – Free Report) by 1.9% during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 15,772 shares of the technology retailer’s stock after selling 298 shares during the quarter. Ritholtz Wealth Management’s holdings in Best Buy were worth $1,353,000 as of its most recent filing with the Securities & Exchange Commission.
Several other hedge funds also recently made changes to their positions in the company. Harbor Capital Advisors Inc. purchased a new position in Best Buy during the 3rd quarter valued at $40,000. LRI Investments LLC increased its position in Best Buy by 632.1% during the 3rd quarter. LRI Investments LLC now owns 388 shares of the technology retailer’s stock valued at $40,000 after purchasing an additional 335 shares during the period. Brooklyn Investment Group purchased a new position in Best Buy during the 3rd quarter valued at $44,000. Benjamin Edwards Inc. increased its position in Best Buy by 50.8% during the 2nd quarter. Benjamin Edwards Inc. now owns 493 shares of the technology retailer’s stock valued at $42,000 after purchasing an additional 166 shares during the period. Finally, Abich Financial Wealth Management LLC increased its position in Best Buy by 959.6% during the 3rd quarter. Abich Financial Wealth Management LLC now owns 551 shares of the technology retailer’s stock valued at $57,000 after purchasing an additional 499 shares during the period. 80.96% of the stock is owned by hedge funds and other institutional investors.
Wall Street Analysts Forecast Growth
A number of research analysts have issued reports on BBY shares. DA Davidson reissued a “buy” rating and set a $117.00 price objective on shares of Best Buy in a research report on Tuesday, October 15th. StockNews.com cut shares of Best Buy from a “buy” rating to a “hold” rating in a report on Friday, November 15th. Loop Capital restated a “buy” rating and set a $100.00 target price on shares of Best Buy in a report on Wednesday, December 18th. Wells Fargo & Company dropped their target price on shares of Best Buy from $95.00 to $89.00 and set an “equal weight” rating on the stock in a report on Wednesday, November 27th. Finally, Melius Research started coverage on shares of Best Buy in a report on Monday, September 23rd. They set a “hold” rating and a $100.00 target price on the stock. One analyst has rated the stock with a sell rating, eight have given a hold rating, ten have given a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of $100.72.
Insider Activity
In other news, CFO Matthew M. Bilunas sold 69,166 shares of the company’s stock in a transaction dated Wednesday, December 11th. The shares were sold at an average price of $87.46, for a total transaction of $6,049,258.36. Following the completion of the sale, the chief financial officer now owns 92,070 shares of the company’s stock, valued at $8,052,442.20. This represents a 42.90 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Insiders own 0.59% of the company’s stock.
Best Buy Price Performance
Shares of NYSE:BBY opened at $81.91 on Friday. Best Buy Co., Inc. has a fifty-two week low of $69.29 and a fifty-two week high of $103.71. The business has a 50-day simple moving average of $87.17 and a two-hundred day simple moving average of $90.10. The company has a debt-to-equity ratio of 0.37, a quick ratio of 0.22 and a current ratio of 1.00. The firm has a market cap of $17.51 billion, a price-to-earnings ratio of 14.00, a price-to-earnings-growth ratio of 2.09 and a beta of 1.43.
Best Buy (NYSE:BBY – Get Free Report) last issued its earnings results on Tuesday, November 26th. The technology retailer reported $1.26 earnings per share for the quarter, missing analysts’ consensus estimates of $1.30 by ($0.04). Best Buy had a return on equity of 45.93% and a net margin of 3.01%. The business had revenue of $9.45 billion during the quarter, compared to analysts’ expectations of $9.63 billion. During the same period last year, the firm posted $1.29 EPS. Best Buy’s quarterly revenue was down 3.2% compared to the same quarter last year. On average, analysts expect that Best Buy Co., Inc. will post 6.18 earnings per share for the current year.
Best Buy Announces Dividend
The firm also recently declared a quarterly dividend, which was paid on Tuesday, January 7th. Stockholders of record on Tuesday, December 17th were given a dividend of $0.94 per share. This represents a $3.76 annualized dividend and a dividend yield of 4.59%. The ex-dividend date of this dividend was Tuesday, December 17th. Best Buy’s payout ratio is currently 64.27%.
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.
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