HighPoint Advisor Group LLC Buys 1,003 Shares of Best Buy Co., Inc. (NYSE:BBY)

HighPoint Advisor Group LLC lifted its stake in shares of Best Buy Co., Inc. (NYSE:BBY) by 14.1% in the fourth quarter, according to its most recent filing with the SEC. The fund owned 8,092 shares of the technology retailer’s stock after acquiring an additional 1,003 shares during the period. HighPoint Advisor Group LLC’s holdings in Best Buy were worth $702,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in BBY. Franklin Resources Inc. lifted its stake in Best Buy by 10.3% during the fourth quarter. Franklin Resources Inc. now owns 830,975 shares of the technology retailer’s stock worth $71,298,000 after purchasing an additional 77,504 shares during the last quarter. Summit Financial LLC purchased a new stake in Best Buy in the fourth quarter worth approximately $346,000. Wellington Management Group LLP grew its position in Best Buy by 144.0% during the fourth quarter. Wellington Management Group LLP now owns 5,683 shares of the technology retailer’s stock valued at $488,000 after acquiring an additional 3,354 shares during the last quarter. Brandywine Global Investment Management LLC raised its stake in shares of Best Buy by 35.6% during the fourth quarter. Brandywine Global Investment Management LLC now owns 191,662 shares of the technology retailer’s stock worth $16,445,000 after acquiring an additional 50,353 shares in the last quarter. Finally, CIBC Private Wealth Group LLC lifted its holdings in shares of Best Buy by 5.2% in the 4th quarter. CIBC Private Wealth Group LLC now owns 3,395 shares of the technology retailer’s stock worth $286,000 after acquiring an additional 167 shares during the last quarter. 80.96% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several equities analysts recently commented on BBY shares. Telsey Advisory Group reduced their target price on shares of Best Buy from $110.00 to $100.00 and set an “outperform” rating on the stock in a report on Wednesday, March 5th. Evercore ISI decreased their price objective on Best Buy from $95.00 to $80.00 and set an “in-line” rating on the stock in a report on Wednesday, March 5th. DA Davidson reduced their price target on Best Buy from $117.00 to $110.00 and set a “buy” rating on the stock in a research report on Wednesday, March 5th. Citigroup decreased their price target on Best Buy from $105.00 to $93.00 and set a “buy” rating on the stock in a research note on Wednesday, March 5th. Finally, Wells Fargo & Company dropped their price objective on 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. Two investment analysts have rated the stock with a sell rating, nine have given a hold rating, nine have given a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat, Best Buy currently has an average rating of “Hold” and a consensus target price of $93.50.

Insider Buying and Selling

In other Best Buy news, CAO Mathew Watson sold 3,182 shares of Best Buy stock in a transaction 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 completion of the transaction, the chief accounting officer now owns 19,218 shares in the company, valued at approximately $1,370,051.22. The trade was a 14.21 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CFO Matthew M. Bilunas sold 51,000 shares of the stock in a transaction on Monday, March 24th. The stock was sold at an average price of $74.20, for a total value of $3,784,200.00. Following the completion of the sale, the chief financial officer now directly owns 55,856 shares in the company, valued at approximately $4,144,515.20. This represents a 47.73 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 78,355 shares of company stock valued at $5,767,213 over the last quarter. Corporate insiders own 0.59% of the company’s stock.

Best Buy Stock Performance

Best Buy stock opened at $74.36 on Wednesday. Best Buy Co., Inc. has a fifty-two week low of $69.29 and a fifty-two week high of $103.71. The stock has a market cap of $15.72 billion, a price-to-earnings ratio of 12.71, a PEG ratio of 2.10 and a beta of 1.43. The stock’s 50 day simple moving average is $82.14 and its two-hundred day simple moving average is $87.84. The company has a debt-to-equity ratio of 0.37, a quick ratio of 0.22 and a current ratio of 1.00.

Best Buy (NYSE:BBY) last issued its quarterly earnings results on Tuesday, March 4th. The technology retailer reported $2.58 earnings per share for the quarter, topping the consensus estimate of $2.40 by $0.18. The company had revenue of $13.95 billion for the quarter, compared to analysts’ expectations of $13.69 billion. Best Buy had a return on equity of 45.93% and a net margin of 3.01%. During the same period in the prior year, the firm earned $2.72 earnings per share. As a group, analysts expect 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 declared a quarterly dividend, which will be paid on Tuesday, April 15th. Investors of record on Tuesday, March 25th will be given a dividend of $0.95 per share. This is a boost from Best Buy’s previous quarterly dividend of $0.94. This represents a $3.80 dividend on an annualized basis and a yield of 5.11%. The ex-dividend date of this dividend is Tuesday, March 25th. Best Buy’s dividend payout ratio (DPR) is 88.99%.

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.