Private Trust Co. NA Has $283,000 Stake in Best Buy Co., Inc. (NYSE:BBY)

Posted by Defense World Staff on Mar 28th, 2023

Private Trust Co. NA trimmed its stake in Best Buy Co., Inc. (NYSE:BBY – Get Rating) by 7.7% in the fourth quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 3,533 shares of the technology retailer’s stock after selling 294 shares during the period. Private Trust Co. NA’s holdings in Best Buy were worth $283,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also bought and sold shares of BBY. Exos TFP Holdings LLC acquired a new stake in Best Buy during the 3rd quarter worth about $29,000. Riverview Trust Co acquired a new stake in Best Buy during the 3rd quarter worth about $40,000. Global Retirement Partners LLC grew its holdings in Best Buy by 45.6% during the 3rd quarter. Global Retirement Partners LLC now owns 613 shares of the technology retailer’s stock worth $42,000 after acquiring an additional 192 shares during the period. Clearstead Advisors LLC grew its holdings in Best Buy by 30.5% during the 3rd quarter. Clearstead Advisors LLC now owns 724 shares of the technology retailer’s stock worth $46,000 after acquiring an additional 169 shares during the period. Finally, MV Capital Management Inc. grew its holdings in Best Buy by 128.9% during the 3rd quarter. MV Capital Management Inc. now owns 737 shares of the technology retailer’s stock worth $47,000 after acquiring an additional 415 shares during the period. 78.48% of the stock is currently owned by institutional investors and hedge funds.

Best Buy Price Performance

Shares of NYSE BBY opened at $73.85 on Tuesday. Best Buy Co., Inc. has a fifty-two week low of $60.78 and a fifty-two week high of $100.93. The stock has a market cap of $16.10 billion, a price-to-earnings ratio of 11.74, a PEG ratio of 1.48 and a beta of 1.51. The company has a debt-to-equity ratio of 0.42, a quick ratio of 0.41 and a current ratio of 0.98. The firm’s 50-day simple moving average is $82.83 and its 200 day simple moving average is $77.36.

Best Buy (NYSE:BBY – Get Rating) last announced its quarterly earnings results on Thursday, March 2nd. The technology retailer reported $2.61 earnings per share for the quarter, beating 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 business had revenue of $14.74 billion for the quarter, compared to analysts’ expectations of $14.80 billion. During the same quarter last year, the firm earned $2.73 EPS. The firm’s revenue for the quarter was down 10.0% compared to the same quarter last year. As a group, research analysts anticipate that Best Buy Co., Inc. will post 6.25 earnings per share for the current fiscal year.

Best Buy Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Thursday, April 13th. Shareholders 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 represents a $3.68 annualized dividend and a dividend yield of 4.98%. This is a boost from Best Buy’s previous quarterly dividend of $0.88. Best Buy’s dividend payout ratio (DPR) is currently 58.51%.

Insiders Place Their Bets

In other Best Buy news, insider Jason J. Bonfig sold 10,963 shares of Best Buy stock in a transaction that occurred on Tuesday, March 21st. The shares were sold at an average price of $77.95, for a total transaction of $854,565.85. Following the transaction, the insider now owns 46,250 shares of the company’s stock, valued at approximately $3,605,187.50. The transaction was disclosed in a legal filing with the SEC, which is available through this link. In other Best Buy news, insider Jason J. Bonfig sold 10,963 shares of Best Buy stock in a transaction that occurred on Tuesday, March 21st. The shares were sold at an average price of $77.95, for a total transaction of $854,565.85. Following the transaction, the insider now owns 46,250 shares of the company’s stock, valued at approximately $3,605,187.50. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, CAO Mathew Watson sold 2,704 shares of Best Buy stock in a transaction that occurred 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 transaction, the chief accounting officer now directly owns 22,329 shares in the company, valued at approximately $1,740,545.55. The disclosure for this sale can be found here. Insiders have sold a total of 52,274 shares of company stock valued at $4,074,758 in the last 90 days. 0.44% of the stock is currently owned by corporate insiders.

Wall Street Analysts Forecast Growth

BBY has been the subject of a number of recent analyst reports. BNP Paribas downgraded Best Buy from an “outperform” rating to a “neutral” rating in a report on Thursday, January 12th. Telsey Advisory Group downgraded Best Buy from an “outperform” rating to a “market perform” rating and decreased their price target for the stock from $88.00 to $83.00 in a report on Monday, February 27th. Truist Financial increased their price objective on shares of Best Buy from $80.00 to $88.00 and gave the stock a “buy” rating in a research report on Friday, March 3rd. StockNews.com started coverage on shares of Best Buy in a research report on Thursday, March 16th. They set a “hold” rating on the stock. Finally, Credit Suisse Group cut their price objective 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. One investment analyst has rated the stock with a sell rating, nine have given a hold rating and eight have assigned 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.

About Best Buy

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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.