Guggenheim Capital LLC Trims Stake in Best Buy Co., Inc. (NYSE:BBY)

Guggenheim Capital LLC lowered its position in shares of Best Buy Co., Inc. (NYSE:BBY) by 0.5% during the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 87,113 shares of the technology retailer’s stock after selling 470 shares during the period. Guggenheim Capital LLC’s holdings in Best Buy were worth $7,474,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently made changes to their positions in BBY. IFP Advisors Inc lifted its position in shares of Best Buy by 5.2% in the 4th quarter. IFP Advisors Inc now owns 2,538 shares of the technology retailer’s stock worth $218,000 after purchasing an additional 125 shares during the period. Mariner LLC boosted its position in Best Buy by 0.3% during the 4th quarter. Mariner LLC now owns 43,215 shares of the technology retailer’s stock valued at $3,708,000 after acquiring an additional 129 shares in the last quarter. Rothschild Investment LLC increased its holdings in shares of Best Buy by 19.7% in the 4th quarter. Rothschild Investment LLC now owns 861 shares of the technology retailer’s stock valued at $74,000 after acquiring an additional 142 shares during the period. Independent Advisor Alliance boosted its position in Best Buy by 5.0% during the fourth quarter. Independent Advisor Alliance now owns 3,002 shares of the technology retailer’s stock valued at $258,000 after purchasing an additional 142 shares in the last quarter. Finally, Yousif Capital Management LLC grew its stake in Best Buy by 0.5% in the fourth quarter. Yousif Capital Management LLC now owns 29,904 shares of the technology retailer’s stock valued at $2,566,000 after purchasing an additional 145 shares during the last quarter. 80.96% of the stock is currently owned by institutional investors.

Insiders Place Their Bets

In related news, insider Todd G. Hartman sold 4,893 shares of the firm’s stock in a transaction dated Friday, March 21st. The shares were sold at an average price of $72.65, for a total value of $355,476.45. Following the transaction, the insider now directly owns 32,320 shares of the company’s stock, valued at approximately $2,348,048. This trade represents a 13.15 % decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, EVP Kathleen Scarlett sold 6,847 shares of the business’s stock in a transaction that occurred on Friday, March 21st. The stock was sold at an average price of $72.65, for a total value of $497,434.55. Following the sale, the executive vice president now owns 87,389 shares of the company’s stock, valued at approximately $6,348,810.85. This trade represents a 7.27 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 78,355 shares of company stock worth $5,767,213. Company insiders own 0.59% of the company’s stock.

Best Buy Trading Up 3.9 %

NYSE BBY opened at $61.97 on Friday. Best Buy Co., Inc. has a 1 year low of $54.99 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 company has a market capitalization of $13.10 billion, a PE ratio of 10.59, a P/E/G ratio of 2.10 and a beta of 1.42. The company has a fifty day moving average of $75.45 and a 200 day moving average of $84.44.

Best Buy (NYSE:BBY) last issued its quarterly earnings data on Tuesday, March 4th. The technology retailer reported $2.58 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.40 by $0.18. The business had revenue of $13.95 billion during the quarter, compared to analysts’ expectations of $13.69 billion. Best Buy had a return on equity of 45.93% and a net margin of 3.01%. During the same quarter in the previous year, the firm posted $2.72 EPS. Research analysts forecast that Best Buy Co., Inc. will post 6.18 earnings per share for the current year.

Best Buy Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Tuesday, April 15th. Investors of record on Tuesday, March 25th were issued a $0.95 dividend. This represents a $3.80 annualized dividend and a yield of 6.13%. The ex-dividend date of this dividend was Tuesday, March 25th. This is a positive change from Best Buy’s previous quarterly dividend of $0.94. Best Buy’s payout ratio is presently 88.99%.

Analyst Ratings Changes

BBY has been the topic of a number of recent analyst reports. Evercore ISI lowered their price target on shares of Best Buy from $95.00 to $80.00 and set an “in-line” rating on the stock in a report on Wednesday, March 5th. Jefferies Financial Group cut their price target 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. Truist Financial decreased their price objective on Best Buy from $81.00 to $64.00 and set a “hold” rating for the company in a report on Tuesday, April 8th. Loop Capital restated a “negative” rating on shares of Best Buy in a research note on Wednesday, March 5th. Finally, Bank of America decreased their price target on Best Buy from $80.00 to $75.00 and set an “underperform” rating for the company in a research note on Wednesday, March 5th. Two investment analysts have rated the stock with a sell rating, ten have assigned a hold rating, eight have assigned a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, Best Buy presently has an average rating of “Hold” and a consensus price target of $91.28.

Best Buy 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.