Best Buy Co., Inc. (NYSE:BBY) Shares Sold by First Horizon Advisors Inc.

First Horizon Advisors Inc. trimmed its holdings in shares of Best Buy Co., Inc. (NYSE:BBY) by 19.2% in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 2,369 shares of the technology retailer’s stock after selling 563 shares during the period. First Horizon Advisors Inc.’s holdings in Best Buy were worth $185,000 at the end of the most recent reporting period.

Other hedge funds have also modified their holdings of the company. Commonwealth Equity Services LLC lifted its holdings in Best Buy by 4.9% in the third quarter. Commonwealth Equity Services LLC now owns 109,913 shares of the technology retailer’s stock valued at $7,636,000 after acquiring an additional 5,101 shares during the period. Cambridge Investment Research Advisors Inc. boosted its holdings in Best Buy by 14.9% during the third quarter. Cambridge Investment Research Advisors Inc. now owns 22,385 shares of the technology retailer’s stock worth $1,555,000 after buying an additional 2,902 shares in the last quarter. Brown Advisory Inc. grew its position in Best Buy by 0.4% during the third quarter. Brown Advisory Inc. now owns 282,064 shares of the technology retailer’s stock worth $19,595,000 after buying an additional 1,141 shares during the period. New York State Teachers Retirement System increased its holdings in Best Buy by 3.3% in the third quarter. New York State Teachers Retirement System now owns 216,081 shares of the technology retailer’s stock valued at $15,011,000 after buying an additional 6,987 shares in the last quarter. Finally, Verdence Capital Advisors LLC increased its holdings in Best Buy by 31.0% in the third quarter. Verdence Capital Advisors LLC now owns 7,053 shares of the technology retailer’s stock valued at $490,000 after buying an additional 1,671 shares in the last quarter. 80.96% of the stock is owned by institutional investors and hedge funds.

Insiders Place Their Bets

In other news, CEO Corie S. Barry sold 28,042 shares of Best Buy stock in a transaction dated Friday, March 22nd. The stock was sold at an average price of $81.80, for a total value of $2,293,835.60. Following the transaction, the chief executive officer now directly owns 429,159 shares of the company’s stock, valued at approximately $35,105,206.20. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. In other news, CEO Corie S. Barry sold 28,042 shares of the stock in a transaction on Friday, March 22nd. The shares were sold at an average price of $81.80, for a total value of $2,293,835.60. Following the completion of the sale, the chief executive officer now owns 429,159 shares of the company’s stock, valued at $35,105,206.20. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO Corie S. Barry sold 366 shares of the firm’s stock in a transaction on Wednesday, April 17th. The shares were sold at an average price of $75.76, for a total transaction of $27,728.16. Following the completion of the transaction, the chief executive officer now directly owns 431,231 shares in the company, valued at approximately $32,670,060.56. The disclosure for this sale can be found here. Insiders sold 52,023 shares of company stock worth $4,253,900 over the last three months. 0.56% of the stock is owned by insiders.

Best Buy Trading Up 2.8 %

NYSE BBY opened at $74.47 on Monday. The company has a market cap of $16.11 billion, a P/E ratio of 13.09, a P/E/G ratio of 1.94 and a beta of 1.50. Best Buy Co., Inc. has a 12 month low of $62.30 and a 12 month high of $86.11. The company has a debt-to-equity ratio of 0.38, a current ratio of 1.00 and a quick ratio of 0.37. The company has a 50-day moving average of $77.92 and a 200-day moving average of $74.28.

Best Buy (NYSE:BBY) last issued its quarterly earnings results on Thursday, February 29th. The technology retailer reported $2.72 EPS for the quarter, topping the consensus estimate of $2.51 by $0.21. The firm had revenue of $14.65 billion during the quarter, compared to analyst estimates of $14.58 billion. Best Buy had a net margin of 2.86% and a return on equity of 48.45%. Best Buy’s revenue for the quarter was down .6% compared to the same quarter last year. During the same quarter in the prior year, the business posted $2.61 earnings per share. As a group, equities analysts predict that Best Buy Co., Inc. will post 6.03 earnings per share for the current year.

Best Buy Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Thursday, April 11th. Shareholders of record on Thursday, March 21st were given a dividend of $0.94 per share. This represents a $3.76 dividend on an annualized basis and a yield of 5.05%. The ex-dividend date of this dividend was Wednesday, March 20th. This is an increase from Best Buy’s previous quarterly dividend of $0.92. Best Buy’s payout ratio is 66.08%.

Wall Street Analyst Weigh In

A number of equities research analysts recently weighed in on the company. Telsey Advisory Group upgraded Best Buy from a “market perform” rating to an “outperform” rating and upped their price target for the stock from $85.00 to $95.00 in a report on Wednesday, March 20th. JPMorgan Chase & Co. upgraded Best Buy from a “neutral” rating to an “overweight” rating and raised their price target for the company from $89.00 to $101.00 in a research report on Friday, March 22nd. Truist Financial boosted their price objective on shares of Best Buy from $68.00 to $87.00 and gave the stock a “hold” rating in a research report on Friday, March 1st. Barclays raised their target price on shares of Best Buy from $69.00 to $88.00 and gave the company an “equal weight” rating in a report on Friday, March 1st. Finally, UBS Group upped their price target on shares of Best Buy from $82.00 to $85.00 and gave the company a “neutral” rating in a report on Friday, March 1st. One analyst has rated the stock with a sell rating, eight have issued a hold rating and seven have issued a buy rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of “Hold” and an average price target of $84.60.

Best Buy 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.