Kiker Wealth Management LLC Makes New $405,000 Investment in Best Buy Co., Inc. (NYSE:BBY)

Kiker Wealth Management LLC bought a new stake in shares of Best Buy Co., Inc. (NYSE:BBY) in the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The fund bought 4,723 shares of the technology retailer’s stock, valued at approximately $405,000.

Several other hedge funds and other institutional investors have also recently modified their holdings of the company. Rakuten Securities Inc. increased its stake in shares of Best Buy by 971.9% in the 4th quarter. Rakuten Securities Inc. now owns 343 shares of the technology retailer’s stock worth $29,000 after purchasing an additional 311 shares in the last quarter. Golden State Wealth Management LLC purchased a new stake in Best Buy during the 4th quarter valued at approximately $32,000. OFI Invest Asset Management bought a new stake in Best Buy in the 4th quarter valued at $34,000. Trust Co. of Vermont lifted its position in shares of Best Buy by 1,200.0% in the fourth quarter. Trust Co. of Vermont now owns 416 shares of the technology retailer’s stock worth $36,000 after buying an additional 384 shares in the last quarter. Finally, LRI Investments LLC boosted its position in shares of Best Buy by 632.1% during the 3rd quarter. LRI Investments LLC now owns 388 shares of the technology retailer’s stock valued at $40,000 after acquiring an additional 335 shares during the last quarter. 80.96% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

Several research firms recently weighed in on BBY. Morgan Stanley decreased their price target on Best Buy from $100.00 to $85.00 and set an “equal weight” rating on the stock in a report on Wednesday, March 5th. DA Davidson decreased their price objective on Best Buy from $117.00 to $110.00 and set a “buy” rating for the company in a report on Wednesday, March 5th. Bank of America dropped their price objective on shares of Best Buy from $80.00 to $75.00 and set an “underperform” rating on the stock in a research note on Wednesday, March 5th. Wells Fargo & Company reduced their price objective on shares of Best Buy from $89.00 to $85.00 and set an “equal weight” rating for the company in a research note on Wednesday, March 5th. Finally, KeyCorp reissued a “sector weight” rating on shares of Best Buy in a research report on Wednesday, March 5th. Two equities research analysts have rated the stock with a sell rating, nine have assigned a hold rating, nine have issued a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, the company has a consensus rating of “Hold” and a consensus price target of $93.50.

Best Buy Stock Performance

Best Buy stock opened at $73.52 on Friday. 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 cap of $15.72 billion, a price-to-earnings ratio of 12.57, a price-to-earnings-growth ratio of 2.10 and a beta of 1.43. The firm has a 50 day simple moving average of $83.54 and a 200-day simple moving average of $89.36. 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 (NYSE:BBY) last announced its quarterly earnings results on Tuesday, March 4th. The technology retailer reported $2.58 earnings per share for the quarter, beating analysts’ consensus estimates of $2.40 by $0.18. Best Buy had a net margin of 3.01% and a return on equity of 45.93%. The business had revenue of $13.95 billion during the quarter, compared to analysts’ expectations of $13.69 billion. During the same period last year, the business earned $2.72 earnings per share. On average, analysts expect that Best Buy Co., Inc. will post 6.18 EPS for the current year.

Best Buy Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Tuesday, April 15th. Shareholders of record on Tuesday, March 25th will be paid a dividend of $0.95 per share. This represents a $3.80 dividend on an annualized basis and a yield of 5.17%. This is a boost from Best Buy’s previous quarterly dividend of $0.94. The ex-dividend date is Tuesday, March 25th. Best Buy’s dividend payout ratio is 88.99%.

Insiders Place Their Bets

In other Best Buy news, CEO Corie S. Barry acquired 13,500 shares of the company’s stock in a transaction dated Wednesday, March 12th. The shares were acquired at an average price of $72.92 per share, for a total transaction of $984,420.00. Following the acquisition, the chief executive officer now owns 378,780 shares in the company, valued at $27,620,637.60. The trade was a 3.70 % increase in their position. The purchase was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, CAO Mathew Watson sold 3,182 shares of the firm’s stock in a transaction that occurred on Friday, March 14th. The stock was sold at an average price of $71.29, for a total transaction of $226,844.78. Following the transaction, the chief accounting officer now owns 19,218 shares in the company, valued at approximately $1,370,051.22. This trade represents a 14.21 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 0.59% of the stock is owned by insiders.

About Best Buy

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.