Sequoia Financial Advisors LLC boosted its stake in Best Buy Co., Inc. (NYSE:BBY – Free Report) by 44.4% during the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 3,888 shares of the technology retailer’s stock after acquiring an additional 1,195 shares during the quarter. Sequoia Financial Advisors LLC’s holdings in Best Buy were worth $334,000 as of its most recent SEC filing.
Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Raymond James Financial Inc. acquired a new stake in Best Buy in the 4th quarter valued at approximately $514,483,000. Nordea Investment Management AB raised its holdings in shares of 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 during the last quarter. National Bank of Canada FI lifted its position in shares of Best Buy by 817.4% in the third quarter. National Bank of Canada FI now owns 537,886 shares of the technology retailer’s stock worth $55,564,000 after purchasing an additional 479,256 shares in the last quarter. Bank of New York Mellon Corp boosted its holdings in Best Buy by 13.7% during the fourth quarter. Bank of New York Mellon Corp now owns 3,824,425 shares of the technology retailer’s stock worth $328,136,000 after purchasing an additional 459,353 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. grew its position in Best Buy by 6.4% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 6,560,368 shares of the technology retailer’s stock valued at $562,880,000 after purchasing an additional 395,415 shares in the last quarter. 80.96% of the stock is owned by institutional investors and hedge funds.
Best Buy Trading Up 1.0 %
Shares of BBY stock opened at $73.86 on Thursday. Best Buy Co., Inc. has a 12-month low of $69.29 and a 12-month high of $103.71. The company has a market capitalization of $15.79 billion, a PE ratio of 12.63, a price-to-earnings-growth ratio of 2.10 and a beta of 1.43. The firm has a 50 day moving average price of $83.75 and a two-hundred day moving average price of $89.47. 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 – Get Free Report) last released its quarterly earnings results on Tuesday, March 4th. The technology retailer reported $2.58 earnings per share for the quarter, topping 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 last year, the firm posted $2.72 EPS. As a group, analysts predict that Best Buy Co., Inc. will post 6.18 earnings per share for the current year.
Best Buy Increases Dividend
The firm also recently announced a quarterly dividend, which will be paid on Tuesday, April 15th. Stockholders of record on Tuesday, March 25th will be given a $0.95 dividend. This represents a $3.80 dividend on an annualized basis and a dividend yield of 5.14%. The ex-dividend date of this dividend is Tuesday, March 25th. This is a boost from Best Buy’s previous quarterly dividend of $0.94. Best Buy’s payout ratio is presently 88.99%.
Insider Activity at Best Buy
In related news, CEO Corie S. Barry purchased 13,500 shares of Best Buy stock in a transaction that occurred on Wednesday, March 12th. The shares were acquired at an average price of $72.92 per share, with a total value of $984,420.00. Following the completion of the transaction, 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 position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CAO Mathew Watson sold 3,182 shares of Best Buy stock in a transaction 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 of the company’s stock, valued at $1,370,051.22. This represents a 14.21 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 0.59% of the stock is currently owned by corporate insiders.
Analysts Set New Price Targets
Several equities research analysts have commented on the stock. Guggenheim cut their price target on shares of Best Buy from $105.00 to $90.00 and set a “buy” rating on the stock in a research report on Wednesday, March 5th. Wells Fargo & Company dropped their target price on Best Buy from $89.00 to $85.00 and set an “equal weight” rating on the stock in a report on Wednesday, March 5th. Loop Capital restated a “negative” rating on shares of Best Buy in a research note on Wednesday, March 5th. JPMorgan Chase & Co. dropped their price objective on Best Buy from $115.00 to $110.00 and set an “overweight” rating on the stock in a research note on Wednesday, March 5th. Finally, Jefferies Financial Group decreased their target price on shares of Best Buy from $106.00 to $92.00 and set a “buy” rating for the company in a research note on Tuesday, March 4th. Two equities research analysts have rated the stock with a sell rating, nine have given a hold rating, nine have issued a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, the company currently has a consensus rating of “Hold” and a consensus target price of $93.50.
View Our Latest Stock Analysis on Best Buy
Best Buy Company Profile
(Free Report)
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.
Featured Stories
Receive News & Ratings for Best Buy Daily – Enter your email address below to receive a concise daily summary of the latest news and analysts’ ratings for Best Buy and related companies with MarketBeat.com’s FREE daily email newsletter.
