Cornercap Investment Counsel Inc. Lowers Position in Best Buy Co., Inc. (NYSE:BBY)

Cornercap Investment Counsel Inc. trimmed its position in Best Buy Co., Inc. (NYSE:BBY) by 4.0% during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 8,101 shares of the technology retailer’s stock after selling 335 shares during the period. Cornercap Investment Counsel Inc.’s holdings in Best Buy were worth $695,000 at the end of the most recent reporting period.

Other institutional investors have also added to or reduced their stakes in the company. Rakuten Securities Inc. grew 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 buying an additional 311 shares during the period. Golden State Wealth Management LLC bought a new stake in Best Buy during the fourth quarter worth about $32,000. LRI Investments LLC grew its holdings in Best Buy by 632.1% in the third quarter. LRI Investments LLC now owns 388 shares of the technology retailer’s stock worth $40,000 after purchasing an additional 335 shares during the period. OFI Invest Asset Management bought a new position in shares of Best Buy during the fourth quarter valued at approximately $34,000. Finally, Trust Co. of Vermont lifted its holdings in shares of Best Buy by 1,200.0% during the fourth quarter. Trust Co. of Vermont now owns 416 shares of the technology retailer’s stock valued at $36,000 after purchasing an additional 384 shares during the last quarter. Institutional investors own 80.96% of the company’s stock.

Best Buy Trading Down 3.5 %

Shares of NYSE:BBY opened at $72.28 on Friday. Best Buy Co., Inc. has a 52-week low of $69.29 and a 52-week high of $103.71. The stock has a market capitalization of $15.28 billion, a price-to-earnings ratio of 12.36, a PEG ratio of 2.10 and a beta of 1.43. 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 stock’s 50-day simple moving average is $82.51 and its two-hundred day simple moving average is $88.25.

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

Best Buy Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, April 15th. Stockholders of record on Tuesday, March 25th will be given a dividend of $0.95 per share. 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 5.26%. The ex-dividend date is Tuesday, March 25th. Best Buy’s payout ratio is presently 88.99%.

Insider Activity at Best Buy

In other Best Buy news, CAO Mathew Watson sold 3,182 shares of the company’s stock in a transaction that occurred on Friday, March 14th. The shares were sold at an average price of $71.29, for a total value of $226,844.78. Following the completion of the transaction, the chief accounting officer now directly owns 19,218 shares in the company, valued at $1,370,051.22. This represents a 14.21 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, insider Todd G. Hartman sold 4,893 shares of the firm’s stock in a transaction on Friday, March 21st. The shares were sold at an average price of $72.65, for a total transaction of $355,476.45. Following the sale, the insider now owns 32,320 shares in the company, valued at $2,348,048. The trade was a 13.15 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 78,355 shares of company stock worth $5,767,213. 0.59% of the stock is owned by company insiders.

Analyst Ratings Changes

Several research firms recently weighed in on BBY. Wedbush restated a “neutral” rating and issued a $90.00 price target on shares of Best Buy in a research note on Monday, March 3rd. Guggenheim reduced their price target on Best Buy from $105.00 to $90.00 and set a “buy” rating for the company in a report on Wednesday, March 5th. Piper Sandler lowered their price target 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. Barclays cut their price objective on shares of 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. Finally, Jefferies Financial Group dropped their target price on shares of Best Buy from $106.00 to $92.00 and set a “buy” rating on the stock in a research note on Tuesday, March 4th. 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. According to data from MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus price target of $93.50.

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.