Best Buy Co., Inc. (NYSE:BBY) Shares Sold by Signaturefd LLC

Signaturefd LLC cut its holdings in Best Buy Co., Inc. (NYSE:BBY) by 16.3% during the fourth quarter, Holdings Channel reports. The institutional investor owned 2,017 shares of the technology retailer’s stock after selling 394 shares during the period. Signaturefd LLC’s holdings in Best Buy were worth $173,000 as of its most recent SEC filing.

Several other hedge funds also recently made changes to their positions in the company. Cibc World Markets Corp grew its holdings in shares of Best Buy by 14.9% during the fourth quarter. Cibc World Markets Corp now owns 31,227 shares of the technology retailer’s stock worth $2,679,000 after buying an additional 4,053 shares during the last quarter. Gitterman Wealth Management LLC purchased a new stake in Best Buy in the 4th quarter valued at approximately $263,000. Envestnet Portfolio Solutions Inc. boosted its holdings in Best Buy by 30.4% in the 4th quarter. Envestnet Portfolio Solutions Inc. now owns 102,219 shares of the technology retailer’s stock valued at $8,770,000 after purchasing an additional 23,849 shares in the last quarter. Thompson Siegel & Walmsley LLC lifted its position in shares of Best Buy by 16.8% during the 4th quarter. Thompson Siegel & Walmsley LLC now owns 107,600 shares of the technology retailer’s stock valued at $9,232,000 after acquiring an additional 15,475 shares during the period. Finally, PGGM Investments lifted its position in shares of Best Buy by 515.1% during the 4th quarter. PGGM Investments now owns 13,021 shares of the technology retailer’s stock valued at $1,117,000 after acquiring an additional 10,904 shares during the period. Hedge funds and other institutional investors own 80.96% of the company’s stock.

Insider Buying and Selling

In other Best Buy news, CAO Mathew Watson sold 3,182 shares of the company’s stock in a transaction dated Friday, March 14th. The shares were sold at an average price of $71.29, for a total value of $226,844.78. Following the completion of the transaction, the chief accounting officer now owns 19,218 shares in the company, valued at approximately $1,370,051.22. This represents a 14.21 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CEO Corie S. Barry bought 13,500 shares of the firm’s stock in a transaction on Wednesday, March 12th. The stock was purchased at an average price of $72.92 per share, with a total value of $984,420.00. Following the transaction, 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 disclosure for this purchase can be found here. 0.59% of the stock is owned by company insiders.

Best Buy Stock Up 0.2 %

Shares of Best Buy stock opened at $73.63 on Friday. Best Buy Co., Inc. has a twelve month low of $69.29 and a twelve month high of $103.71. The company has a current ratio of 1.00, a quick ratio of 0.22 and a debt-to-equity ratio of 0.37. The stock has a market cap of $15.74 billion, a price-to-earnings ratio of 12.59, a price-to-earnings-growth ratio of 2.10 and a beta of 1.43. The company has a fifty day moving average price of $83.34 and a 200 day moving average price of $89.09.

Best Buy (NYSE:BBY) last issued its quarterly earnings data on Tuesday, March 4th. The technology retailer reported $2.58 EPS for the quarter, topping 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 firm had revenue of $13.95 billion for the quarter, compared to analyst estimates of $13.69 billion. During the same quarter in the previous year, the business posted $2.72 EPS. Equities research analysts forecast that Best Buy Co., Inc. will post 6.18 earnings per share for the current fiscal year.

Best Buy Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, April 15th. Investors of record on Tuesday, March 25th will be paid a dividend of $0.95 per share. This is a positive change from Best Buy’s previous quarterly dividend of $0.94. The ex-dividend date of this dividend is Tuesday, March 25th. This represents a $3.80 annualized dividend and a yield of 5.16%. Best Buy’s dividend payout ratio is 88.99%.

Wall Street Analysts Forecast Growth

BBY has been the subject of a number of research reports. Guggenheim reduced their price target on shares of Best Buy from $105.00 to $90.00 and set a “buy” rating for the company in a research report on Wednesday, March 5th. Evercore ISI cut their price objective on Best Buy from $95.00 to $80.00 and set an “in-line” rating for the company in a research report on Wednesday, March 5th. UBS Group set a $105.00 price objective on Best Buy in a research report on Wednesday, March 5th. Truist Financial cut their price objective on Best Buy from $95.00 to $81.00 and set a “hold” rating for the company in a research report on Wednesday, March 5th. Finally, Telsey Advisory Group cut their price objective on Best Buy from $110.00 to $100.00 and set an “outperform” rating for the company 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 given a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, Best Buy currently has a consensus rating of “Hold” and an average target price of $93.50.

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.