Smartleaf Asset Management LLC Boosts Position in Best Buy Co., Inc. (NYSE:BBY)

Smartleaf Asset Management LLC boosted its holdings in Best Buy Co., Inc. (NYSE:BBY) by 9.0% in the fourth quarter, HoldingsChannel.com reports. The firm owned 4,697 shares of the technology retailer’s stock after buying an additional 386 shares during the quarter. Smartleaf Asset Management LLC’s holdings in Best Buy were worth $403,000 as of its most recent SEC filing.

Several other hedge funds also recently added to or reduced their stakes in BBY. Golden State Wealth Management LLC purchased a new stake in shares of Best Buy during the 4th quarter worth approximately $32,000. Harbor Capital Advisors Inc. purchased a new stake in Best Buy in the third quarter valued at $40,000. LRI Investments LLC boosted its stake in Best Buy by 632.1% in the third quarter. LRI Investments LLC now owns 388 shares of the technology retailer’s stock valued at $40,000 after acquiring an additional 335 shares in the last quarter. Trust Co. of Vermont increased its position in shares of Best Buy by 1,200.0% during the fourth quarter. Trust Co. of Vermont now owns 416 shares of the technology retailer’s stock worth $36,000 after purchasing an additional 384 shares in the last quarter. Finally, Brooklyn Investment Group acquired a new stake in shares of Best Buy in the 3rd quarter valued at about $44,000. 80.96% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several equities research analysts have recently weighed in on BBY shares. Guggenheim decreased their price objective on Best Buy from $110.00 to $105.00 and set a “buy” rating for the company in a report on Friday, November 29th. Loop Capital reaffirmed a “buy” rating and issued a $100.00 target price on shares of Best Buy in a report on Wednesday, December 18th. Truist Financial lowered their price target on Best Buy from $107.00 to $95.00 and set a “hold” rating on the stock in a report on Wednesday, November 27th. StockNews.com cut Best Buy from a “buy” rating to a “hold” rating in a research report on Friday, November 15th. Finally, Barclays decreased their price target on Best Buy from $95.00 to $89.00 and set an “equal weight” rating for the company in a report on Thursday, January 9th. One research analyst has rated the stock with a sell rating, eight have issued a hold rating, ten have assigned a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $101.33.

Insider Activity at Best Buy

In other news, CFO Matthew M. Bilunas sold 69,166 shares of the business’s stock in a transaction on Wednesday, December 11th. The stock was sold at an average price of $87.46, for a total value of $6,049,258.36. Following the completion of the transaction, 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 transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. 0.59% of the stock is owned by corporate insiders.

Best Buy Trading Down 13.1 %

NYSE:BBY opened at $75.40 on Wednesday. Best Buy Co., Inc. has a 52-week low of $69.29 and a 52-week high of $103.71. 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 stock has a fifty day simple moving average of $86.20 and a 200-day simple moving average of $90.62. The company has a market capitalization of $16.12 billion, a PE ratio of 12.89, a price-to-earnings-growth ratio of 2.10 and a beta of 1.43.

Best Buy (NYSE:BBY) last announced its earnings results on Tuesday, March 4th. The technology retailer reported $2.58 earnings per share (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 company had revenue of $13.95 billion during the quarter, compared to analysts’ expectations of $13.69 billion. During the same quarter in the previous year, the business posted $2.72 earnings per share. On average, equities research analysts expect that Best Buy Co., Inc. will post 6.18 earnings per share for the current fiscal year.

Best Buy Increases Dividend

The business also recently disclosed 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 an increase from Best Buy’s previous quarterly dividend of $0.94. This represents a $3.80 annualized dividend and a dividend yield of 5.04%. Best Buy’s payout ratio is currently 64.27%.

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.