Stonebrook Private Inc. Lowers Stock Position in Best Buy Co., Inc. (NYSE:BBY)

Stonebrook Private Inc. lessened its holdings in Best Buy Co., Inc. (NYSE:BBY) by 1.1% in the 4th quarter, according to its most recent filing with the SEC. The firm owned 19,403 shares of the technology retailer’s stock after selling 224 shares during the period. Stonebrook Private Inc.’s holdings in Best Buy were worth $1,665,000 at the end of the most recent quarter.

Other hedge funds have also recently modified their holdings of the company. Rakuten Securities Inc. lifted its position in shares of Best Buy by 971.9% in the 4th quarter. Rakuten Securities Inc. now owns 343 shares of the technology retailer’s stock worth $29,000 after purchasing an additional 311 shares during the period. Golden State Wealth Management LLC bought a new position in shares of Best Buy during the 4th quarter worth approximately $32,000. Atlas Capital Advisors Inc. raised its stake in shares of Best Buy by 186.9% during the 4th quarter. Atlas Capital Advisors Inc. now owns 373 shares of the technology retailer’s stock worth $32,000 after acquiring an additional 243 shares in the last quarter. Ancora Advisors LLC raised its stake in shares of Best Buy by 18,700.0% during the 4th quarter. Ancora Advisors LLC now owns 376 shares of the technology retailer’s stock worth $32,000 after acquiring an additional 374 shares in the last quarter. Finally, OFI Invest Asset Management bought a new position in shares of Best Buy during the 4th quarter worth approximately $34,000. Hedge funds and other institutional investors own 80.96% of the company’s stock.

Insider Buying and Selling at Best Buy

In other Best Buy news, CFO Matthew M. Bilunas sold 51,000 shares of Best Buy stock in a transaction dated Monday, March 24th. The shares were sold at an average price of $74.20, for a total transaction of $3,784,200.00. Following the completion of the sale, the chief financial officer now directly owns 55,856 shares in the company, valued at $4,144,515.20. This trade represents a 47.73% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Corie S. Barry purchased 13,500 shares of the company’s stock in a transaction on Wednesday, March 12th. The shares were bought at an average price of $72.92 per share, with a total value of $984,420.00. Following the completion of the transaction, the chief executive officer now owns 378,780 shares of the company’s stock, valued at approximately $27,620,637.60. The trade was a 3.70% increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders sold a total of 78,355 shares of company stock worth $5,767,213 over the last three months. Insiders own 0.47% of the company’s stock.

Analyst Ratings Changes

Several research analysts recently commented on BBY shares. Morgan Stanley reduced their price objective on shares of Best Buy from $100.00 to $85.00 and set an “equal weight” rating for the company in a research note on Wednesday, March 5th. Guggenheim reduced their price objective on shares of Best Buy from $105.00 to $90.00 and set a “buy” rating for the company in a research note on Wednesday, March 5th. KeyCorp reiterated a “sector weight” rating on shares of Best Buy in a research note on Wednesday, March 5th. Citigroup reiterated a “neutral” rating and set a $70.00 price objective (down previously from $93.00) on shares of Best Buy in a research note on Thursday, April 3rd. Finally, Truist Financial cut their price target on shares of Best Buy from $81.00 to $64.00 and set a “hold” rating on the stock in a research note on Tuesday, April 8th. Two analysts have rated the stock with a sell rating, ten have assigned a hold rating, eight have issued a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, the company has an average rating of “Hold” and an average target price of $91.28.

Best Buy Stock Performance

NYSE:BBY opened at $73.79 on Friday. The company’s 50-day moving average price is $67.90 and its 200-day moving average price is $80.28. The company has a current ratio of 1.00, a quick ratio of 0.22 and a debt-to-equity ratio of 0.37. The company has a market cap of $15.62 billion, a P/E ratio of 12.61, a P/E/G ratio of 2.10 and a beta of 1.27. Best Buy Co., Inc. has a twelve month low of $54.99 and a twelve month high of $103.71.

Best Buy (NYSE:BBY) last posted its quarterly earnings results on Tuesday, March 4th. The technology retailer reported $2.58 earnings per share for the quarter, topping the consensus estimate of $2.40 by $0.18. The firm had revenue of $13.95 billion for the quarter, compared to the consensus estimate of $13.69 billion. Best Buy had a net margin of 3.01% and a return on equity of 45.93%. During the same period last year, the firm posted $2.72 earnings per share. On average, sell-side analysts forecast that Best Buy Co., Inc. will post 6.18 earnings per share for the current fiscal year.

Best Buy Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Tuesday, April 15th. Shareholders of record on Tuesday, March 25th were given a dividend of $0.95 per share. The ex-dividend date of this dividend was Tuesday, March 25th. This is a boost from Best Buy’s previous quarterly dividend of $0.94. This represents a $3.80 dividend on an annualized basis and a dividend yield of 5.15%. Best Buy’s dividend payout ratio (DPR) is currently 88.99%.

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.