HighTower Advisors LLC cut its stake in shares of Best Buy Co., Inc. (NYSE:BBY – Get Rating) by 8.7% in the 4th quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 76,883 shares of the technology retailer’s stock after selling 7,301 shares during the quarter. HighTower Advisors LLC’s holdings in Best Buy were worth $6,162,000 at the end of the most recent reporting period.
Several other large investors have also modified their holdings of BBY. Hexagon Capital Partners LLC raised its position in shares of Best Buy by 12.3% during the 4th quarter. Hexagon Capital Partners LLC now owns 1,306 shares of the technology retailer’s stock valued at $105,000 after acquiring an additional 143 shares during the last quarter. Laffer Tengler Investments raised its position in shares of Best Buy by 3.4% during the 3rd quarter. Laffer Tengler Investments now owns 4,533 shares of the technology retailer’s stock valued at $287,000 after acquiring an additional 151 shares during the last quarter. Signaturefd LLC raised its position in shares of Best Buy by 7.2% during the 4th quarter. Signaturefd LLC now owns 2,274 shares of the technology retailer’s stock valued at $182,000 after acquiring an additional 152 shares during the last quarter. Czech National Bank raised its position in shares of Best Buy by 0.7% during the 4th quarter. Czech National Bank now owns 23,453 shares of the technology retailer’s stock valued at $1,881,000 after acquiring an additional 164 shares during the last quarter. Finally, Eagle Ridge Investment Management raised its position in shares of Best Buy by 4.6% during the 4th quarter. Eagle Ridge Investment Management now owns 3,832 shares of the technology retailer’s stock valued at $307,000 after acquiring an additional 167 shares during the last quarter. 78.48% of the stock is owned by institutional investors.
Analyst Upgrades and Downgrades
BBY has been the subject of several recent research reports. Wedbush dropped their target price on shares of Best Buy from $85.00 to $72.00 and set a “buy” rating for the company in a research report on Thursday. UBS Group boosted their price target on shares of Best Buy from $80.00 to $87.00 and gave the company a “buy” rating in a report on Friday, February 24th. StockNews.com began coverage on shares of Best Buy in a report on Thursday. They issued a “hold” rating for the company. Credit Suisse Group decreased their price target on shares of Best Buy from $90.00 to $85.00 and set a “neutral” rating for the company in a report on Friday, March 3rd. Finally, Truist Financial boosted their price target on shares of Best Buy from $80.00 to $88.00 and gave the company a “buy” rating in a report on Friday, March 3rd. One research analyst has rated the stock with a sell rating, nine have issued a hold rating and eight have issued a buy rating to the stock. According to MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus price target of $80.00.
Best Buy Trading Down 1.2 %
Best Buy (NYSE:BBY – Get Rating) last issued its quarterly earnings results on Thursday, March 2nd. The technology retailer reported $2.61 EPS for the quarter, topping the consensus estimate of $2.09 by $0.52. The firm had revenue of $14.74 billion for the quarter, compared to analysts’ expectations of $14.80 billion. Best Buy had a net margin of 3.06% and a return on equity of 55.81%. The company’s revenue for the quarter was down 10.0% on a year-over-year basis. During the same period in the previous year, the firm posted $2.73 EPS. On average, equities analysts forecast that Best Buy Co., Inc. will post 6.22 EPS for the current fiscal year.
Best Buy Increases Dividend
The company also recently announced a quarterly dividend, which was paid on Thursday, April 13th. Stockholders of record on Thursday, March 23rd were issued a $0.92 dividend. This represents a $3.68 dividend on an annualized basis and a dividend yield of 5.04%. This is a boost from Best Buy’s previous quarterly dividend of $0.88. The ex-dividend date was Wednesday, March 22nd. Best Buy’s dividend payout ratio is presently 58.51%.
Insider Activity
In other news, CAO Mathew Watson sold 2,704 shares of the company’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 sale, the chief accounting officer now directly owns 22,329 shares of the company’s stock, valued at approximately $1,740,545.55. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. In other Best Buy news, CFO Matthew M. Bilunas sold 7,181 shares of the stock in a transaction dated Tuesday, March 21st. The shares were sold at an average price of $77.95, for a total value of $559,758.95. Following the transaction, the chief financial officer now directly owns 72,243 shares of the company’s stock, valued at approximately $5,631,341.85. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, CAO Mathew Watson sold 2,704 shares of the 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 completion of the transaction, the chief accounting officer now directly owns 22,329 shares in the company, valued at $1,740,545.55. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 57,774 shares of company stock valued at $4,477,413. 0.56% of the stock is owned by company insiders.
Best Buy Company 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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