West Michigan Advisors LLC Reduces Stock Position in Best Buy Co., Inc. (NYSE:BBY)

West Michigan Advisors LLC cut its stake in Best Buy Co., Inc. (NYSE:BBY) by 3.0% in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 42,568 shares of the technology retailer’s stock after selling 1,308 shares during the period. Best Buy makes up approximately 1.1% of West Michigan Advisors LLC’s holdings, making the stock its 24th largest holding. West Michigan Advisors LLC’s holdings in Best Buy were worth $3,692,000 at the end of the most recent reporting period.

Other hedge funds also recently added to or reduced their stakes in the company. IFP Advisors Inc increased its stake in shares of Best Buy by 5.2% during 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 in the last quarter. Rothschild Investment LLC increased its stake in shares of Best Buy by 19.7% during the 4th quarter. Rothschild Investment LLC now owns 861 shares of the technology retailer’s stock worth $74,000 after purchasing an additional 142 shares in the last quarter. Yousif Capital Management LLC increased its stake in shares of Best Buy by 0.5% during the 4th quarter. Yousif Capital Management LLC now owns 29,904 shares of the technology retailer’s stock worth $2,566,000 after purchasing an additional 145 shares in the last quarter. Access Investment Management LLC increased its stake in shares of Best Buy by 12.2% during the 3rd quarter. Access Investment Management LLC now owns 1,380 shares of the technology retailer’s stock worth $143,000 after purchasing an additional 150 shares in the last quarter. Finally, Claro Advisors LLC increased its stake in shares of Best Buy by 5.7% during the 4th quarter. Claro Advisors LLC now owns 2,861 shares of the technology retailer’s stock worth $246,000 after purchasing an additional 154 shares in the last quarter. 80.96% of the stock is owned by hedge funds and other institutional investors.

Insider Activity at Best Buy

In related news, CFO Matthew M. Bilunas sold 69,166 shares of Best Buy stock in a transaction on Wednesday, December 11th. The shares were sold at an average price of $87.46, for a total transaction of $6,049,258.36. Following the transaction, the chief financial officer now owns 92,070 shares in the company, valued at approximately $8,052,442.20. The trade was a 42.90 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Company insiders own 0.59% of the company’s stock.

Best Buy Stock Performance

NYSE:BBY opened at $90.05 on Friday. 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 firm has a market capitalization of $19.25 billion, a price-to-earnings ratio of 15.39, a PEG ratio of 2.10 and a beta of 1.43. The firm’s fifty day simple moving average is $86.40 and its 200 day simple moving average is $90.57. Best Buy Co., Inc. has a twelve month low of $69.29 and a twelve month high of $103.71.

Best Buy (NYSE:BBY) last posted its earnings results on Tuesday, November 26th. The technology retailer reported $1.26 earnings per share for the quarter, missing the consensus estimate of $1.30 by ($0.04). The business had revenue of $9.45 billion for the quarter, compared to analyst estimates of $9.63 billion. Best Buy had a net margin of 3.01% and a return on equity of 45.93%. The business’s revenue was down 3.2% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $1.29 EPS. As a group, equities research analysts expect that Best Buy Co., Inc. will post 6.18 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

A number of research analysts have recently weighed in on the stock. Barclays dropped their price objective on shares of 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. Guggenheim lowered their target price on shares of Best Buy from $110.00 to $105.00 and set a “buy” rating for the company in a research note on Friday, November 29th. Telsey Advisory Group reaffirmed an “outperform” rating and issued a $110.00 target price on shares of Best Buy in a research note on Thursday. Truist Financial lowered their target price on shares of Best Buy from $107.00 to $95.00 and set a “hold” rating for the company in a research note on Wednesday, November 27th. Finally, JPMorgan Chase & Co. lifted their target price on shares of Best Buy from $111.00 to $117.00 and gave the stock an “overweight” rating in a research note on Friday, November 22nd. One investment analyst has rated the stock with a sell rating, eight have assigned a hold rating, ten have assigned a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $101.72.

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.