Best Buy Co., Inc. (NYSE:BBY) Shares Acquired by Skylands Capital LLC

Skylands Capital LLC raised its position in shares of Best Buy Co., Inc. (NYSE:BBY) by 22.5% during the 4th quarter, HoldingsChannel reports. The institutional investor owned 9,250 shares of the technology retailer’s stock after purchasing an additional 1,700 shares during the quarter. Skylands Capital LLC’s holdings in Best Buy were worth $794,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also modified their holdings of the business. IFP Advisors Inc increased its holdings in shares of Best Buy by 5.2% during the fourth quarter. IFP Advisors Inc now owns 2,538 shares of the technology retailer’s stock valued at $218,000 after purchasing an additional 125 shares during the period. Rothschild Investment LLC lifted its position in shares of Best Buy by 19.7% in the 4th quarter. Rothschild Investment LLC now owns 861 shares of the technology retailer’s stock valued at $74,000 after acquiring an additional 142 shares in the last quarter. Yousif Capital Management LLC boosted its position in shares of Best Buy by 0.5% in the fourth quarter. Yousif Capital Management LLC now owns 29,904 shares of the technology retailer’s stock worth $2,566,000 after buying an additional 145 shares during the period. Access Investment Management LLC grew its stake in Best Buy by 12.2% during the 3rd quarter. Access Investment Management LLC now owns 1,380 shares of the technology retailer’s stock valued at $143,000 after acquiring an additional 150 shares in the last quarter. Finally, Claro Advisors LLC increased its position in Best Buy by 5.7% in the 4th quarter. Claro Advisors LLC now owns 2,861 shares of the technology retailer’s stock worth $246,000 after purchasing an additional 154 shares during the last quarter. 80.96% of the stock is owned by institutional investors and hedge funds.

Insiders Place Their Bets

In other Best Buy news, CFO Matthew M. Bilunas sold 69,166 shares of the business’s stock in a transaction that occurred on Wednesday, December 11th. The stock was sold at an average price of $87.46, for a total transaction of $6,049,258.36. Following the sale, the chief financial officer now directly owns 92,070 shares of the company’s stock, valued at $8,052,442.20. The trade was a 42.90 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. Corporate insiders own 0.59% of the company’s stock.

Best Buy Trading Down 1.3 %

NYSE:BBY opened at $89.80 on Monday. The company has a quick ratio of 0.22, a current ratio of 1.00 and a debt-to-equity ratio of 0.37. The company has a fifty day moving average of $86.10 and a 200 day moving average of $90.43. Best Buy Co., Inc. has a 52 week low of $69.29 and a 52 week high of $103.71. The firm 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.

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

Best Buy Announces Dividend

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

Analysts Set New Price Targets

A number of research firms have issued reports on BBY. Wells Fargo & Company decreased their price target on shares of Best Buy from $95.00 to $89.00 and set an “equal weight” rating for the company in a report on Wednesday, November 27th. JPMorgan Chase & Co. upped their price objective on Best Buy from $111.00 to $117.00 and gave the company an “overweight” rating in a research note on Friday, November 22nd. Telsey Advisory Group reduced their price target on shares of Best Buy from $115.00 to $110.00 and set an “outperform” rating on the stock in a research report on Tuesday, November 26th. Truist Financial lowered their target price on Best Buy from $107.00 to $95.00 and set a “hold” rating for the company in a research note on Wednesday, November 27th. Finally, Barclays decreased their price objective on Best Buy from $95.00 to $89.00 and set an “equal weight” rating on the stock in a research report on Thursday, January 9th. One equities research analyst has rated the stock with a sell rating, eight have issued a hold rating, ten have issued a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat, Best Buy has a consensus rating of “Moderate Buy” and an average target price of $101.72.

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.