Blue Trust Inc. trimmed its position in Best Buy Co., Inc. (NYSE:BBY – Free Report) by 29.4% during the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 3,850 shares of the technology retailer’s stock after selling 1,602 shares during the period. Blue Trust Inc.’s holdings in Best Buy were worth $330,000 at the end of the most recent quarter.
Other institutional investors also recently modified their holdings of the company. Harbor Capital Advisors Inc. bought a new stake in shares of Best Buy in the third quarter valued at about $40,000. LRI Investments LLC raised its holdings in Best Buy by 632.1% during the third quarter. LRI Investments LLC now owns 388 shares of the technology retailer’s stock worth $40,000 after acquiring an additional 335 shares in the last quarter. Trust Co. of Vermont raised its holdings in Best Buy by 1,200.0% during the fourth quarter. Trust Co. of Vermont now owns 416 shares of the technology retailer’s stock worth $36,000 after acquiring an additional 384 shares in the last quarter. Brooklyn Investment Group bought a new stake in Best Buy during the third quarter worth about $44,000. Finally, Abich Financial Wealth Management LLC raised its holdings in Best Buy by 959.6% during the third quarter. Abich Financial Wealth Management LLC now owns 551 shares of the technology retailer’s stock worth $57,000 after acquiring an additional 499 shares in the last quarter. 80.96% of the stock is currently owned by institutional investors.
Analysts Set New Price Targets
BBY has been the topic of several analyst reports. Loop Capital reiterated a “buy” rating and set a $100.00 target price on shares of Best Buy in a report on Wednesday, December 18th. JPMorgan Chase & Co. upped their target price on Best Buy from $111.00 to $117.00 and gave the stock an “overweight” rating in a report on Friday, November 22nd. Citigroup dropped their price objective on Best Buy from $109.00 to $101.00 and set a “buy” rating on the stock in a research note on Wednesday, November 27th. Morgan Stanley dropped their price objective on Best Buy from $105.00 to $100.00 and set an “equal weight” rating on the stock in a research note on Tuesday, January 21st. Finally, StockNews.com lowered Best Buy from a “buy” rating to a “hold” rating in a research note on Friday, November 15th. One investment analyst has rated the stock with a sell rating, eight have given a hold rating, ten have given a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $101.72.
Insider Buying and Selling
In other Best Buy news, CFO Matthew M. Bilunas sold 69,166 shares of the firm’s stock in a transaction on Wednesday, December 11th. The stock was sold at an average price of $87.46, for a total value of $6,049,258.36. Following the sale, the chief financial officer now owns 92,070 shares of the company’s stock, valued at approximately $8,052,442.20. This trade represents a 42.90 % decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. 0.59% of the stock is currently owned by company insiders.
Best Buy Trading Down 1.3 %
Shares of NYSE:BBY opened at $85.73 on Friday. The company has a market capitalization of $18.33 billion, a P/E ratio of 14.65, a P/E/G ratio of 2.14 and a beta of 1.43. Best Buy Co., Inc. has a 1 year low of $69.29 and a 1 year high of $103.71. The company has a debt-to-equity ratio of 0.37, a current ratio of 1.00 and a quick ratio of 0.22. The business’s 50 day simple moving average is $86.30 and its 200 day simple moving average is $90.14.
Best Buy (NYSE:BBY – Get Free Report) last issued its quarterly earnings results on Tuesday, November 26th. The technology retailer reported $1.26 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.30 by ($0.04). The company had revenue of $9.45 billion for the quarter, compared to analyst estimates of $9.63 billion. Best Buy had a return on equity of 45.93% and a net margin of 3.01%. The company’s quarterly revenue was down 3.2% compared to the same quarter last year. During the same period in the prior year, the company earned $1.29 EPS. On average, research analysts anticipate that Best Buy Co., Inc. will post 6.18 EPS for the current fiscal year.
Best Buy Dividend Announcement
The business also recently declared a quarterly dividend, which was paid on Tuesday, January 7th. Investors of record on Tuesday, December 17th were given a dividend of $0.94 per share. This represents a $3.76 dividend on an annualized basis and a yield of 4.39%. The ex-dividend date was Tuesday, December 17th. Best Buy’s dividend payout ratio is currently 64.27%.
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.
Further Reading
- Five stocks we like better than Best Buy
- How to Invest in Insurance Companies: A GuideĀ
- ServiceNow Stock Slips, But AI Expansion Signals Long-Term Gains
- What is Put Option Volume?
- Microsoft and Meta’s AI Investment Plans Are Full Steam Ahead
- Why Are These Companies Considered Blue Chips?
- Beyond Self-Driving Cars: Factory Automation Takes Center Stage
Receive News & Ratings for Best Buy Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Best Buy and related companies with MarketBeat.com's FREE daily email newsletter.