Level Four Advisory Services LLC Has $3.04 Million Holdings in Best Buy Co., Inc. (NYSE:BBY)

Level Four Advisory Services LLC decreased its position in Best Buy Co., Inc. (NYSE:BBY) by 3.6% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 35,393 shares of the technology retailer’s stock after selling 1,311 shares during the quarter. Level Four Advisory Services LLC’s holdings in Best Buy were worth $3,037,000 at the end of the most recent reporting period.

A number of other institutional investors also recently modified their holdings of BBY. Raymond James Financial Inc. acquired a new position in Best Buy during the 4th quarter worth approximately $514,483,000. Norges Bank acquired a new position in Best Buy during the fourth quarter worth $178,015,000. Nordea Investment Management AB grew its position in Best Buy by 563.8% in the fourth quarter. Nordea Investment Management AB now owns 592,460 shares of the technology retailer’s stock valued at $50,643,000 after purchasing an additional 503,204 shares in the last quarter. National Bank of Canada FI increased its stake in Best Buy by 817.4% in the 3rd quarter. National Bank of Canada FI now owns 537,886 shares of the technology retailer’s stock valued at $55,564,000 after buying an additional 479,256 shares during the last quarter. Finally, Bank of New York Mellon Corp boosted its stake in shares of Best Buy by 13.7% during the 4th quarter. Bank of New York Mellon Corp now owns 3,824,425 shares of the technology retailer’s stock worth $328,136,000 after buying an additional 459,353 shares during the last quarter. 80.96% of the stock is currently owned by institutional investors.

Insider Transactions at Best Buy

In other Best Buy news, CEO Corie S. Barry bought 13,500 shares of the business’s stock in a transaction on Wednesday, March 12th. The stock was purchased at an average cost 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 approximately $27,620,637.60. This trade represents a 3.70 % increase in their ownership of the stock. The acquisition was disclosed in a filing with the SEC, which is available through the SEC website. Also, CFO Matthew M. Bilunas sold 51,000 shares of the firm’s stock in a transaction on Monday, March 24th. The shares were sold at an average price of $74.20, for a total value 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 approximately $4,144,515.20. This represents a 47.73 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 78,355 shares of company stock valued at $5,767,213. Company insiders own 0.59% of the company’s stock.

Best Buy Price Performance

Shares of Best Buy stock opened at $72.28 on Friday. The company has a quick ratio of 0.22, a current ratio of 1.00 and a debt-to-equity ratio of 0.37. The stock has a market capitalization of $15.28 billion, a price-to-earnings ratio of 12.36, a price-to-earnings-growth ratio of 2.10 and a beta of 1.43. Best Buy Co., Inc. has a twelve month low of $69.29 and a twelve month high of $103.71. The company has a 50-day simple moving average of $82.51 and a two-hundred day simple moving average of $88.31.

Best Buy (NYSE:BBY) last issued its quarterly earnings results 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. 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 during the quarter, compared to analysts’ expectations of $13.69 billion. During the same period in the previous year, the company posted $2.72 earnings per share. Analysts forecast 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. Shareholders of record on Tuesday, March 25th will be issued a $0.95 dividend. This is a positive change from Best Buy’s previous quarterly dividend of $0.94. This represents a $3.80 annualized dividend and a yield of 5.26%. The ex-dividend date of this dividend is Tuesday, March 25th. Best Buy’s dividend payout ratio (DPR) is currently 88.99%.

Wall Street Analyst Weigh In

A number of analysts recently issued reports on the company. Barclays lowered their target price on Best Buy from $95.00 to $89.00 and set an “equal weight” rating on the stock in a research report on Thursday, January 9th. DA Davidson lowered their price target on Best Buy from $117.00 to $110.00 and set a “buy” rating on the stock in a research report on Wednesday, March 5th. Telsey Advisory Group cut their price objective on Best Buy from $110.00 to $100.00 and set an “outperform” rating for the company in a report on Wednesday, March 5th. Evercore ISI lowered their target price 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. Finally, Truist Financial cut their price target on shares of 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 assigned a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat, the company currently has an average rating of “Hold” and a consensus 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.