Waterway Wealth Management LLC Grows Stock Position in Best Buy Co., Inc. (NYSE:BBY)

Waterway Wealth Management LLC lifted its position in Best Buy Co., Inc. (NYSE:BBY) by 19.3% during the fourth quarter, HoldingsChannel.com reports. The fund owned 7,296 shares of the technology retailer’s stock after acquiring an additional 1,180 shares during the period. Waterway Wealth Management LLC’s holdings in Best Buy were worth $626,000 at the end of the most recent reporting period.

Several other large investors have also recently made changes to their positions in the company. Private Trust Co. NA lifted its holdings in Best Buy by 11.1% in the 4th quarter. Private Trust Co. NA now owns 4,865 shares of the technology retailer’s stock valued at $417,000 after purchasing an additional 487 shares in the last quarter. Pettyjohn Wood & White Inc. raised its position in shares of Best Buy by 5.4% in the fourth quarter. Pettyjohn Wood & White Inc. now owns 6,342 shares of the technology retailer’s stock valued at $544,000 after buying an additional 325 shares during the last quarter. QRG Capital Management Inc. lifted its stake in shares of Best Buy by 16.1% in the fourth quarter. QRG Capital Management Inc. now owns 36,858 shares of the technology retailer’s stock worth $3,162,000 after buying an additional 5,113 shares in the last quarter. Proficio Capital Partners LLC acquired a new position in Best Buy during the fourth quarter worth about $4,903,000. Finally, Oppenheimer Asset Management Inc. grew its stake in Best Buy by 2.1% during the 4th quarter. Oppenheimer Asset Management Inc. now owns 23,565 shares of the technology retailer’s stock valued at $2,022,000 after acquiring an additional 482 shares in the last quarter. 80.96% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

BBY has been the topic of a number of research reports. Morgan Stanley decreased their target price on shares of Best Buy from $105.00 to $100.00 and set an “equal weight” rating on the stock in a research note on Tuesday, January 21st. Guggenheim reduced their price objective on Best Buy from $110.00 to $105.00 and set a “buy” rating on the stock in a research report on Friday, November 29th. Barclays dropped their target price on Best Buy from $95.00 to $89.00 and set an “equal weight” rating for the company in a report on Thursday, January 9th. Truist Financial reduced their price target on Best Buy from $107.00 to $95.00 and set a “hold” rating on the stock in a report on Wednesday, November 27th. Finally, Telsey Advisory Group reissued an “outperform” rating and issued a $110.00 price objective on shares of Best Buy in a report on Thursday. One research analyst has rated the stock with a sell rating, eight have given a hold rating, ten have assigned a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, Best Buy presently has an average rating of “Moderate Buy” and an average price target of $101.72.

Best Buy Stock Performance

NYSE:BBY opened at $88.61 on Friday. Best Buy Co., Inc. has a fifty-two week low of $69.29 and a fifty-two week high of $103.71. The company has a debt-to-equity ratio of 0.37, a quick ratio of 0.22 and a current ratio of 1.00. The company has a 50 day moving average price of $86.31 and a 200 day moving average price of $90.50. The stock has a market capitalization of $18.95 billion, a P/E ratio of 15.15, a PEG ratio of 2.10 and a beta of 1.43.

Best Buy (NYSE:BBY) last issued its quarterly earnings data on Tuesday, November 26th. The technology retailer reported $1.26 earnings per share for the quarter, missing analysts’ consensus estimates of $1.30 by ($0.04). Best Buy had a net margin of 3.01% and a return on equity of 45.93%. The firm had revenue of $9.45 billion during the quarter, compared to analyst estimates of $9.63 billion. During the same period in the previous year, the firm posted $1.29 earnings per share. The company’s quarterly revenue was down 3.2% compared to the same quarter last year. Equities research analysts forecast that Best Buy Co., Inc. will post 6.18 EPS for the current year.

Insider Buying and Selling at Best Buy

In other news, CFO Matthew M. Bilunas sold 69,166 shares of the firm’s stock in a transaction that occurred on Wednesday, December 11th. The shares were sold at an average price of $87.46, for a total value of $6,049,258.36. Following the completion of the transaction, the chief financial officer now owns 92,070 shares of the company’s stock, valued at approximately $8,052,442.20. This trade represents a 42.90 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. 0.59% of the stock is currently owned by corporate insiders.

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.