Ronald Blue Trust Inc. Has $190,000 Position in Best Buy Co., Inc. (NYSE:BBY)

Posted by on Mar 27th, 2023

Ronald Blue Trust Inc. boosted its stake in shares of Best Buy Co., Inc. (NYSE:BBY – Get Rating) by 32.0% during the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 2,998 shares of the technology retailer’s stock after acquiring an additional 727 shares during the period. Ronald Blue Trust Inc.’s holdings in Best Buy were worth $190,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Exos TFP Holdings LLC bought a new stake in shares of Best Buy during the 3rd quarter worth approximately $29,000. McElhenny Sheffield Capital Management LLC acquired a new stake in shares of Best Buy in the 4th quarter valued at $49,000. Global Retirement Partners LLC increased its stake in shares of Best Buy by 45.6% in the 3rd quarter. Global Retirement Partners LLC now owns 613 shares of the technology retailer’s stock valued at $42,000 after purchasing an additional 192 shares during the last quarter. Armstrong Advisory Group Inc. acquired a new position in shares of Best Buy during the 4th quarter worth $50,000. Finally, Riverview Trust Co bought a new stake in shares of Best Buy during the 3rd quarter worth $40,000. 78.48% of the stock is owned by institutional investors and hedge funds.

Insider Transactions at Best Buy

In other news, CEO Corie S. Barry sold 25,511 shares of the stock in a transaction on Tuesday, March 21st. The shares were sold at an average price of $77.95, for a total transaction of $1,988,582.45. Following the completion of the sale, the chief executive officer now directly owns 364,041 shares in the company, valued at $28,376,995.95. The transaction was disclosed in a filing with the SEC, which is available at this link. In related news, CAO Mathew Watson sold 2,704 shares of the firm’s stock in a transaction dated Tuesday, March 21st. The shares were sold at an average price of $77.95, for a total transaction of $210,776.80. Following the transaction, the chief accounting officer now directly owns 22,329 shares of the company’s stock, valued at $1,740,545.55. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Corie S. Barry sold 25,511 shares of the firm’s stock in a transaction dated Tuesday, March 21st. The shares were sold at an average price of $77.95, for a total transaction of $1,988,582.45. Following the transaction, the chief executive officer now directly owns 364,041 shares in the company, valued at $28,376,995.95. The disclosure for this sale can be found here. Insiders sold a total of 52,274 shares of company stock worth $4,074,758 over the last three months. 0.44% of the stock is owned by company insiders.

Best Buy Trading Down 0.4 %

BBY opened at $74.32 on Monday. Best Buy Co., Inc. has a twelve month low of $60.78 and a twelve month high of $100.93. The company has a quick ratio of 0.41, a current ratio of 0.98 and a debt-to-equity ratio of 0.42. The company has a fifty day moving average of $83.07 and a 200-day moving average of $77.37. The stock has a market cap of $16.21 billion, a PE ratio of 11.82, a price-to-earnings-growth ratio of 1.49 and a beta of 1.51.

Best Buy (NYSE:BBY – Get Rating) last posted its quarterly earnings data on Thursday, March 2nd. The technology retailer reported $2.61 earnings per share for the quarter, topping the consensus estimate of $2.09 by $0.52. Best Buy had a net margin of 3.06% and a return on equity of 55.81%. The company had revenue of $14.74 billion during the quarter, compared to analysts’ expectations of $14.80 billion. During the same period in the prior year, the company posted $2.73 earnings per share. Best Buy’s revenue for the quarter was down 10.0% compared to the same quarter last year. On average, sell-side analysts predict that Best Buy Co., Inc. will post 6.25 EPS for the current year.

Best Buy Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, April 13th. Stockholders of record on Thursday, March 23rd will be given a dividend of $0.92 per share. The ex-dividend date is Wednesday, March 22nd. This is a boost from Best Buy’s previous quarterly dividend of $0.88. This represents a $3.68 annualized dividend and a dividend yield of 4.95%. Best Buy’s dividend payout ratio is 58.51%.

Analyst Ratings Changes

BBY has been the topic of a number of recent analyst reports. The Goldman Sachs Group upgraded Best Buy from a “sell” rating to a “neutral” rating and lifted their target price for the company from $59.00 to $83.00 in a research report on Monday, December 12th. TheStreet upgraded shares of Best Buy from a “c+” rating to a “b” rating in a research report on Wednesday, December 7th. Credit Suisse Group cut their target price on shares of Best Buy from $90.00 to $85.00 and set a “neutral” rating on the stock in a research report on Friday, March 3rd. Barclays lowered their price target on shares of Best Buy from $88.00 to $80.00 and set a “buy” rating for the company in a report on Friday, March 3rd. Finally, DA Davidson cut their price objective on Best Buy from $99.00 to $96.00 and set a “buy” rating on the stock in a report on Friday, March 3rd. One analyst has rated the stock with a sell rating, nine have assigned a hold rating and eight have given a buy rating to the company’s stock. According to MarketBeat.com, the stock currently has an average rating of “Hold” and an average price target of $81.44.

Best Buy Profile

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Best Buy Co, Inc engages in the provision of consumer technology products and services. It operates through two business segments: Domestic and International. The Domestic segment includes operations in all states, districts, and territories of the U.S., operating under various brand names, including Best Buy, Best Buy Mobile, Geek Squad, Magnolia Audio Video, Napster, and Pacific Sales.

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Institutional Ownership by Quarter for Best Buy (NYSE:BBY)

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