Best Buy Co., Inc. (NYSE:BBY) Shares Acquired by Summit Securities Group LLC

Summit Securities Group LLC boosted its holdings in Best Buy Co., Inc. (NYSE:BBY) by 365.0% during the fourth quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 930 shares of the technology retailer’s stock after acquiring an additional 730 shares during the period. Summit Securities Group LLC’s holdings in Best Buy were worth $80,000 at the end of the most recent quarter.

Several other hedge funds have also made changes to their positions in the stock. The Manufacturers Life Insurance Company boosted its position in Best Buy by 5.1% during the 3rd quarter. The Manufacturers Life Insurance Company now owns 152,985 shares of the technology retailer’s stock worth $15,803,000 after acquiring an additional 7,430 shares during the period. Public Sector Pension Investment Board boosted its holdings in Best Buy by 4.2% during the third quarter. Public Sector Pension Investment Board now owns 7,420 shares of the technology retailer’s stock worth $766,000 after buying an additional 300 shares in the last quarter. Captrust Financial Advisors grew its position in Best Buy by 7.1% in the third quarter. Captrust Financial Advisors now owns 25,735 shares of the technology retailer’s stock worth $2,658,000 after buying an additional 1,698 shares during the last quarter. Erste Asset Management GmbH bought a new position in shares of Best Buy in the third quarter valued at $7,537,000. Finally, Kestra Investment Management LLC acquired a new stake in shares of Best Buy during the 3rd quarter valued at $1,419,000. Institutional investors own 80.96% of the company’s stock.

Best Buy Stock Performance

BBY opened at $72.28 on Monday. The stock has a 50-day moving average of $82.51 and a 200-day moving average of $88.18. The company has a debt-to-equity ratio of 0.37, a quick ratio of 0.22 and a current ratio of 1.00. Best Buy Co., Inc. has a 52-week low of $69.29 and a 52-week high of $103.71. The company has a market cap of $15.28 billion, a PE ratio of 12.36, a price-to-earnings-growth ratio of 2.10 and a beta of 1.43.

Best Buy (NYSE:BBY) last announced its quarterly earnings results on Tuesday, March 4th. The technology retailer reported $2.58 EPS for the quarter, beating 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 company had revenue of $13.95 billion for the quarter, compared to the consensus estimate of $13.69 billion. During the same quarter last year, the company posted $2.72 earnings per share. As a group, equities research analysts forecast that Best Buy Co., Inc. will post 6.18 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 Tuesday, April 15th. Shareholders of record on Tuesday, March 25th will be given a dividend of $0.95 per share. This is a positive change from Best Buy’s previous quarterly dividend of $0.94. The ex-dividend date of this dividend is Tuesday, March 25th. This represents a $3.80 dividend on an annualized basis and a yield of 5.26%. Best Buy’s payout ratio is currently 88.99%.

Insider Buying and Selling at Best Buy

In other Best Buy news, CFO Matthew M. Bilunas sold 51,000 shares of the stock in a transaction on Monday, March 24th. The shares were sold at an average price of $74.20, for a total value of $3,784,200.00. Following the completion of the sale, the chief financial officer now directly owns 55,856 shares of the company’s stock, valued at $4,144,515.20. This represents a 47.73 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, insider Todd G. Hartman sold 4,893 shares of the business’s stock in a transaction dated Friday, March 21st. The stock was sold at an average price of $72.65, for a total transaction of $355,476.45. Following the transaction, the insider now owns 32,320 shares in the company, valued at approximately $2,348,048. The trade was a 13.15 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 78,355 shares of company stock worth $5,767,213 over the last ninety days. Company insiders own 0.59% of the company’s stock.

Analysts Set New Price Targets

Several research firms have issued reports on BBY. Wells Fargo & Company cut their price objective 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. Morgan Stanley lowered their price target on Best Buy from $100.00 to $85.00 and set an “equal weight” rating on the stock in a report on Wednesday, March 5th. Telsey Advisory Group reduced their price objective on Best Buy from $110.00 to $100.00 and set an “outperform” rating for the company in a research note on Wednesday, March 5th. Guggenheim lowered their target price on Best Buy from $105.00 to $90.00 and set a “buy” rating on the stock in a research note on Wednesday, March 5th. Finally, DA Davidson reduced their price target on shares of Best Buy from $117.00 to $110.00 and set a “buy” rating for the company in a research report on Wednesday, March 5th. Two research analysts have rated the stock with a sell rating, nine have issued a hold rating, nine have assigned a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, Best Buy presently has a consensus rating of “Hold” and a consensus target price of $93.50.

Best Buy Company Profile

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.