EverSource Wealth Advisors LLC Boosts Holdings in Best Buy Co., Inc. (NYSE:BBY)

EverSource Wealth Advisors LLC raised its holdings in Best Buy Co., Inc. (NYSE:BBY) by 37.1% in the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 847 shares of the technology retailer’s stock after buying an additional 229 shares during the quarter. EverSource Wealth Advisors LLC’s holdings in Best Buy were worth $73,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Pinnacle Financial Partners Inc purchased a new stake in Best Buy in the 4th quarter valued at about $3,293,000. Klein Pavlis & Peasley Financial Inc. grew its holdings in Best Buy by 48.6% in the 4th quarter. Klein Pavlis & Peasley Financial Inc. now owns 26,400 shares of the technology retailer’s stock valued at $2,265,000 after buying an additional 8,640 shares during the period. Alberta Investment Management Corp grew its holdings in Best Buy by 424.0% in the 4th quarter. Alberta Investment Management Corp now owns 26,200 shares of the technology retailer’s stock valued at $2,248,000 after buying an additional 21,200 shares during the period. Merit Financial Group LLC purchased a new stake in shares of Best Buy during the 4th quarter worth about $453,000. Finally, TCW Group Inc. grew its holdings in shares of Best Buy by 26.7% during the 4th quarter. TCW Group Inc. now owns 401,098 shares of the technology retailer’s stock worth $34,414,000 after purchasing an additional 84,505 shares during the period. Hedge funds and other institutional investors own 80.96% of the company’s stock.

Insider Activity

In other news, CEO Corie S. Barry purchased 13,500 shares of the stock in a transaction dated Wednesday, March 12th. The stock was acquired at an average cost of $72.92 per share, for a total transaction of $984,420.00. Following the acquisition, the chief executive officer now owns 378,780 shares of the company’s stock, valued at $27,620,637.60. The trade was a 3.70 % increase in their ownership of the stock. The acquisition was disclosed in a filing with the SEC, which is accessible through this link. Company insiders own 0.59% of the company’s stock.

Best Buy Stock Performance

Shares of BBY opened at $73.10 on Wednesday. The business’s 50 day moving average is $83.96 and its two-hundred day moving average is $89.58. Best Buy Co., Inc. has a 52-week low of $69.29 and a 52-week high of $103.71. The firm has a market cap of $15.63 billion, a price-to-earnings ratio of 12.50, a PEG ratio of 2.10 and a beta of 1.43. The company has a quick ratio of 0.22, a current ratio of 1.00 and a debt-to-equity ratio of 0.37.

Best Buy (NYSE:BBY) last announced its earnings results 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 return on equity of 45.93% and a net margin of 3.01%. The company had revenue of $13.95 billion for the quarter, compared to analyst estimates of $13.69 billion. During the same period in the prior year, the company posted $2.72 EPS. Analysts forecast that Best Buy Co., Inc. will post 6.18 EPS for the current fiscal year.

Best Buy Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Tuesday, April 15th. Stockholders of record on Tuesday, March 25th will be issued a $0.95 dividend. This represents a $3.80 dividend on an annualized basis and a dividend yield of 5.20%. This is an increase from Best Buy’s previous quarterly dividend of $0.94. The ex-dividend date of this dividend is Tuesday, March 25th. Best Buy’s payout ratio is 88.99%.

Wall Street Analyst Weigh In

A number of analysts have recently issued reports on the company. Piper Sandler decreased their target price on Best Buy from $102.00 to $92.00 and set an “overweight” rating for the company in a report on Wednesday, March 5th. Truist Financial decreased their target price on Best Buy from $95.00 to $81.00 and set a “hold” rating for the company in a report on Wednesday, March 5th. Telsey Advisory Group decreased their target price on Best Buy from $110.00 to $100.00 and set an “outperform” rating for the company in a report on Wednesday, March 5th. Barclays decreased their target price on Best Buy from $95.00 to $89.00 and set an “equal weight” rating for the company in a report on Thursday, January 9th. Finally, Guggenheim decreased their target price on Best Buy from $105.00 to $90.00 and set a “buy” rating for the company in a report on Wednesday, March 5th. Two analysts have rated the stock with a sell rating, nine have assigned a hold rating, nine have given a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus price target of $93.50.

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.