Gitterman Wealth Management LLC Acquires New Stake in Best Buy Co., Inc. (NYSE:BBY)

Gitterman Wealth Management LLC bought a new position in Best Buy Co., Inc. (NYSE:BBY) in the 4th quarter, according to its most recent filing with the SEC. The institutional investor bought 3,066 shares of the technology retailer’s stock, valued at approximately $263,000.

Several other hedge funds have also made changes to their positions in BBY. Apollon Wealth Management LLC lifted its holdings in shares of Best Buy by 6.0% in the 3rd quarter. Apollon Wealth Management LLC now owns 4,913 shares of the technology retailer’s stock worth $507,000 after buying an additional 279 shares during the period. GSA Capital Partners LLP purchased a new stake in shares of Best Buy in the 3rd quarter worth $443,000. Oppenheimer Asset Management Inc. purchased a new stake in shares of Best Buy in the 3rd quarter worth $2,384,000. Oppenheimer & Co. Inc. purchased a new stake in shares of Best Buy in the 3rd quarter worth $678,000. Finally, Huntington National Bank lifted its holdings in shares of Best Buy by 22.0% in the 3rd quarter. Huntington National Bank now owns 2,102 shares of the technology retailer’s stock worth $217,000 after buying an additional 379 shares during the period. 80.96% of the stock is currently owned by hedge funds and other institutional investors.

Insider Transactions at Best Buy

In related news, CEO Corie S. Barry bought 13,500 shares of the stock in a transaction dated Wednesday, March 12th. The shares were purchased at an average price of $72.92 per share, for a total transaction of $984,420.00. Following the completion of the purchase, the chief executive officer now directly owns 378,780 shares of the company’s stock, valued at $27,620,637.60. This represents a 3.70 % increase in their ownership of the stock. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Company insiders own 0.59% of the company’s stock.

Best Buy Stock Up 1.8 %

Shares of BBY stock opened at $71.56 on Friday. The stock’s 50-day simple moving average is $84.40 and its 200-day simple moving average is $89.94. The company has a debt-to-equity ratio of 0.37, a quick ratio of 0.22 and a current ratio of 1.00. The firm has a market capitalization of $15.30 billion, a PE ratio of 12.23, a P/E/G ratio of 2.10 and a beta of 1.43. Best Buy Co., Inc. has a fifty-two week low of $69.29 and a fifty-two week high of $103.71.

Best Buy (NYSE:BBY) last announced its quarterly earnings data on Tuesday, March 4th. The technology retailer reported $2.58 earnings per share for the quarter, beating analysts’ consensus estimates of $2.40 by $0.18. Best Buy had a return on equity of 45.93% and a net margin of 3.01%. The business had revenue of $13.95 billion for the quarter, compared to analyst estimates of $13.69 billion. During the same period in the prior year, the company earned $2.72 earnings per share. Equities analysts expect that Best Buy Co., Inc. will post 6.18 earnings per share for the current year.

Best Buy Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Tuesday, April 15th. Stockholders of record on Tuesday, March 25th will be paid a $0.95 dividend. This is an increase from Best Buy’s previous quarterly dividend of $0.94. The ex-dividend date of this dividend is Tuesday, March 25th. This represents a $3.80 dividend on an annualized basis and a dividend yield of 5.31%. Best Buy’s dividend payout ratio is presently 88.99%.

Analyst Upgrades and Downgrades

Several equities research analysts have weighed in on the company. DA Davidson lowered their target price on Best Buy from $117.00 to $110.00 and set a “buy” rating for the company in a report on Wednesday, March 5th. Wedbush restated a “neutral” rating and set a $90.00 price objective on shares of Best Buy in a research note on Monday, March 3rd. UBS Group set a $105.00 price objective on Best Buy in a research note on Wednesday, March 5th. Telsey Advisory Group decreased their price objective on Best Buy from $110.00 to $100.00 and set an “outperform” rating for the company in a research note on Wednesday, March 5th. Finally, Truist Financial decreased their price objective on Best Buy from $95.00 to $81.00 and set a “hold” rating for the company in a research note on Wednesday, March 5th. Two analysts have rated the stock with a sell rating, nine have assigned a hold rating, nine have given a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat, the company has a consensus rating of “Hold” and an average price target of $93.50.

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.