Best Buy Co., Inc. (NYSE:BBY) Position Boosted by Moran Wealth Management LLC

Moran Wealth Management LLC raised its holdings in shares of Best Buy Co., Inc. (NYSE:BBY) by 29.2% during the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 80,684 shares of the technology retailer’s stock after acquiring an additional 18,255 shares during the quarter. Moran Wealth Management LLC’s holdings in Best Buy were worth $6,923,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently bought and sold shares of BBY. Golden State Wealth Management LLC bought a new stake in shares of Best Buy in the 4th quarter valued at approximately $32,000. OFI Invest Asset Management bought a new stake in shares of Best Buy in the 4th quarter valued at approximately $34,000. Trust Co. of Vermont grew its stake in shares of Best Buy by 1,200.0% in the 4th quarter. Trust Co. of Vermont now owns 416 shares of the technology retailer’s stock valued at $36,000 after buying an additional 384 shares in the last quarter. LRI Investments LLC grew its stake in shares of Best Buy by 632.1% in the 3rd quarter. LRI Investments LLC now owns 388 shares of the technology retailer’s stock valued at $40,000 after buying an additional 335 shares in the last quarter. Finally, Brooklyn Investment Group bought a new stake in shares of Best Buy in the 3rd quarter valued at approximately $44,000. Hedge funds and other institutional investors own 80.96% of the company’s stock.

Best Buy Stock Down 0.6 %

Shares of BBY stock opened at $78.90 on Tuesday. Best Buy Co., Inc. has a 12 month low of $69.29 and a 12 month high of $103.71. The firm has a market cap of $16.87 billion, a PE ratio of 13.49, a price-to-earnings-growth ratio of 2.10 and a beta of 1.43. The stock has a 50 day moving average of $85.44 and a 200-day moving average of $90.41. 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 issued its earnings results on Tuesday, March 4th. The technology retailer reported $2.58 EPS for the quarter, beating analysts’ consensus estimates of $2.40 by $0.18. The business had revenue of $13.95 billion during the quarter, compared to analyst estimates of $13.69 billion. Best Buy had a return on equity of 45.93% and a net margin of 3.01%. During the same period in the prior year, the company posted $2.72 earnings per share. On average, equities analysts predict that Best Buy Co., Inc. will post 6.18 EPS for the current year.

Best Buy Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, April 15th. Investors of record on Tuesday, March 25th will be paid a $0.95 dividend. This represents a $3.80 dividend on an annualized basis and a dividend yield of 4.82%. This is a positive change from Best Buy’s previous quarterly dividend of $0.94. The ex-dividend date is Tuesday, March 25th. Best Buy’s dividend payout ratio is presently 88.99%.

Insider Activity at Best Buy

In related news, CFO Matthew M. Bilunas sold 69,166 shares of the company’s stock in a transaction on Wednesday, December 11th. The stock was sold at an average price of $87.46, for a total value of $6,049,258.36. Following the completion of the transaction, the chief financial officer now directly owns 92,070 shares in the company, valued at approximately $8,052,442.20. This represents a 42.90 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. 0.59% of the stock is currently owned by corporate insiders.

Analysts Set New Price Targets

Several brokerages recently commented on BBY. UBS Group set a $105.00 price target on Best Buy in a research note on Wednesday, March 5th. Barclays lowered their price target on Best Buy from $95.00 to $89.00 and set an “equal weight” rating for the company in a research note on Thursday, January 9th. 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 research report on Wednesday, March 5th. Loop Capital reaffirmed a “negative” rating on shares of Best Buy in a research report on Wednesday, March 5th. Finally, Evercore ISI decreased their target price on Best Buy from $95.00 to $80.00 and set an “in-line” rating for the company in a research report on Wednesday, March 5th. Two research analysts have rated the stock with a sell rating, nine have given a hold rating, nine have assigned a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, Best Buy currently has an average rating of “Hold” and an average price target of $93.50.

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.