Pinnacle Financial Partners Inc Acquires New Stake in Best Buy Co., Inc. (NYSE:BBY)

Pinnacle Financial Partners Inc bought a new position in shares of Best Buy Co., Inc. (NYSE:BBY) during the 4th quarter, Holdings Channel.com reports. The firm bought 38,381 shares of the technology retailer’s stock, valued at approximately $3,293,000.

Other institutional investors have also recently made changes to their positions in the company. Golden State Wealth Management LLC acquired a new position in shares of Best Buy in the fourth quarter worth approximately $32,000. Trust Co. of Vermont increased its position in Best Buy by 1,200.0% during the 4th quarter. Trust Co. of Vermont now owns 416 shares of the technology retailer’s stock valued at $36,000 after purchasing an additional 384 shares during the period. Harbor Capital Advisors Inc. bought a new position in Best Buy during the 3rd quarter worth approximately $40,000. LRI Investments LLC lifted its position in shares of Best Buy by 632.1% in the 3rd quarter. LRI Investments LLC now owns 388 shares of the technology retailer’s stock worth $40,000 after purchasing an additional 335 shares during the period. Finally, Brooklyn Investment Group bought a new stake in shares of Best Buy in the 3rd quarter valued at $44,000. Institutional investors own 80.96% of the company’s stock.

Best Buy Stock Down 1.3 %

Shares of NYSE BBY opened at $89.80 on Friday. The company has a debt-to-equity ratio of 0.37, a current ratio of 1.00 and a quick ratio of 0.22. Best Buy Co., Inc. has a 1 year low of $69.29 and a 1 year high of $103.71. The stock has a market capitalization of $19.20 billion, a P/E ratio of 15.35, a P/E/G ratio of 2.13 and a beta of 1.43. The company has a 50-day moving average price of $86.10 and a 200-day moving average price of $90.36.

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

Best Buy Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, January 7th. Shareholders of record on Tuesday, December 17th were paid a dividend of $0.94 per share. This represents a $3.76 annualized dividend and a yield of 4.19%. The ex-dividend date of this dividend was Tuesday, December 17th. Best Buy’s dividend payout ratio (DPR) is presently 64.27%.

Analyst Ratings Changes

A number of equities analysts recently weighed in on the stock. UBS Group lowered their target price on shares of Best Buy from $123.00 to $115.00 and set a “buy” rating for the company in a research note on Wednesday, November 27th. Telsey Advisory Group lowered their price objective on Best Buy from $115.00 to $110.00 and set an “outperform” rating for the company in a research report on Tuesday, November 26th. Guggenheim cut their target price 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. Loop Capital reiterated a “buy” rating and issued a $100.00 target price on shares of Best Buy in a report on Wednesday, December 18th. Finally, StockNews.com lowered Best Buy from a “buy” rating to a “hold” rating in a research note on Friday, November 15th. One investment analyst has rated the stock with a sell rating, eight have assigned a hold rating, ten have assigned a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target of $101.72.

Insiders Place Their Bets

In related news, CFO Matthew M. Bilunas sold 69,166 shares of the firm’s stock in a transaction dated Wednesday, December 11th. The shares were sold at an average price of $87.46, for a total transaction of $6,049,258.36. Following the transaction, the chief financial officer now directly owns 92,070 shares of the company’s stock, valued at $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 Securities & Exchange Commission, which is available at this link. Insiders own 0.59% 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.