Best Buy Co., Inc. (NYSE:BBY) Stake Trimmed by Hennessy Advisors Inc.

Hennessy Advisors Inc. cut its position in shares of Best Buy Co., Inc. (NYSE:BBY) by 5.4% in the fourth quarter, Holdings Channel.com reports. The institutional investor owned 33,500 shares of the technology retailer’s stock after selling 1,900 shares during the period. Hennessy Advisors Inc.’s holdings in Best Buy were worth $2,874,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Richardson Financial Services Inc. boosted its stake in Best Buy by 190.9% in the 2nd quarter. Richardson Financial Services Inc. now owns 320 shares of the technology retailer’s stock worth $27,000 after purchasing an additional 210 shares during the period. Harbor Capital Advisors Inc. acquired a new stake in Best Buy during the 3rd quarter valued at $40,000. LRI Investments LLC lifted its holdings in shares of 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 purchasing an additional 335 shares in the last quarter. Brooklyn Investment Group acquired a new stake in shares of Best Buy in the third quarter worth $44,000. Finally, Benjamin Edwards Inc. grew its holdings in shares of Best Buy by 50.8% during the second quarter. Benjamin Edwards Inc. now owns 493 shares of the technology retailer’s stock valued at $42,000 after buying an additional 166 shares in the last quarter. 80.96% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity at Best Buy

In related news, CFO Matthew M. Bilunas sold 69,166 shares of the business’s stock in a transaction on Wednesday, December 11th. The shares were sold at an average price of $87.46, for a total transaction of $6,049,258.36. Following the transaction, the chief financial officer now owns 92,070 shares of the company’s stock, valued at approximately $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 hyperlink. 0.59% of the stock is owned by corporate insiders.

Best Buy Trading Down 0.4 %

Shares of BBY stock opened at $81.91 on Friday. Best Buy Co., Inc. has a 12 month low of $69.29 and a 12 month high of $103.71. The company has a market cap of $17.51 billion, a PE ratio of 14.00, a price-to-earnings-growth ratio of 2.09 and a beta of 1.43. 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 business’s 50 day moving average is $87.31 and its two-hundred day moving average is $90.10.

Best Buy (NYSE:BBY) last posted its earnings results on Tuesday, November 26th. The technology retailer reported $1.26 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.30 by ($0.04). The firm had revenue of $9.45 billion during the quarter, compared to analyst estimates of $9.63 billion. Best Buy had a net margin of 3.01% and a return on equity of 45.93%. The business’s quarterly revenue was down 3.2% compared to the same quarter last year. During the same quarter in the previous year, the business posted $1.29 earnings per share. Equities analysts predict that Best Buy Co., Inc. will post 6.18 EPS for the current year.

Best Buy Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, January 7th. Investors of record on Tuesday, December 17th were given a dividend of $0.94 per share. The ex-dividend date was Tuesday, December 17th. This represents a $3.76 annualized dividend and a dividend yield of 4.59%. Best Buy’s dividend payout ratio is presently 64.27%.

Wall Street Analyst Weigh In

BBY has been the subject of several research analyst reports. Guggenheim reduced their price objective on Best Buy from $110.00 to $105.00 and set a “buy” rating for the company in a research note on Friday, November 29th. StockNews.com cut shares of Best Buy from a “buy” rating to a “hold” rating in a report on Friday, November 15th. Truist Financial dropped their price objective on shares of Best Buy from $107.00 to $95.00 and set a “hold” rating on the stock in a research note on Wednesday, November 27th. Melius Research initiated coverage on shares of Best Buy in a research note on Monday, September 23rd. They set a “hold” rating and a $100.00 target price for the company. Finally, Loop Capital reaffirmed a “buy” rating and issued a $100.00 price target on shares of Best Buy in a research note on Wednesday, December 18th. One investment analyst has rated the stock with a sell rating, eight have assigned a hold rating, ten have given a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $100.72.

Best Buy Company 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.