Apollon Wealth Management LLC Increases Stock Holdings in Best Buy Co., Inc. (NYSE:BBY)

Apollon Wealth Management LLC boosted its holdings in Best Buy Co., Inc. (NYSE:BBY) by 30.3% during the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 6,403 shares of the technology retailer’s stock after acquiring an additional 1,490 shares during the period. Apollon Wealth Management LLC’s holdings in Best Buy were worth $549,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds have also recently added to or reduced their stakes in the business. Cantor Fitzgerald Investment Advisors L.P. lifted its holdings in Best Buy by 36.5% in the 4th quarter. Cantor Fitzgerald Investment Advisors L.P. now owns 184,248 shares of the technology retailer’s stock valued at $15,808,000 after purchasing an additional 49,299 shares in the last quarter. Conning Inc. raised its position in shares of Best Buy by 9.0% in the fourth quarter. Conning Inc. now owns 402,500 shares of the technology retailer’s stock valued at $34,534,000 after buying an additional 33,266 shares during the last quarter. Golden State Wealth Management LLC purchased a new position in shares of Best Buy during the fourth quarter valued at approximately $32,000. Tobam boosted its position in Best Buy by 656.3% during the fourth quarter. Tobam now owns 9,197 shares of the technology retailer’s stock worth $789,000 after acquiring an additional 7,981 shares during the last quarter. Finally, William Allan Corp grew its stake in Best Buy by 4.1% in the 4th quarter. William Allan Corp now owns 30,085 shares of the technology retailer’s stock worth $2,581,000 after acquiring an additional 1,184 shares during the period. 80.96% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity

In other Best Buy news, CFO Matthew M. Bilunas sold 69,166 shares of the business’s stock in a transaction on Wednesday, December 11th. The shares were sold at an average price of $87.46, for a total value of $6,049,258.36. Following the transaction, the chief financial officer now owns 92,070 shares in the company, valued at $8,052,442.20. The trade was a 42.90 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Insiders own 0.59% of the company’s stock.

Analysts Set New Price Targets

BBY has been the topic of a number of recent analyst reports. Barclays reduced their price target on Best Buy from $95.00 to $89.00 and set an “equal weight” rating on the stock in a research note on Thursday, January 9th. Loop Capital reiterated a “buy” rating and set a $100.00 target price on shares of Best Buy in a research report on Wednesday, December 18th. Wells Fargo & Company decreased their price target on Best Buy from $95.00 to $89.00 and set an “equal weight” rating on the stock in a research note on Wednesday, November 27th. Truist Financial dropped their price objective on shares of Best Buy from $107.00 to $95.00 and set a “hold” rating for the company in a research note on Wednesday, November 27th. Finally, Morgan Stanley decreased their target price on shares of Best Buy from $105.00 to $100.00 and set an “equal weight” rating on the stock in a research report on Tuesday, January 21st. One investment analyst has rated the stock with a sell rating, eight have given a hold rating, ten have assigned a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, Best Buy presently has a consensus rating of “Moderate Buy” and a consensus target price of $101.72.

Best Buy Stock Down 1.4 %

Shares of NYSE BBY opened at $86.79 on Thursday. The stock has a fifty day moving average price of $85.79 and a 200 day moving average price of $90.06. The company has a market cap of $18.56 billion, a P/E ratio of 14.84, a P/E/G ratio of 2.01 and a beta of 1.43. Best Buy Co., Inc. has a 12-month low of $69.29 and a 12-month high of $103.71. The company has a current ratio of 1.00, a quick ratio of 0.22 and a debt-to-equity ratio of 0.37.

Best Buy (NYSE:BBY) last posted its 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 during the quarter, compared to analyst estimates of $9.63 billion. Best Buy had a net margin of 3.01% and a return on equity of 45.93%. Best Buy’s quarterly revenue was down 3.2% compared to the same quarter last year. During the same quarter last year, the business posted $1.29 EPS. Research analysts anticipate that Best Buy Co., Inc. will post 6.18 EPS for the current fiscal year.

Best Buy Announces Dividend

The company also recently announced 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. The ex-dividend date was Tuesday, December 17th. This represents a $3.76 dividend on an annualized basis and a dividend yield of 4.33%. Best Buy’s payout ratio is currently 64.27%.

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.