Best Buy Co., Inc. (NYSE:BBY) Shares Bought by Avory & Company LLC

Avory & Company LLC increased its position in Best Buy Co., Inc. (NYSE:BBY) by 2.6% in the fourth quarter, according to its most recent disclosure with the SEC. The institutional investor owned 6,011 shares of the technology retailer’s stock after purchasing an additional 154 shares during the period. Best Buy accounts for about 0.3% of Avory & Company LLC’s investment portfolio, making the stock its 18th biggest holding. Avory & Company LLC’s holdings in Best Buy were worth $471,000 at the end of the most recent reporting period.

Other hedge funds have also bought and sold shares of the company. Cerity Partners LLC grew its stake in Best Buy by 8.4% in the fourth quarter. Cerity Partners LLC now owns 103,459 shares of the technology retailer’s stock worth $8,100,000 after purchasing an additional 8,042 shares in the last quarter. Kingswood Wealth Advisors LLC bought a new position in Best Buy in the fourth quarter worth about $317,000. Mirabella Financial Services LLP bought a new position in Best Buy in the third quarter worth about $831,000. Van ECK Associates Corp lifted its holdings in Best Buy by 35.6% in the third quarter. Van ECK Associates Corp now owns 94,282 shares of the technology retailer’s stock worth $6,550,000 after acquiring an additional 24,763 shares during the last quarter. Finally, abrdn plc lifted its holdings in Best Buy by 12.5% in the fourth quarter. abrdn plc now owns 770,020 shares of the technology retailer’s stock worth $60,277,000 after acquiring an additional 85,286 shares during the last quarter. 80.96% of the stock is currently owned by institutional investors and hedge funds.

Insider Transactions at Best Buy

In other news, CEO Corie S. Barry sold 28,042 shares of the firm’s stock in a transaction that occurred on Friday, March 22nd. The shares were sold at an average price of $81.80, for a total transaction 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 SEC, which is accessible through this link. In other news, CEO Corie S. Barry sold 28,042 shares of the stock in a transaction that occurred on Friday, March 22nd. The shares were sold at an average price of $81.80, for a total transaction of $2,293,835.60. Following the sale, the chief executive officer now directly owns 429,159 shares of the company’s stock, valued at $35,105,206.20. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Corie S. Barry sold 366 shares of the stock in a transaction that occurred 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 sale, the chief executive officer now directly owns 431,231 shares in the company, valued at $32,670,060.56. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 52,023 shares of company stock valued at $4,253,900. Corporate insiders own 0.56% of the company’s stock.

Best Buy Stock Performance

Shares of BBY traded down $1.14 during trading hours on Tuesday, reaching $73.86. 1,998,386 shares of the company traded hands, compared to its average volume of 2,949,141. The stock’s fifty day moving average is $78.04 and its 200 day moving average is $74.20. The stock has a market cap of $15.91 billion, a P/E ratio of 13.18, a price-to-earnings-growth ratio of 1.96 and a beta of 1.49. The company has a debt-to-equity ratio of 0.38, a quick ratio of 0.37 and a current ratio of 1.00. Best Buy Co., Inc. has a 1-year low of $62.30 and a 1-year high of $86.11.

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

Best Buy Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Thursday, April 11th. Investors of record on Thursday, March 21st were given a $0.94 dividend. This represents a $3.76 annualized dividend and a yield of 5.09%. The ex-dividend date was Wednesday, March 20th. This is a positive change from Best Buy’s previous quarterly dividend of $0.92. Best Buy’s dividend payout ratio is 66.08%.

Analysts Set New Price Targets

A number of brokerages have issued reports on BBY. TheStreet raised shares of Best Buy from a “c” rating to a “b-” rating in a report on Thursday, February 29th. Morgan Stanley boosted their price objective on Best Buy from $80.00 to $82.00 and gave the stock an “equal weight” rating in a research report on Friday, March 1st. Barclays boosted their price objective on Best Buy from $69.00 to $88.00 and gave the stock an “equal weight” rating in a research report on Friday, March 1st. Telsey Advisory Group upgraded Best Buy from a “market perform” rating to an “outperform” rating and boosted their price objective for the stock from $85.00 to $95.00 in a research report on Wednesday, March 20th. Finally, UBS Group boosted their price objective on Best Buy from $82.00 to $85.00 and gave the stock a “neutral” rating in a research report on Friday, March 1st. One analyst has rated the stock with a sell rating, eight have given a hold rating and seven have issued a buy rating to the company. Based on data from MarketBeat, the stock has an average 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.