HBK Sorce Advisory LLC Grows Holdings in Best Buy Co., Inc. (NYSE:BBY)

HBK Sorce Advisory LLC increased its position in shares of Best Buy Co., Inc. (NYSE:BBY) by 27.9% during the 4th quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 2,521 shares of the technology retailer’s stock after purchasing an additional 550 shares during the quarter. HBK Sorce Advisory LLC’s holdings in Best Buy were worth $216,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in BBY. Raymond James Financial Inc. purchased a new position in Best Buy in the fourth quarter valued at about $514,483,000. Nordea Investment Management AB boosted its stake in Best Buy by 563.8% in the fourth quarter. Nordea Investment Management AB now owns 592,460 shares of the technology retailer’s stock valued at $50,643,000 after acquiring an additional 503,204 shares during the last quarter. National Bank of Canada FI boosted its stake in Best Buy by 817.4% in the third quarter. National Bank of Canada FI now owns 537,886 shares of the technology retailer’s stock valued at $55,564,000 after acquiring an additional 479,256 shares during the last quarter. Bank of New York Mellon Corp boosted its stake in Best Buy by 13.7% in the fourth quarter. Bank of New York Mellon Corp now owns 3,824,425 shares of the technology retailer’s stock valued at $328,136,000 after acquiring an additional 459,353 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. boosted its stake in Best Buy by 6.4% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 6,560,368 shares of the technology retailer’s stock valued at $562,880,000 after acquiring an additional 395,415 shares during the last quarter. 80.96% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of research analysts have weighed in on BBY shares. Citigroup dropped their target price on shares of Best Buy from $105.00 to $93.00 and set a “buy” rating on the stock in a research note on Wednesday, March 5th. Guggenheim lowered their price target on shares of Best Buy from $105.00 to $90.00 and set a “buy” rating on the stock in a research report on Wednesday, March 5th. Truist Financial lowered their price target on shares of Best Buy from $95.00 to $81.00 and set a “hold” rating on the stock in a research report on Wednesday, March 5th. Bank of America lowered their price target on shares of Best Buy from $80.00 to $75.00 and set an “underperform” rating on the stock in a research report on Wednesday, March 5th. Finally, Barclays lowered their price target on shares of Best Buy from $95.00 to $89.00 and set an “equal weight” rating on the stock in a research report on Thursday, January 9th. Two research analysts have rated the stock with a sell rating, nine have assigned a hold rating, nine have given a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, Best Buy has an average rating of “Hold” and an average price target of $93.50.

Best Buy Price Performance

Shares of NYSE:BBY opened at $71.56 on Friday. The company’s fifty day moving average price is $84.40 and its 200-day moving average price is $89.94. The firm has a market capitalization of $15.30 billion, a price-to-earnings ratio of 12.23, a PEG ratio of 2.10 and a beta of 1.43. Best Buy Co., Inc. has a one year low of $69.29 and a one 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.

Best Buy (NYSE:BBY) last announced its quarterly earnings data on Tuesday, March 4th. The technology retailer reported $2.58 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.40 by $0.18. Best Buy had a net margin of 3.01% and a return on equity of 45.93%. The company had revenue of $13.95 billion during the quarter, compared to analysts’ expectations of $13.69 billion. During the same quarter in the prior year, the company earned $2.72 EPS. On average, equities research analysts anticipate that Best Buy Co., Inc. will post 6.18 earnings per share for the current fiscal year.

Best Buy Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, April 15th. Stockholders of record on Tuesday, March 25th will be paid a $0.95 dividend. This is a boost from Best Buy’s previous quarterly dividend of $0.94. The ex-dividend date is Tuesday, March 25th. This represents a $3.80 dividend on an annualized basis and a dividend yield of 5.31%. Best Buy’s dividend payout ratio is 88.99%.

Insider Buying and Selling at Best Buy

In other news, CEO Corie S. Barry purchased 13,500 shares of the company’s stock in a transaction on Wednesday, March 12th. The stock was acquired at an average price of $72.92 per share, with a total value of $984,420.00. Following the transaction, the chief executive officer now directly owns 378,780 shares of the company’s stock, valued at approximately $27,620,637.60. This represents a 3.70 % increase in their position. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. 0.59% of the stock is currently owned by corporate insiders.

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.