Beverly Hills Private Wealth LLC Takes Position in Best Buy Co., Inc. (NYSE:BBY)

Beverly Hills Private Wealth LLC acquired a new stake in shares of Best Buy Co., Inc. (NYSE:BBY) during the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 2,694 shares of the technology retailer’s stock, valued at approximately $211,000.

Several other hedge funds have also recently modified their holdings of BBY. Cary Street Partners Investment Advisory LLC increased its holdings in shares of Best Buy by 549.1% during the third quarter. Cary Street Partners Investment Advisory LLC now owns 357 shares of the technology retailer’s stock valued at $25,000 after acquiring an additional 302 shares in the last quarter. Stonebridge Capital Advisors LLC increased its holdings in shares of Best Buy by 81.9% during the third quarter. Stonebridge Capital Advisors LLC now owns 411 shares of the technology retailer’s stock valued at $29,000 after acquiring an additional 185 shares in the last quarter. Hartford Financial Management Inc. increased its holdings in shares of Best Buy by 56.5% during the fourth quarter. Hartford Financial Management Inc. now owns 388 shares of the technology retailer’s stock valued at $30,000 after acquiring an additional 140 shares in the last quarter. Clear Street Markets LLC increased its holdings in shares of Best Buy by 90.6% during the first quarter. Clear Street Markets LLC now owns 385 shares of the technology retailer’s stock valued at $30,000 after acquiring an additional 183 shares in the last quarter. Finally, Clearstead Advisors LLC increased its holdings in Best Buy by 30.5% in the 3rd quarter. Clearstead Advisors LLC now owns 724 shares of the technology retailer’s stock worth $46,000 after buying an additional 169 shares during the period. Institutional investors and hedge funds own 80.96% of the company’s stock.

Best Buy Price Performance

Shares of NYSE BBY opened at $75.18 on Wednesday. The stock has a market capitalization of $16.19 billion, a price-to-earnings ratio of 13.21, a PEG ratio of 2.04 and a beta of 1.49. Best Buy Co., Inc. has a 12 month low of $62.30 and a 12 month high of $86.11. The firm’s 50 day simple moving average is $77.92 and its 200-day simple moving average is $73.81. The company has a debt-to-equity ratio of 0.38, a current ratio of 1.00 and a quick ratio of 0.37.

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

Best Buy Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Thursday, April 11th. Stockholders of record on Thursday, March 21st were given a dividend of $0.94 per share. This is a positive change from Best Buy’s previous quarterly dividend of $0.92. The ex-dividend date of this dividend was Wednesday, March 20th. This represents a $3.76 dividend on an annualized basis and a dividend yield of 5.00%. Best Buy’s dividend payout ratio (DPR) is 66.08%.

Analysts Set New Price Targets

Several brokerages recently weighed in on BBY. JPMorgan Chase & Co. upgraded shares of Best Buy from a “neutral” rating to an “overweight” rating and increased their price target for the stock from $89.00 to $101.00 in a report on Friday, March 22nd. Barclays increased their price target on shares of Best Buy from $69.00 to $88.00 and gave the stock an “equal weight” rating in a report on Friday, March 1st. Truist Financial increased their price target on shares of Best Buy from $68.00 to $87.00 and gave the stock a “hold” rating in a report on Friday, March 1st. UBS Group increased their price target on shares of Best Buy from $82.00 to $85.00 and gave the stock a “neutral” rating in a report on Friday, March 1st. Finally, Citigroup increased their price target on shares of Best Buy from $67.00 to $76.00 and gave the stock a “sell” rating in a report on Friday, March 1st. One research analyst has rated the stock with a sell rating, eight have issued a hold rating and seven have assigned a buy rating to the company’s stock. According to MarketBeat, the stock presently has an average rating of “Hold” and an average target price of $84.60.

Insider Activity

In other news, EVP Kathleen Scarlett sold 5,096 shares of the stock in a transaction that occurred on Friday, March 22nd. The stock was sold at an average price of $81.80, for a total transaction of $416,852.80. Following the transaction, the executive vice president now owns 76,226 shares in the company, valued at approximately $6,235,286.80. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. In other news, EVP Kathleen Scarlett sold 5,096 shares of the stock in a transaction that occurred on Friday, March 22nd. The stock was sold at an average price of $81.80, for a total transaction of $416,852.80. Following the transaction, the executive vice president now owns 76,226 shares in the company, valued at approximately $6,235,286.80. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, insider Todd G. Hartman sold 3,973 shares of the firm’s stock in a transaction on Friday, March 22nd. The shares were sold at an average price of $81.80, for a total value of $324,991.40. Following the completion of the transaction, the insider now owns 25,912 shares in the company, valued at approximately $2,119,601.60. The disclosure for this sale can be found here. Insiders have sold 51,394 shares of company stock worth $4,206,247 in the last quarter. Corporate insiders own 0.56% of the company’s stock.

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.