Maridea Wealth Management LLC Purchases Shares of 7,590 Best Buy Co., Inc. (NYSE:BBY)

Maridea Wealth Management LLC acquired a new stake in Best Buy Co., Inc. (NYSE:BBY) during the 4th quarter, according to its most recent filing with the Securities & Exchange Commission. The fund acquired 7,590 shares of the technology retailer’s stock, valued at approximately $651,000.

Other institutional investors and hedge funds have also recently modified their holdings of the company. DnB Asset Management AS grew its stake in Best Buy by 0.6% in the 4th quarter. DnB Asset Management AS now owns 36,564 shares of the technology retailer’s stock valued at $3,137,000 after buying an additional 231 shares during the last quarter. Alerus Financial NA grew its position in shares of Best Buy by 0.7% in the fourth quarter. Alerus Financial NA now owns 92,276 shares of the technology retailer’s stock valued at $7,917,000 after purchasing an additional 655 shares during the last quarter. Pictet Asset Management Holding SA increased its stake in shares of Best Buy by 11.6% during the fourth quarter. Pictet Asset Management Holding SA now owns 221,034 shares of the technology retailer’s stock worth $18,965,000 after purchasing an additional 22,961 shares during the period. Norges Bank acquired a new stake in Best Buy during the 4th quarter worth approximately $178,015,000. Finally, Blair William & Co. IL lifted its holdings in Best Buy by 0.7% during the 4th quarter. Blair William & Co. IL now owns 48,444 shares of the technology retailer’s stock worth $4,156,000 after purchasing an additional 324 shares during the last quarter. 80.96% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several research firms have weighed in on BBY. Wedbush reiterated a “neutral” rating and set a $90.00 price objective on shares of Best Buy in a research report on Monday, March 3rd. Telsey Advisory Group lowered their price target on shares of Best Buy from $110.00 to $100.00 and set an “outperform” rating on the stock in a research report on Wednesday, March 5th. Bank of America cut their price objective on shares of Best Buy from $80.00 to $75.00 and set an “underperform” rating for the company in a report on Wednesday, March 5th. Jefferies Financial Group lowered their target price on shares of Best Buy from $106.00 to $92.00 and set a “buy” rating on the stock in a report on Tuesday, March 4th. Finally, JPMorgan Chase & Co. cut their price target on Best Buy from $115.00 to $110.00 and set an “overweight” rating for the company in a research note on Wednesday, March 5th. Two equities research analysts have rated the stock with a sell rating, nine have issued a hold rating, nine have assigned a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, the stock has an average rating of “Hold” and a consensus target price of $93.50.

Best Buy Trading Down 3.5 %

BBY opened at $72.28 on Friday. The company’s 50 day moving average is $82.51 and its 200-day moving average is $88.31. The company has a market cap of $15.28 billion, a P/E ratio of 12.36, a PEG ratio of 2.10 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 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, March 4th. The technology retailer reported $2.58 earnings per share for the quarter, topping 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 firm had revenue of $13.95 billion for the quarter, compared to analysts’ expectations of $13.69 billion. During the same quarter in the previous year, the firm posted $2.72 earnings per share. Equities research analysts predict that Best Buy Co., Inc. will post 6.18 earnings per share 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 paid a dividend of $0.95 per share. This represents a $3.80 dividend on an annualized basis and a dividend yield of 5.26%. This is a positive change from Best Buy’s previous quarterly dividend of $0.94. The ex-dividend date of this dividend is Tuesday, March 25th. Best Buy’s dividend payout ratio (DPR) is presently 88.99%.

Insider Transactions at Best Buy

In other Best Buy news, insider Todd G. Hartman sold 4,893 shares of the business’s stock in a transaction that occurred on Friday, March 21st. The shares were sold at an average price of $72.65, for a total transaction of $355,476.45. Following the sale, the insider now directly owns 32,320 shares of the company’s stock, valued at $2,348,048. The trade was a 13.15 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CAO Mathew Watson sold 2,951 shares of the company’s stock in a transaction that occurred on Friday, March 21st. The shares were sold at an average price of $72.65, for a total transaction of $214,390.15. Following the completion of the transaction, the chief accounting officer now owns 21,371 shares of the company’s stock, valued at approximately $1,552,603.15. This trade represents a 12.13 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 78,355 shares of company stock worth $5,767,213. Insiders own 0.59% of the company’s stock.

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.