AdvisorNet Financial Inc lessened its holdings in shares of Best Buy Co., Inc. (NYSE:BBY – Get Rating) by 13.6% in the 4th quarter, Holdings Channel.com reports. The firm owned 924 shares of the technology retailer’s stock after selling 145 shares during the quarter. AdvisorNet Financial Inc’s holdings in Best Buy were worth $74,000 as of its most recent filing with the SEC.
Several other large investors have also made changes to their positions in BBY. Private Advisor Group LLC lifted its position in shares of Best Buy by 29.2% during the 1st quarter. Private Advisor Group LLC now owns 5,547 shares of the technology retailer’s stock worth $504,000 after purchasing an additional 1,252 shares during the last quarter. Yousif Capital Management LLC raised its holdings in Best Buy by 1.1% in the 1st quarter. Yousif Capital Management LLC now owns 39,097 shares of the technology retailer’s stock valued at $3,554,000 after acquiring an additional 415 shares in the last quarter. Aviva PLC raised its holdings in Best Buy by 31.1% in the 1st quarter. Aviva PLC now owns 105,369 shares of the technology retailer’s stock valued at $9,578,000 after acquiring an additional 24,977 shares in the last quarter. Prudential PLC acquired a new position in Best Buy in the 1st quarter valued at approximately $499,000. Finally, Cetera Investment Advisers raised its holdings in Best Buy by 6.3% in the 1st quarter. Cetera Investment Advisers now owns 5,144 shares of the technology retailer’s stock valued at $468,000 after acquiring an additional 305 shares in the last quarter. Institutional investors and hedge funds own 78.48% of the company’s stock.
Analyst Ratings Changes
Several equities analysts have commented on BBY shares. BNP Paribas cut Best Buy from an “outperform” rating to a “neutral” rating in a report on Thursday, January 12th. UBS Group upped their price target on Best Buy from $80.00 to $87.00 and gave the company a “buy” rating in a report on Friday, February 24th. The Goldman Sachs Group raised Best Buy from a “sell” rating to a “neutral” rating and upped their price target for the company from $59.00 to $83.00 in a report on Monday, December 12th. Bank of America cut Best Buy from a “neutral” rating to an “underperform” rating and cut their price target for the company from $80.00 to $69.00 in a report on Wednesday, December 14th. Finally, Truist Financial upped their price objective on Best Buy from $80.00 to $88.00 and gave the company a “buy” rating in a research note on Friday, March 3rd. One analyst has rated the stock with a sell rating, nine have given a hold rating and eight have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the company has an average rating of “Hold” and a consensus target price of $81.44.
Best Buy Stock Down 0.6 %
Best Buy (NYSE:BBY – Get Rating) last announced its quarterly earnings data on Thursday, March 2nd. The technology retailer reported $2.61 EPS for the quarter, beating analysts’ consensus estimates of $2.09 by $0.52. The firm had revenue of $14.74 billion for the quarter, compared to analyst estimates of $14.80 billion. Best Buy had a return on equity of 55.81% and a net margin of 3.06%. The business’s quarterly revenue was down 10.0% compared to the same quarter last year. During the same period last year, the company earned $2.73 EPS. As a group, sell-side analysts forecast that Best Buy Co., Inc. will post 6.25 earnings per share for the current fiscal year.
Best Buy Increases Dividend
The business also recently declared a quarterly dividend, which will be paid on Thursday, April 13th. Stockholders of record on Thursday, March 23rd will be paid a $0.92 dividend. The ex-dividend date of this dividend is Wednesday, March 22nd. This represents a $3.68 dividend on an annualized basis and a dividend yield of 4.98%. This is an increase from Best Buy’s previous quarterly dividend of $0.88. Best Buy’s dividend payout ratio is 58.51%.
Insider Buying and Selling
In related news, CAO Mathew Watson sold 2,704 shares of the firm’s stock in a transaction on Tuesday, March 21st. The stock was sold at an average price of $77.95, for a total transaction of $210,776.80. Following the sale, the chief accounting officer now owns 22,329 shares of the company’s stock, valued at approximately $1,740,545.55. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. In other news, EVP Damien Harmon sold 5,915 shares of the firm’s stock in a transaction dated Tuesday, March 21st. The stock was sold at an average price of $77.95, for a total value of $461,074.25. Following the completion of the transaction, the executive vice president now owns 46,809 shares in the company, valued at approximately $3,648,761.55. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, 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 value of $210,776.80. Following the completion of the transaction, the chief accounting officer now owns 22,329 shares of the company’s stock, valued at approximately $1,740,545.55. The disclosure for this sale can be found here. In the last quarter, insiders have sold 52,274 shares of company stock valued at $4,074,758. 0.44% of the stock is owned by company insiders.
Best Buy Profile
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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